AI in Oil and Gas Market to Reach $7.99 Bn, Globally, by 2031 at 13.5% CAGR: Allied Market Research

Benefits such as excellent fault detection and quality improvement, reduction in costs related to production and maintenance, and enhanced safety and security standards drive the growth of the global AI in oil and gas market.

PORTLAND, Ore., Aug. 22, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "AI in Oil and Gas Market by Component (Solution, Services), by Operation (Upstream, Midstream, Downstream): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global AI in oil and gas industry generated $2.32 billion in 2021, and is estimated to reach $7.99 billion by 2031, witnessing a CAGR of 13.5% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Benefits such as excellent fault detection and quality improvement, reduction in costs related to production and maintenance, and enhanced safety and security standards drive the growth of the global AI in oil and gas market. However, significant reduction in demand for fossil fuels and high emission of carbon dioxide (CO₂) and other greenhouse gases restrain the market growth. On the other hand, high rate of adoption of AI technologies across the oilfield operators and service providers and rise in investments by government and private organizations create new opportunities in the coming years.

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Covid-19 Scenario

• The Covid-19 pandemic led to decline in demand in the oil and gas industry. As per the statistics published by the International Energy Agency, the oil demand reduced by nearly 29 million barrels per day during April 2020. Moreover, it further declined by 23.1 million barrels per day by the second quarter in 2020. However, the implementation of AI in the oil and gas sector surged considerably during the period.
• Many oil & gas activities such as drilling, extraction, and others were stopped completely or partially due to lockdown. Lack of availability of sufficient workforce affected the daily activities. However, the implementation of advanced technologies such as AI increased for carrying out various operations such as predicting the outcomes of mining operations.
• Many government authorities and private organizations postponed their investments in R&D activities with the occurrence of economic uncertainty. Post-pandemic, the market is estimated to stabilize and investments would increase steadily.

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The solution segment to maintain its lead position during the forecast period

Based on component, the solution segment accounted for the largest market share in 2021, contributing to more than three-fourths of the global AI in oil and gas market, and is projected to maintain its lead position during the forecast period. This is due to availability of a wide range of solutions that are applicable in quality control, predictive maintenance, production planning, and efficient fleet management. However, the services segment is estimated to witness the largest CAGR of 15.4% from 2022 to 2031, owing to smooth end-to-end user experiences and utilization of AI in oil and gas services to enable users accomplish their goals without needing to navigate to multiple sites.

The upstream segment to maintain its dominant share during the forecast period

Based on operation, the upstream segment contributed to the highest market share in 2021, accounting for nearly three-fifths of the global AI in oil and gas industry, and is expected to maintain its dominant share during the forecast period. This is due to usage in searching for potential underground or underwater crude oil and natural gas fields, drilling of exploratory wells, and drilling & operating the wells to lift the crude oil or raw natural gas to the surface. However, the midstream segment is projected to manifest the fastest CAGR of 14.6% from 2022 to 2031, owing to utilization in activities such as storage, processing, and transportation of petroleum products and specialization in operating pipelines, tanker ships, or storage facilities. The research also analyzes the downstream segment.

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North America to maintain its lead status by 2031

Based on region, North America held the largest market share in 2021, accounting for around two-fifths of the global AI in oil and gas market, and is expected to maintain its lead status by 2031. This is due to high rate of AI technology adoption across the oilfield operators and service providers, presence of leading AI software and system suppliers, and rise in R&D activities. However, Asia-Pacific is projected to register the fastest CAGR of 15.2% from 2022 to 2031, owing to measures taken to fulfill the rise in demand for fuel with increase in passenger cars in the region. The research also analyzes regions including Europe and LAMEA.

Leading Market Players

• IBM
• C3.AI
• Google LLC
• Microsoft Corporation
• Oracle
• FuGenX Technologies Pvt. Ltd .
• Cloudera, Inc.
• Cisco Systems, Inc.
• NVIDIA Corporation
• Intel Corporation

The research outlines the key strategies and development of these leading players of the global AI in oil and gas market. These insights are helpful in outlining the competitive scenario and devise strategies to gain a competitive edge in the market.

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