The oil and gas industry refers to extraction, exploration and production of petroleum and natural gas from reservoirs. Oil and natural gas are fossil fuels formed from the remains of ancient plants, algae, and microorganisms over millions of years.
The oil and gas market consists of sales, by entities (organizations, sole traders and partnerships), of oil and gas products that produce oil and gas using systems that include wells, gas gathering and processing facilities, storage and transmission and distribution pipelines.
The global oil and gas market was valued at $5,600.52 billion in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 6.00%.
Increasing Industrialization Across Various Sectors
Increasing industrialization across various sectors drove the growth of the oil and gas market during historic period. Industrial processes, from manufacturing and construction to transportation and power generation, heavily depend on oil and gas for fuel, electricity and heat. As industries expand to meet the growing demands of urbanization, population growth and economic development, the consumption of oil and gas rises correspondingly. For instance, in October 2023, according to reports published by the National Bureau of Statistics (NBS) of China, the country's industrial output increased 4.6% year over year in October, exceeding forecasts of a 4.4% increase. This growth was faster than the 4.5% rate observed in September. Additionally, in July 2023, according to data released by the Ministry of Statistics and Program Implementation, India's industrial production index increased by 5.2% in May 2023 compared to 4.2% in April 2023. The manufacturing sector, which accounts for almost three-fourths of industrial production growth (IIP), expanded by 5.7% in May 2023 compared to 4.9% in April 2023, according to data from the National Statistical Office (NSO). Therefore, increasing industrialization across various sectors contributed to the growth of oil and gas market.
Innovative Solutions Introduced With New Oil Condition Monitoring Lab
Leading companies in the oil and gas sector are prioritizing innovative solutions through the development of advanced oil condition monitoring labs. These labs leverage cutting-edge diagnostic technologies to analyze the real-time condition of lubricants and other fluids by detecting early signs of contamination, wear, and degradation, these solutions deliver valuable insights into machinery health. This proactive approach helps prevent expensive equipment failures, minimizes downtime, and extends the lifespan of vital assets. For instance, in April 2023, VPS (Veritas Petroleum Services), a Netherlands-based marine fuel and oil testing advisory company, opened a new oil condition monitoring (OCM) laboratory in Singapore. The new lab is designed to support VPS's continued business growth and replicate the OCM testing capabilities available at its other locations. By enhancing VPS's ability to deliver accurate oil condition analyses, the Singapore laboratory will play a key role in improving equipment performance and operational efficiency for clients in the maritime sector.
The global oil and gas market is fairly concentrated, with large players in the market. The top ten competitors in the market made up to 26.08% of the total market in 2023.
Oil And Gas Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global oil and gas market as it emerges from the COVID-19 shut down.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
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 history and forecasts market growth by geography. It places the market within the context of the wider oil and gas market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by drilling type and by application.
- Product Analysis- The product analysis section of the report describes the leading products in the oil and gas market, along with key features and differentiators for those products.
- Supply Chain- The supply chain section of the report defines and explains the key players in the oil and gas industry supply chain.
- Customer Information - The chapter covers recent customer trends/preferences in the global oil and gas market.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the oil and gas market.
- Global Market Size And Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by product, by technology, by disease, by application and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations This section includes recommendations for oil and gas providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Oil And Gas Upstream Activities; Oil Downstream Products
a) By Oil And Gas Upstream Activities (By Type): Crude Oil; Natural Gas; Oil And Gas Well Drilling Services; Oil And Gas Supporting Activities
- b) By Oil Downstream Products (By Type): Refined Petroleum Products And Asphalt; Lubricating Oil And Grease
- 2) By Drilling Type: Offshore; Onshore
- 3) By Application: Residential; Commercial; Industrial; Other Applications
- Companies Mentioned: Sinopec (China Petroleum & Chemical Corporation); Saudi Aramco; ExxonMobil Corporation; PetroChina Co. Ltd.; BP Plc.
- Countries: 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
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; oil and gas indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.