The global AI in oil and gas market size reached US$ 2.4 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 4.5 Billion by 2028, exhibiting a CAGR of 11.05% during 2022-2028.
Artificial Intelligence (AI) refers to an advanced technology that assists in optimizing midstream, upstream, and downstream operations and productivity in the oil and gas industry. It is commonly used for analyzing exploration and reservoir data, enhancing back-office and invoicing and billing processes, maximizing labor productivity, improving reliability, automating financial controls, and managing and optimizing supply chains. Apart from this, AI in oil and gas assists in detecting problems earlier and faster, thus reducing costs, enhancing operational efficiency, scheduling maintenance, pre-planning safety measures, assuring quality, reducing downtime and increasing production. Consequently, it is also used for enhancing quality control, material movement, production planning and machinery inspection applications.
Artificial Intelligence (AI) refers to an advanced technology that assists in optimizing midstream, upstream, and downstream operations and productivity in the oil and gas industry. It is commonly used for analyzing exploration and reservoir data, enhancing back-office and invoicing and billing processes, maximizing labor productivity, improving reliability, automating financial controls, and managing and optimizing supply chains. Apart from this, AI in oil and gas assists in detecting problems earlier and faster, thus reducing costs, enhancing operational efficiency, scheduling maintenance, pre-planning safety measures, assuring quality, reducing downtime and increasing production. Consequently, it is also used for enhancing quality control, material movement, production planning and machinery inspection applications.
AI in Oil and Gas Market Trends:
The significant growth in the oil and gas industry across the globe is creating a positive outlook for the market. The AI tools aid in automating the analysis of gathered geological data, digitizing records and identifying issues, such as increased equipment usage and pipeline corrosion. In line with this, the widespread product adoption to monitor toxicity levels and leaks and automatically adjust cooling and heating systems is favoring the market growth. Apart from this, various advancements, such as the integration of machine learning (ML) with AI in the oil and gas industry to solve complex problems efficiently and quickly, are providing a considerable boost to the market growth. Additionally, the increasing demand for advanced solutions in drilling, boiler diagnostics, quality control, planning and predictive maintenance in various operations is positively impacting the market growth. Other factors, including the increasing product demand among oilfield operators, the implementation of various government initiatives to reduce the environmental impact of energy production, and extensive research and development (R&D) activities, are anticipated to drive the market further.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global AI in oil and gas market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, function and application.Breakup by Type:
- Hardware
- Software
- Services
Breakup by Function:
- Predictive Maintenance and Machinery Inspection
- Material Movement
- Production Planning
- Field Services
- Quality Control
- Reclamation
Breakup by Application:
- Upstream
- Downstream
- Midstream
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture plc, C3.AI Inc., Cisco Systems Inc., Cloudera Inc., Fugenx Technologies, Huawei Technologies Co. Ltd, Infosys Limited, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Neudax, Nvidia Corporation, Oracle Corporation and Shell plc.Key Questions Answered in This Report:
- How has the global AI in oil and gas market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global AI in oil and gas market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the function?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global AI in oil and gas market and who are the key players?
- What is the degree of competition in the industry?
Table of Contents
1 Preface2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global AI in Oil and Gas Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Hardware
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Software
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Services
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Function
7.1 Predictive Maintenance and Machinery Inspection
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Material Movement
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Production Planning
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Field Services
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Quality Control
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Reclamation
7.6.1 Market Trends
7.6.2 Market Forecast
8 Market Breakup by Application
8.1 Upstream
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Downstream
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Midstream
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Accenture plc
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 C3.AI Inc.
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.3 Cisco Systems Inc.
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Cloudera Inc.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.5 Fugenx Technologies
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 Huawei Technologies Co. Ltd
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 SWOT Analysis
14.3.7 Infosys Limited
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 Intel Corporation
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 International Business Machines Corporation
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 Financials
14.3.10 Microsoft Corporation
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 Neudax
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.12 Nvidia Corporation
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
14.3.13 Oracle Corporation
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
14.3.13.3 Financials
14.3.13.4 SWOT Analysis
14.3.14 Shell plc
14.3.14.1 Company Overview
14.3.14.2 Product Portfolio
14.3.14.3 Financials
List of Figures
Figure 1: Global: AI in Oil and Gas Market: Major Drivers and Challenges
Figure 2: Global: AI in Oil and Gas Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: AI in Oil and Gas Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: AI in Oil and Gas Market: Breakup by Type (in %), 2022
Figure 5: Global: AI in Oil and Gas Market: Breakup by Function (in %), 2022
Figure 6: Global: AI in Oil and Gas Market: Breakup by Application (in %), 2022
Figure 7: Global: AI in Oil and Gas Market: Breakup by Region (in %), 2022
Figure 8: Global: AI in Oil and Gas (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: AI in Oil and Gas (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: AI in Oil and Gas (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: AI in Oil and Gas (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: AI in Oil and Gas (Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: AI in Oil and Gas (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: AI in Oil and Gas (Predictive Maintenance and Machinery Inspection) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: AI in Oil and Gas (Predictive Maintenance and Machinery Inspection) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: AI in Oil and Gas (Material Movement) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: AI in Oil and Gas (Material Movement) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: AI in Oil and Gas (Production Planning) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: AI in Oil and Gas (Production Planning) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: AI in Oil and Gas (Field Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: AI in Oil and Gas (Field Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: AI in Oil and Gas (Quality Control) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: AI in Oil and Gas (Quality Control) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: AI in Oil and Gas (Reclamation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: AI in Oil and Gas (Reclamation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: AI in Oil and Gas (Upstream) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: AI in Oil and Gas (Upstream) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: AI in Oil and Gas (Downstream) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: AI in Oil and Gas (Downstream) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: AI in Oil and Gas (Midstream) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: AI in Oil and Gas (Midstream) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: North America: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: North America: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: United States: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: United States: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Canada: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Canada: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Asia-Pacific: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Asia-Pacific: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: China: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: China: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Japan: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Japan: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: India: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: India: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: South Korea: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: South Korea: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Australia: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Australia: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Indonesia: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Indonesia: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Others: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Others: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Europe: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Europe: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Germany: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Germany: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: France: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: France: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: United Kingdom: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: United Kingdom: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Italy: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Italy: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Spain: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Spain: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Russia: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Russia: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Others: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Others: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Latin America: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Latin America: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Brazil: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Brazil: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Mexico: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Mexico: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Others: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Others: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Middle East and Africa: AI in Oil and Gas Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Middle East and Africa: AI in Oil and Gas Market: Breakup by Country (in %), 2022
Figure 80: Middle East and Africa: AI in Oil and Gas Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Global: AI in Oil and Gas Industry: SWOT Analysis
Figure 82: Global: AI in Oil and Gas Industry: Value Chain Analysis
Figure 83: Global: AI in Oil and Gas Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: AI in Oil and Gas Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: AI in Oil and Gas Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: AI in Oil and Gas Market Forecast: Breakup by Function (in Million US$), 2023-2028
Table 4: Global: AI in Oil and Gas Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 5: Global: AI in Oil and Gas Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: AI in Oil and Gas Market: Competitive Structure
Table 7: Global: AI in Oil and Gas Market: Key Players
Companies Mentioned
- Accenture plc
- C3.AI Inc.
- Cisco Systems Inc.
- Cloudera Inc.
- Fugenx Technologies
- Huawei Technologies Co. Ltd
- Infosys Limited
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- Neudax
- Nvidia Corporation
- Oracle Corporation
- Shell plc.
Methodology
LOADING...
