The global oil and gas market size reached US$ 14.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.97 Billion by 2028, exhibiting a growth rate (CAGR) of 17.6% during 2023-2028. Significant growth in the transportation industry, extensive research and development (R&D) activities, and rapid technological advancements represent some of the key factors driving the market.
|Market Size in 2022
||US$ 14.9 Billion
|Market Forecast in 2028
||US$ 38.97 Billion
|Market Growth Rate (2023-2028)
Oil and gas are two natural resources that are commonly extracted from the earth's surface and used for energy production. They are made up primarily of hydrocarbon (H), which is a chemical compound consisting entirely of carbon (C) and hydrogen (H). The extraction of oil and gas typically involves drilling into the earth's surface and using various techniques to extract the resources from underground reservoirs. Oil and gas are the primary sources of energy used for cooking, heating, electricity generation, and transportation, powering cars, trucks, trains, airplanes, and ships. They can be refined and processed into various fuels and chemicals that find extensive applications across the transportation, manufacturing, construction, and agriculture industries.
Oil and Gas Market Trends:
The significant growth in the transportation industry across the globe is one of the key factors creating a positive outlook for the market. Oil is a primary fuel source for transportation, powering cars, trucks, trains, airplanes, and ships. In line with this, the increasing demand for oil and gas for downstream operations that involve the conversion of oil and gas into finished products is favoring the market growth. Moreover, the rapidly escalating demand for energy and the increasing number of exploratory activities for conventional and non-conventional energy resources is acting as another growth-inducing factor. Apart from this, rising digitization across the oil and gas industry to enhance workflow, and ensure smooth operations, is providing an impetus to the market growth. Additionally, the widespread adoption of oil and gas in various industrial applications, such as the production of chemicals, plastics, and other materials, is propelling the market growth. Furthermore, the integration of artificial intelligence (AI) in the oil and gas industry that assists in detecting problems faster, thus enhancing operational efficiency, scheduling maintenance, reducing costs, downtime, pre-planning safety measures, assuring quality, and increasing production are driving the market growth. Besides this, rapid technological advancements to improve efficiency in exploration, drilling, and production, which aids in increasing supply and reducing costs, are positively influencing the market growth. Other factors, including an enhanced focus on research and development (R&D) activities, the widespread adoption of oil and gas for heating and electricity generation, expansion of several refinery projects, and the implementation of various government initiatives to increase the investments in oil and gas pipelines, are anticipated to drive the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global oil and gas market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on type and application.
The report has provided a detailed breakup and analysis of the oil and gas market based on the type. This includes upstream, midstream, and downstream. According to the report, upstream represented the largest segment.
A detailed breakup and analysis of the oil and gas market based on the application has also been provided in the report. This includes offshore and onshore.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for oil and gas. Some of the factors driving the Asia Pacific oil and gas market included the significant growth in the transportation industry, widespread adoption of oil and gas for heating and electricity generation, and enhanced focus on research and development (R&D) activities.
The report has also provided a comprehensive analysis of the competitive landscape in the global oil and gas market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include BP p.l.c., Chevron Corporation, ConocoPhillips Company, Equinor ASA, Exxon Mobil Corporation, PetroChina Company Limited, PJSC Lukoil Oil Company, PJSC Rosneft Oil Company, Saudi Arabian Oil Co., Shell plc, TotalEnergies SE, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Oil and Gas Market Report Scope:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Upstream, Midstream, Downstream
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||BP p.l.c., Chevron Corporation, ConocoPhillips Company, Equinor ASA, Exxon Mobil Corporation, PetroChina Company Limited, PJSC Lukoil Oil Company, PJSC Rosneft Oil Company, Saudi Arabian Oil Co., Shell plc, TotalEnergies SE, etc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global oil and gas market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global oil and gas market?
- What is the impact of each driver, restraint, and opportunity on the global oil and gas market?
- What are the key regional markets?
- Which countries represent the most attractive oil and gas market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the oil and gas market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the oil and gas market?
- What is the competitive structure of the global oil and gas market?
- Who are the key players/companies in the global oil and gas market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the oil and gas market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global oil and gas market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the oil and gas industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.