The global AI in oil and gas market size was US$ 2.3 billion in 2021. The global AI in oil and gas market size is estimated to reach US$ 7.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.5% during the forecast period from 2022 to 2030.
AI in the oil and Gas sector helps improve oil and gas output via predictive supervision and machinery check, dwelling, quality control, tank, exploration, reservoir monitoring, and other processes and improves profit in the oil and gas sector.
Factors Influencing Market Growth
- Searching for potential underground or underwater crude oil and natural gas fields, drilling exploratory wells, and subsequently drilling and using the wells used to lift the crude oil or raw natural gas to the surface drive the overall market expansion.
- Midstream activities such as the processing, storage, and transportation of petroleum products may contain players that are experts in using pipelines, tanker ships, or storage facilities. Thus, driving the overall market growth.
- Temperature changes are dangerous to personal security throughout the oil and gas industry. Thus, restricting the overall market growth.
Effect of the COVID-19 Pandemic
COVID-19 had a severe impact on the overall market expansion. Due to the lockdowns and pandemic, the oil and gas sector observed a decline in the need. However, the use of AI in the oil and gas industry has grown immensely in these unusual circumstances.
North America has the highest market share in 2021 and is expected to continue this trend during the research period. The factors include the high use of AI technologies, a strong economy, around the oilfield operators and service providers, an increase in the existence of major AI software and system suppliers, and combined investment by government and private institutions for the expansion and development of R&D activities are anticipated to drive the overall market expansion in the region.
The prominent players in the global ai in oil and gas market are:
- Intel Corporation
- NVIDIA Corporation
- Cisco Systems
- FuGenX Technologies
- Microsoft Corporation
- Google LLC
The global ai in oil and gas market segmentation focuses on Components, Operation, and Region.
Segmentation on the basis of Component
Segmentation on the basis of Operation
Segmentation on the basis of Region
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America