LONDON, April 05, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the oil and gas market forecasts the global oil and gas market size to grow from $6,989.6 billion in 2022 to $7,330 billion in 2023 at a compound annual growth rate (CAGR) of more than 4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oil and gas industry revenue is expected to grow to $8,670 billion in 2027 at a CAGR of more than 4%.
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Low interest rates in the majority of developed countries will benefit the oil and gas industry during the forecast period. For example, in March 2020, the UK cut interest rates to 0.1%, the lowest level ever. In addition, the central banks of North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, as well as Turkey, cut interest rates in 2020.
Major companies in the oil and gas market include Royal Dutch Shell, BP plc, Saudi Aramco, Exxon Mobil, Gazprom PAO, Chevron, Iraq Ministry of Oil, PJSC Lukoil, Total SA, and Rosneft.
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As per the oil and gas industry overview, major oil and gas companies are investigating big data analytics and artificial intelligence (AI) to improve decision-making abilities and thus drive profits. Through a large number of sensors placed across the oil rig, companies in this industry collect massive amounts of raw data relating to the operation of refineries, pipelines, and other infrastructure. Companies can detect patterns in big data analytics, allowing them to respond quickly to unwanted changes or potential defects, saving money. AI enables companies to make more informed drilling and operational decisions. ExxonMobil and Shell, for example, have been increasing their investments in AI technology in order to have a centralised method of data management and support data integration across multiple applications. Other companies, such as Sinopec, a Chinese chemical and petroleum corporation, have announced plans to build ten intelligent centres in order to cut operating costs by 20%.
Asia-Pacific was the largest region in the oil and gas market in 2022. North America was the second largest region in the oil and gas market. The regions covered in the oil and gas market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global oil and gas market analysis is segmented by type into oil & gas upstream activities, oil downstream products; by drilling type into offshore, onshore; by application into residential, commercial, institutions, other applications; subsegments covered into crude oil, natural gas, oil and gas wells drilling services, oil and gas supporting activities, refined petroleum products, asphalt, lubricating oil and grease.
Oil And Gas Global Market Report 2023 by The Business Research Company provides insights on the oil and gas market size, oil and gas industry growth rate, oil and gas market segments, oil and gas market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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