Global Oil And Gas Market Size 2024, Forecast To 2033
11 Mar, 2024
The oil and gas market size has demonstrated robust growth, escalating from $7188.25 billion in 2023 to $7625.82 billion in 2024, indicating a compound annual growth rate (CAGR) of 6.1%. The growth observed in the historic period is attributed to a surge in crude oil and natural gas production, the expansion of the petrochemical industry, growth in emerging markets, and increased investments in oil and gas exploration in developing countries. Moving forward to 2028, the market is anticipated to maintain its strong growth, reaching $9347.9 billion with a CAGR of 5.2%. The expected growth in the forecast period is linked to resource exploration and government support, driving market growth. Potential hindrances include price volatility and geopolitical tensions. Key trends in this period encompass a focus on emission reduction solutions, a shift towards digital technologies, the growing popularity of reservoir modeling, investments in oil drilling activities, and industry alliances for advanced drilling solutions.
Global Oil And Gas Market Key Driver
Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. For instance, in September 2023, UK decreased the interest rates to 0.1% which was the lowest ever and remained at this level until December 2021. Furthermore, other central banks of countries such as North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, as well as Turkey also decreased their interest rates in 2021. The oil and gas industry is anticipated to witness significant growth in 2024, driven by favorable financial conditions and increased investments.
Get A Free Sample Of The Global Oil And Gas Market ReportGlobal Oil And Gas Market Segments
The oil and gas market covered in this report is segmented –
1)By Type: Oil & Gas Upstream Activities, Oil Downstream Products
2) By Drilling Type: Offshore, Onshore
3) By Application: Residential, Commercial, Industrial, Other Applications
Sub segments: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities, Refined Petroleum Products, Asphalt, Lubricating Oil And Grease
By Geography:The regions 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
Asia-Pacific was the largest region in the oil and gas market in 2023. 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
Major Oil And Gas Industry Players
Sinopec, Saudi Aramco, Exxon Mobil, Chevron, Total SA, PetroChina, 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, Moravské naftové 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 (Petróleo Brasileiro S.A), QGEP Participações S.A., Petrogal Brasil S/A, Petronas Petróleo 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.
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Oil And Gas Market Overview
Oil and Gas extraction is the exploration and production of petroleum and natural gas from wells.
Oil And Gas Global Market Report 2023 provides data on the global oil and gas market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The oil and gas market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.