AI in Oil and Gas Market to Reach $7.99 Bn, Globally, by 2031 at 13.5% CAGR: Allied Market Research

News provided by

Aug 22, 2022, 05:30 ET

PORTLAND, Ore., Aug. 22, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "AI in Oil and Gas Market by Component (Solution, Services), by Operation (Upstream, Midstream, Downstream): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global AI in oil and gas industry generated $2.32 billion in 2021, and is estimated to reach $7.99 billion by 2031, witnessing a CAGR of 13.5% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Benefits such as excellent fault detection and quality improvement, reduction in costs related to production and maintenance, and enhanced safety and security standards drive the growth of the global AI in oil and gas market. However, significant reduction in demand for fossil fuels and high emission of carbon dioxide (CO₂) and other greenhouse gases restrain the market growth. On the other hand, high rate of adoption of AI technologies across the oilfield operators and service providers and rise in investments by government and private organizations create new opportunities in the coming years.

Download Report Sample (260 Pages PDF with Insights) at:

https://www.alliedmarketresearch.com/request-sample/17388

Covid-19 Scenario

The Covid-19 pandemic led to decline in demand in the oil and gas industry. As per the statistics published by the International Energy Agency, the oil demand reduced by nearly 29 million barrels per day during April 2020. Moreover, it further declined by 23.1 million barrels per day by the second quarter in 2020. However, the implementation of AI in the oil and gas sector surged considerably during the period.
Many oil & gas activities such as drilling, extraction, and others were stopped completely or partially due to lockdown. Lack of availability of sufficient workforce affected the daily activities. However, the implementation of advanced technologies such as AI increased for carrying out various operations such as predicting the outcomes of mining operations.
Many government authorities and private organizations postponed their investments in R&D activities with the occurrence of economic uncertainty. Post-pandemic, the market is estimated to stabilize and investments would increase steadily.

Get detailed COVID-19 impact analysis on the AI in oil and gas market:

https://www.alliedmarketresearch.com/request-for-customization/17388

The solution segment to maintain its lead position during the forecast period

Based on component, the solution segment accounted for the largest market share in 2021, contributing to more than three-fourths of the global AI in oil and gas market, and is projected to maintain its lead position during the forecast period. This is due to availability of a wide range of solutions that are applicable in quality control, predictive maintenance, production planning, and efficient fleet management. However, the services segment is estimated to witness the largest CAGR of 15.4% from 2022 to 2031, owing to smooth end-to-end user experiences and utilization of AI in oil and gas services to enable users accomplish their goals without needing to navigate to multiple sites.

The upstream segment to maintain its dominant share during the forecast period

Based on operation, the upstream segment contributed to the highest market share in 2021, accounting for nearly three-fifths of the global AI in oil and gas industry, and is expected to maintain its dominant share during the forecast period. This is due to usage in searching for potential underground or underwater crude oil and natural gas fields, drilling of exploratory wells, and drilling & operating the wells to lift the crude oil or raw natural gas to the surface. However, the midstream segment is projected to manifest the fastest CAGR of 14.6% from 2022 to 2031, owing to utilization in activities such as storage, processing, and transportation of petroleum products and specialization in operating pipelines, tanker ships, or storage facilities. The research also analyzes the downstream segment.

If you have any questions please feel free to contact our analyst at:

https://www.alliedmarketresearch.com/connect-to-analyst/17388

North America to maintain its lead status by 2031

Based on region, North America held the largest market share in 2021, accounting for around two-fifths of the global AI in oil and gas market, and is expected to maintain its lead status by 2031. This is due to high rate of AI technology adoption across the oilfield operators and service providers, presence of leading AI software and system suppliers, and rise in R&D activities. However, Asia-Pacific is projected to register the fastest CAGR of 15.2% from 2022 to 2031, owing to measures taken to fulfill the rise in demand for fuel with increase in passenger cars in the region. The research also analyzes regions including Europe and LAMEA.

Leading Market Players

IBM
C3.AI
Google LLC
Microsoft Corporation
Oracle
FuGenX Technologies Pvt. Ltd .
Cloudera, Inc.
Cisco Systems, Inc.
NVIDIA Corporation
Intel Corporation

The research outlines the key strategies and development of these leading players of the global AI in oil and gas market. These insights are helpful in outlining the competitive scenario and devise strategies to gain a competitive edge in the market.

>> LIMITED-TIME OFFER << Buy Now & Get Exclusive Discount on this Premium Report

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:

hthttps://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenueTrial

Augmented Reality in Retail Market Expected to Reach $61.3 Billion by 2031

IoT in Retail Market Expected to Reach $177.90 Billion by 2031

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter