Oil And Gas Analytics Market Outlook 2023-2027: Expected Market Size, Key Drivers And Lucrative Segments As Per The Business Research Company's Oil And Gas Analytics Global Market Report 2023
LONDON, Nov. 13, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Oil And Gas Analytics Global Market Report 2023, the global oil and gas analytics market is poised for significant growth, anticipated to surge from $14.29 billion in 2022 to $17.04 billion in 2023, boasting a remarkable Compound Annual Growth Rate (CAGR) of 19.2%. Looking ahead, the market is expected to reach $33.05 billion by 2027, maintaining a robust CAGR of 18%.
Driving Forces:
The escalating demand for oil and gas stands as a key driver fueling the growth of the oil and gas analytics market. As vital resources for electricity generation, heating, and vehicle power, oil and gas analytics play a pivotal role in providing insights, minimizing production costs, enhancing well integrity, enabling preventive maintenance, optimizing operations, and fostering data-driven decision-making.
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Market Dynamics:
The Energy Information Administration (EIA) reports a surge in US oil and natural gas production, emphasizing the market's significance. From 11.2 million barrels per day (b/d) in 2020, oil production increased to 11.6 million b/d by 2021. Simultaneously, natural gas production rose from 112.6 billion cubic feet per day in 2020 to 118.7 billion cubic feet per day by 2021, underscoring the market's pivotal role amid escalating industry demands.
Key Players:
Major industry players contributing to the growth of the oil and gas analytics market include Exxon Mobil Corporation, Shell PLC, Microsoft Corporation, Hitachi Ltd., Siemens AG, Accenture plc, IBM, Deloitte, Cisco Systems Inc., Oracle Corporation, and others.
Technological Advancements:
Technological innovation is a key trend, exemplified by TGT Diagnostics' launch of ChorusX in June 2023. This UAE-based company introduced a groundbreaking diagnostic tool utilizing acoustic array technology to identify and map fluid flow across well-reservoir systems. Such advancements underline the industry's commitment to efficiency, safety, and early problem identification.
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Market Segmentation:
The oil and gas analytics market is segmented by offering (hardware, software, service), deployment type (on-premises, hosted), user type (large enterprises, small and medium businesses), and application (upstream, midstream, downstream).
Regional Insights:
In 2022, North America dominated the oil and gas analytics market, with Asia-Pacific expected to emerge as the fastest-growing region in the forecast period.
In summary, the oil and gas analytics market is on a trajectory of substantial growth, driven by technological innovation, increasing industry demand, and a commitment to efficient, data-driven operations.
Oil And Gas Analytics Global Market Report 2023 by The Business Research Company provides insights on the oil and gas analytics market size, oil and gas analytics market segments, oil and gas analytics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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