Dublin, Nov. 15, 2024 (GLOBE NEWSWIRE) -- The "Artificial Intelligence (AI) in Oil And Gas Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The AI in the oil and gas market is projected to witness a CAGR of 23.12% during the forecast period to reach a total market size of US$15.010 billion by 2029, up from US$5.305 billion in 2024.
The oil and gas industry is one of the most vital sectors in the global economy, and implementing AI in this business can eliminate major challenges in different operations processes. From maintaining safety to relocating the extraction process, these AI solutions can change how oil drilling operates to leave less scope for human risk factors and improve the activity's production.
The utilization of AI in the oil and gas industry helps in locating, extracting, and forecasting new or current reserves. It also aids in developing and enhancing tools and equipment software, such as automated drilling machine operation software, as well as the automation of crude oil production and extraction setup, along with on-field and off-field services provided by industrial companies. Since the adoption of AI in the oil and gas sector began in the last decade, this market is in its expansion phase of the business cycle with several growth opportunities ahead, which will encourage AI in the oil and gas market expansion over the forecast period.
AI IN OIL AND GAS MARKET DRIVERS:
Vast data produced by the oil and gas industry are expected to increase the demand for AI worldwide.
The oil and gas industry is known for producing huge volumes of data. Frequently, the data is not fully analyzed, thus losing potentially valuable insights or derivations that could benefit a company and the entire industry. Therefore, data obtained using different techniques from different company departments can be processed and analyzed using AI. AI-supported decision-making can be done through analyses of data at each of the organizational levels in the oil and gas sector.
For example, Shell Company provides an AI application that collects data from sites to forecast erosion and deterioration and prevent leaks. Therefore, past and current data can be used to anticipate trends for the future and optimize operations for the present timeframe. AI can also assist in providing immediate responses to safety hazards and environmental impacts, avoid accidents, and protect against non-compliance with regulations.
AI in Oil and Gas Market Geographical Outlook:
The North American region is expected to hold a substantial AI in oil and gas market share.
North American countries like the United States have multiple software and technology companies providing AI-based solutions and innovations, which will contribute to the demand for more productive and efficient AI solutions in the oil and gas sector. This, in turn, has spurred investment into AI for leading Oil and Gas companies worldwide. These oil and gas extracting companies are served by many AI solution-providing companies based out of North America.
Notable companies in AI in the oil & gas industry across North America are C3 AI, IBM Microsoft, and Google LLC. These firms partner with prominent oil and gas organizations to implement digitalization and AI in their operations. Their AI technology constantly evolves to produce higher-quality outputs for their client companies as they continue improving their product and service portfolio. The North American market is anticipated to experience a significant increase in demand for oil and gas, which will impact the global AI market in these industries during the forecast period.
Reasons for buying this report::
- Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments.
- Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
- Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
- Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment.
- Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $5.31 billion |
| Forecasted Market Value (USD) by 2029 | $15.01 billion |
| Compound Annual Growth Rate | 23.1% |
| Regions Covered | Global |
Report Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments)Some of the key companies profiled in this Artificial
Intelligence (AI) in Oil And Gas Market report include:
- Microsoft Corporation
- IBM Corporation
- C3.ai, Inc
- DataRobot, Inc
- Aspen Technology Inc
- Intel Corporation
- FuGenX Technologies
- Stem Inc.
- Google LLC
Market Segmentation:
The AI in Oil and Gas Market is segmented and analyzed as below:
By Operation
- Upstream
- Midstream
- Downstream
By Application
- Surface Analysis
- Defect Detection
- Drilling and Completions
- Gathering and Transportation
- Processing and Refining Maintenance
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Taiwan
- Others
For more information about this report visit https://www.researchandmarkets.com/r/lqeqz2
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