AI in Oil & Gas Market Size to Exceed US$2.9 Bn by 2030, Predicts Fairfield Market Research in a New Report

The global AI in oil & gas market is experiencing a transformative wave that promises increased efficiency, safety, and profitability across the industry. With a strong focus on service packages, predictive maintenance, and regional growth opportunities, the sector is all set to thrive in the coming years, reshaping the future of oil & gas operations globally.

London, Sept. 12, 2023 (GLOBE NEWSWIRE) -- As AI technology revolutionises the oil & gas industry, a recent report published by Fairfield Market Research takes a look at the key trends, growth determinants, regional strengths, significant opportunities, and major players associated with the global AI in oil & gas market. The study reports a solid 16.9% rise in the AI in oil & gas industry’s revenue during 2023 – 2030.

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Report AttributesDetails
Base Year2022 
Forecast Year2023 – 2030
Estimated Market Size in 2030US$2.9 Bn
SegmentationComponent, Sector, Application
Regional CoverageNorth America, Europe, Asia Pacific, Rest of the World
Key PlayersGoogle, IBM, SAS, Accenture Plc, Baidu, Inc.,, Microsoft Corporation, Oracle Corporation, Siemens, Intel Corporation, GE

The global oil & gas industry has witnessed a transformative shift in line with the growing integration of Artificial Intelligence (AI) technology. As of 2022, AI has become an indispensable tool, offering unprecedented opportunities for enhancing efficiency, safety, and profitability across the sector.

As AI continues to evolve and integrate seamlessly into the industry, companies that embrace these technological advancements will be best positioned to thrive in the ever-changing landscape of the oil & gas sector,” remarks the company analyst.

Key Research Insights

  • Adoption by the upstream oil & gas sector accounts for over 52% market share.
  • More than 41% of the total demand is brought about by service packages.
  • Over 30% of the total consumption will be in the predictive maintenance application.

Insights into Segmentation Analysis

AI Empowers the Upstream Sector

The AI in oil & gas market has been classified in three sectors, viz., upstream, midstream, and downstream, with the upstream segment leading the charge, constituting more than 52% of the market share.

Upstream AI solutions are revolutionising how oil and gas companies operate. They aid in locating optimal well placements, enhance drilling efficiency, ensure safety measures are met, and optimise oilfield performance.

By meticulously monitoring machinery, pumps, and compressors, AI in the midstream and downstream sectors plays a crucial role in regulating process variables and reducing downtime during fractionation, purification, and refining processes.

Service Packages Take the Spotlight

In terms of components, the market for AI in oil & gas is segmented into hardware, software, and services, with the services segment dominating in 2022, constituting more than 41% share by value.

The oil & gas industry is increasingly allocating a portion of its technological budget to AI, and over the next three years, AI is expected to command the largest share of these budgets, growing from 14% to 17%.

Such service packages, which combine hardware and software tailored to specific needs and applications, are typically offered on an annual contract basis, providing oil & gas companies with the latest AI technology.

Predictive Maintenance Leads the Way

In terms of application, predictive maintenance emerged as the leading segment in 2022, commanding over 30% share of the market value pie. This technique employs advanced analytics, including machine learning and IoT, to assess the state of assets, such as machinery and equipment.

Predictive maintenance enables proactive inspections, swiftly detects potential issues, and offers timely solutions, minimising unplanned downtime and improving operational efficiency.

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Key Report Highlights

  • AI gains traction as it assists in estimation of the product flow, demand, and pricing – in turn maximising profits.
  • Both North America and Asia Pacific are poised for substantial growth through 2030.
  • The Middle East and African markets reflect a promising future on the back of growing integration of AI.

Insights into Regional Analysis

North America Remains Unsurpassed

The US, the largest end user of AI globally, is also leading the way in AI adoption within the oil & gas industry. In 2022, North America accounted for approximately 38.2% of the global AI market share for the oil & gas sector, and this figure is expected to rise during the forecast period.

The American AI Initiative, introduced in 2019, has set the stage for promoting AI adoption and standards across various industries, including oil & gas.

Promising Outlook for Asia Pacific

The Asia Pacific AI in oil & gas market is positioned to witness the most substantial growth, with China expected to be at the forefront of AI implementation.

Chinese researchers have already proposed using AI to enhance the safety and efficiency of fluidic catalytic cracking, a critical process for converting heavy crude oil into valuable products.

MEA to Emerge Lucrative

Governments in the UAE, Saudi Arabia, Qatar, and Egypt have unveiled ambitious plans to advance AI, with a particular focus on strengthening the oil & gas sector.

While the COVID-19 pandemic temporarily delayed these plans, a study by the Saudi management consulting firm Strategic Gears in March 2022 suggested that AI should be prioritised in industries that collectively account for more than 50% of GDP, including oil & gas.

Global AI in Oil & Gas Market is Segmented as Below-

By Application         

  • Predictive Maintenance
  • Quality Control
  • Process Optimization
  • Supply Chain Optimization
  • Physical & Cyber Security
  • Resource Optimization
  • Data Management
  • Smart Assistant
  • R&D
  • Others

By Sector       

  • Upstream
  • Midstream
  • Downstream

By Component          

  • Hardware
  • Software
    • Deep Learning
    • Machine Learning
    • Others (computer vision, natural language processing, etc.)
  • Services

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Key Players   

  • Google
  • IBM
  • SAS
  • Accenture Plc
  • Baidu, Inc.
  • Microsoft Corporation
  • Oracle Corporation
  • Siemens
  • Intel Corporation
  • GE
  • Others

Browse Global AI in Oil & Gas Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Application Coverage, By Sector Coverage, By Component Coverage, By Geographical Coverage, Leading Companies) :

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