PUBLISHER: The Business Research Company | PRODUCT CODE: 1672526
PUBLISHER: The Business Research Company | PRODUCT CODE: 1672526
Oil and gas are natural resources extracted from deep beneath the Earth's surface. Oil, also known as petroleum, is a liquid primarily refined into fuels like gasoline and used in producing various chemicals. Natural gas, a gaseous fossil fuel, is mainly utilized for heating, electricity generation, and as a key input in several industries. Both resources play a vital role in powering industries, transportation, and supporting the global economy.
The primary categories are oil and gas upstream activities, as well as oil downstream products. Oil and gas upstream activities encompass exploration tasks such as conducting geological surveys, securing land rights, and engaging in production activities, including both onshore and offshore drilling. Different drilling types include offshore and onshore, which find applications in residential, commercial, institutional, and various other contexts.
The oil and gas market research report are one of a series of new reports from The Business Research Company that provides oil and gas market statistics, including oil and gas industry global market size, regional shares, competitors with an oil and gas market share, detailed oil and gas market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas industry. This oil and gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The oil and gas market size has grown strongly in recent years. It will grow from $7752.02 billion in 2024 to $8184.98 billion in 2025 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to surge in crude oil and natural gas production, expansion of petrochemical industry, emerging markets growth, and a rise in investments for oil and gas exploration in developing countries.
The oil and gas market size is expected to see steady growth in the next few years. It will grow to $9894.48 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to growth in resource exploration and government support will drive the market growth. Major trends in the forecast period include focusing on emission reduction solutions, shift towards digital technologies, growing popularity of reservoir modeling, investing in oil drilling activities, and industry alliances for advanced drilling solutions.
The oil and gas industry is expected to benefit positively from low interest rates in most developed countries throughout the forecast period. For instance, in September 2023, the UK reduced interest rates to a historic low of 0.1%, maintaining this level until December 2021. Additionally, other central banks in countries such as North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, along with Turkey, also implemented interest rate reductions in 2021.
Anticipated growth in the oil and gas market is driven by increasing government investments. Government investment involves the use of public funds to finance activities aimed at generating long-term benefits for the economy and society. These investments support research and development initiatives in new oil and gas exploration and production technologies. They may also include the construction or expansion of critical components in the oil and gas supply chain, such as pipelines, refineries, and storage facilities. For example, in June 2023, as reported by Datacenter Forum, the Norwegian government approved an $18 billion investment for the development of 19 oil and gas fields. Consequently, the upward trajectory of government investments plays a pivotal role in propelling the growth of the oil and gas market.
Oil price volatility is expected to adversely affect the market, as significant fluctuations in prices impact both government and consumer spending. A decline in oil prices has negatively affected government spending in countries heavily reliant on crude oil export revenues, such as Saudi Arabia, Nigeria, and the UAE. Conversely, a sharp increase in oil prices has led to inflation, current account deficits, and fiscal deficits in major oil-importing countries like India and China. For example, in June 2024, the U.S. Energy Information Administration projected a 2% increase in U.S. crude oil production from 2023 levels, reaching an average of 13.2 million barrels per day (b/d) in 2024, with an additional 4% rise expected in 2025 to 13.7 million b/d. This volatility in oil prices, driven by revenue declines from exports, is anticipated to negatively impact the market in the future.
Major players in the oil and gas industry are increasingly exploring the integration of big data analytics and artificial intelligence (AI) to enhance decision-making capabilities and drive profits. These companies accumulate vast amounts of raw data from sensors placed across oil rigs, refineries, pipelines, and other infrastructure. Leveraging big data analytics enables them to identify patterns, allowing swift responses to unwanted changes or potential defects and resulting in cost savings. AI technologies empower these companies to make improved drilling and operational decisions. For instance, industry giants such as ExxonMobil and Shell are heavily investing in AI technology to establish centralized data management methods and support data integration across various applications. Similarly, Sinopec, a Chinese chemical and petroleum corporation, has announced plans to construct 10 intelligent centers, aiming to reduce operational costs by 20%.
Major companies engaged in the oil and gas market are placing emphasis on the development of innovative products, such as modular induction motors, to gain a competitive edge. A modular induction motor is an electric motor designed for customization and configuration, enabling the creation of a motor with the desired power rating, speed, and mounting configuration. In June 2023, ABB Group, a Switzerland-based provider of power and automation technologies, introduced the AMI 5800 NEMA modular induction motor. Renowned for its outstanding energy efficiency and reliability in demanding applications such as pumps, compressors, fans, extruders, conveyors, and crushers, the AMI 5800 offers a high degree of modularity and adaptability for both new build and upgrade projects across various industries, including chemical, oil, and gas. It is rated for a power output of up to 1750 HP.
Major companies operating in the oil and gas market include Sinopec, Saudi Aramco, Exxon Mobil, Chevron, BP plc, Royal Dutch Shell, Valero Energy Corp, PJSC Gazprom, Indian Oil Corporation Limited, Oil and Natural Gas Corporation, Bharat Petroleum, Reliance Petroleum Ltd, Eneos Holdings, China National Petroleum Corporation, Shaanxi Yanchang Petroleum, Sinochem Group, China National Offshore Oil Corporation, TotalEnergies SE, Wintershall Dea GmbH, Repsol SA, Glencore International AG, Eni SpA, Edison, Enel X, Erg, Rosneft Oil Co, Lukoil Oil Co, Surgutneftegas, Tatneft, Novatek, Irkutsk Oil Company, OMV Petrom, PKN Orlen, Lotos Group, Moravske naftove doly, ConocoPhillips, Anadarko Petroleum Corporation, Occidental Petroleum Corporation, EOG Resources, Cimarex Energy, Pioneer Natural Resources, Suncor Energy Inc, Cenovus Energy Inc, Canadian Natural Resources Limited, AltaGas Ltd, Petrobras (Petroleo Brasileiro S.A), QGEP Participacoes S.A., Petrogal Brasil S/A, Petronas Petroleo Brasil Ltda, EQUINOR ENERGY DO BRASIL LTDA., Emirates National Oil Company (ENOC), Dubai Petroleum., Emirates General Petroleum Corporation (Emarat), Abu Dhabi National Energy Company (TAQA), Abu Dhabi National Oil Company (ADNOC), EMDAD Services LLC., Crescent Petroleum., Dana Gas., Egyptian General Petroleum Corporation, Egyptian Natural Gas Holding Co, Nigerian National Petroleum Corporation, Aiteo, Sasol Limited, Engen Petroleum Limited, African Exploration Mining and Finance Corporation, Tullow Oil, National Oil Corporation of Kenya.
Asia-Pacific was the largest region in the oil and gas market in 2024. North America was the second largest region in the oil and gas market. The regions covered in the oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the oil and gas market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The oil and gas market consists of sales of crude oil, natural gas, refined petroleum products and asphalt, lubricating oil, and grease. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Oil And Gas Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oil and gas market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oil and gas ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The oil and gas market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.