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 SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Estimated Market Size in 2030 | US$2.9 Bn | |
| CAGR | 16.9% | |
| Segmentation | Component, Sector, Application | |
| Regional Coverage | North America, Europe, Asia Pacific, Rest of the World | |
| Key Players | Google, IBM, SAS, Accenture Plc, Baidu, Inc., H2O.ai., 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.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/ai-in-oil-gas-market
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
- IBM
- SAS
- Accenture Plc
- Baidu, Inc.
- H2O.ai.
- 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) : https://www.fairfieldmarketresearch.com/report/ai-in-oil-gas-market
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