Dublin, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The "AI in Oil and Gas Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global AI in the oil and gas market achieved a valuation of US$ 2.4 billion in 2022, and is poised for remarkable growth, with an expected market size of US$ 4.5 billion by 2028. This growth will be driven by a robust compound annual growth rate (CAGR) of 11.05% during the period 2022-2028, as projected by [Publisher].
Role of Artificial Intelligence (AI) in Oil and Gas:
AI plays a crucial role in optimizing various operations across the oil and gas industry, including midstream, upstream, and downstream processes. It is employed for tasks such as analyzing exploration and reservoir data, enhancing back-office functions such as invoicing and billing, maximizing labor productivity, automating financial controls, and optimizing supply chains. Moreover, AI assists in early problem detection, cost reduction, operational efficiency improvement, maintenance scheduling, safety enhancement, quality assurance, downtime reduction, and production increase. It finds applications in quality control, material movement, production planning, and machinery inspection.
Market Trends:
- Industry Growth: The rapid expansion of the global oil and gas industry is a key driver for the AI in oil and gas market. AI tools are instrumental in automating the analysis of geological data, digitizing records, and identifying issues such as equipment usage and pipeline corrosion.
- Environmental Impact: The adoption of AI solutions for monitoring toxicity levels, detecting leaks, and adjusting cooling and heating systems is contributing to market growth while addressing environmental concerns.
- Machine Learning Integration: The integration of machine learning (ML) with AI is solving complex problems efficiently and quickly within the oil and gas industry, further propelling market growth.
- Demand for Advanced Solutions: Increasing demand for advanced solutions in drilling, boiler diagnostics, quality control, planning, and predictive maintenance is positively impacting market growth.
- Government Initiatives: Government initiatives aimed at reducing the environmental impact of energy production are driving demand for AI solutions in the oil and gas sector.
Key Market Segmentation:
- By Type: The market is segmented into hardware, software, and services.
- By Function: Segments include predictive maintenance and machinery inspection, material movement, production planning, field services, quality control, and reclamation.
- By Application: The market is categorized into upstream, downstream, and midstream applications.
Competitive Landscape:
Key players in the global AI in oil and gas market include Accenture plc, C3.AI Inc., Cisco Systems Inc., Cloudera Inc., Fugenx Technologies, Huawei Technologies Co. Ltd, Infosys Limited, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Neudax, Nvidia Corporation, Oracle Corporation, and Shell plc.
Key Questions Answered:
- How has the global AI in oil and gas market performed and what is its future outlook?
- What impact has COVID-19 had on the market?
- What are the key regional markets?
- What is the market breakdown by type, function, and application?
- What are the driving factors and challenges in the industry?
- Who are the key players and what is the level of competition?
Companies Mentioned
- Accenture plc
- C3.AI Inc.
- Cisco Systems Inc.
- Cloudera Inc.
- Fugenx Technologies
- Huawei Technologies Co. Ltd
- Infosys Limited
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- Neudax
- Nvidia Corporation
- Oracle Corporation
- Shell plc.
For more information about this report visit https://www.researchandmarkets.com/r/aorq2n
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