As per the latest report published by Kings Research, the global Oil and Gas Market size was recorded at USD 6,585.54 billion in 2022 and is estimated to grow to USD 8,568.72 billion by 2030, exhibiting a CAGR of 3.80% over the forecast period of 2023-2030. The demand for natural gas is on the rise in the market since it is being recognized as a cleaner option compared to coal and oil. This surge in demand is primarily driven by the lower carbon emissions of natural gas, which makes it a preferable choice for various purposes such as power generation, industrial applications, and transportation. Governments across the globe are actively promoting the use of natural gas as a key component of their energy transition plans in order to mitigate greenhouse gas emissions.
Oil & gas play a crucial role as indispensable resources exhibit far-reaching impacts on diverse industries and economies across the globe. The oil and gas market encompasses an extensive range of activities, such as exploring, extracting, refining, transporting, and distributing these resources. This industry involves multiple entities, including companies, governments, and stakeholders from around the world, engaging in both upstream and downstream operations.
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Trending Now: Colorado Oil and Gas Commission Rebrands for Expanded Energy Oversight
In April 2023, Colorado's primary oil and gas regulatory body announced that it may undergo a transformation, both in name and scope of responsibilities. Established in 1951, the Colorado Oil and Gas Conservation Commission has greenlit numerous drilling projects statewide, often finding itself in the midst of climate change and local extraction disputes. A new bill, introduced by Democratic legislators, was devised to rebrand the seven-member committee as the Energy and Carbon Management Commission. This change signified a concerted effort to align the commission and the industry it oversees with the broader state initiatives to address climate change and advance energy storage solutions.
In the competitive global oil and gas market, key players implement collaboration as a primary strategy for gaining a competitive edge. For instance, in January 2022, Adani Total Gas Ltd (ATGL), a joint venture between the Adani Group and TotalEnergies, obtained licenses to expand its City Gas Distribution (CGD) network across 14 more geographic regions and committed USD 243 million for the same.
Leading businesses in the global oil and gas market are:
- Exxon Mobil Corporation
- Shell plc
- BP p.l.c.
- Saudi Arabian Oil Co.
- Oilex Group LP
- Reliance Industries
- Hindustan Petroleum Corporation Limited
- Vedanta Limited
- Indian Oil Corporation Limited
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The global oil and gas market is segmented based on type, deployment, application, and geography.
Based on type, the market is bifurcated into upstream, downstream, and midstream.
Downstream Oil and Gas Activities to Gain Traction Due to its Crucial Role in Meeting Global Energy Needs
On the basis of type, the downstream segment accounted for the largest share of the global oil and gas market in 2022 and is expected to witness significant growth in the forthcoming years. The sector comprises refining, processing, and distribution activities that convert raw crude oil into valuable products such as gasoline, diesel, jet fuel, and petrochemicals.
It plays a crucial role in meeting global energy needs and supplying refined products to diverse industries and consumers. Factors such as shifting consumer interests, environmental regulations, and investments in refining capacity significantly influence this segment's growth.
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Based on deployment, the oil and gas market is categorized into offshore and onshore.
Advancements in Drilling Technology Propels Offshore Reserves to Prominence
In terms of deployment, the offshore segment dominated the global oil and gas market in 2022 and is expected to be a significant driver of market expansion. Offshore reserves play a critical role in meeting global energy needs, and advancements in offshore drilling technologies have enabled the extraction of hydrocarbons from challenging environments. The growth of this segment is influenced by factors such as oil and gas prices, technological developments, and regulatory considerations.
Rising Global Demand for Energy to Drive Market Expansion
Globally escalating energy demand, driven by economic growth, industrialization, and population growth, is a major driving force behind the development of the global oil and gas market. As developing nations urbanize, the demand for energy to fuel industries, transportation, and households rises. This surging demand for energy, including oil and natural gas, leads to increased prices and encourages investments in exploration and production. Furthermore, the shift towards renewable energy sources is beginning to impact the oil and gas sector. Governments and businesses are striving to reduce greenhouse gas emissions, emphasizing the industry's necessity for innovation and adaptation.
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Based on region, the global oil and gas market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
North America Leads the Oil and Gas Market with Surging Domestic Production
North America is the largest market for oil and gas, mainly due to the surging production of shale oil & gas. The energy landscape in the region has been revolutionized by advancements in hydraulic fracturing and horizontal drilling techniques, enabling the extraction of abundant oil & gas reserves from shale formations. This has had a significant impact on the United States, as it has witnessed a considerable increase in domestic production, resulting in a reduced reliance on imported energy sources. Moreover, Canada's extensive reserves of oil sands and natural gas further contribute to the region's energy capabilities and strategic significance within the market.
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Key Points from TOC:
Chapter 1 Introduction of the Global Oil And Gas Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Oil And Gas Market Outlook
4.1 Market Evolution
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Oil And Gas Market, By Type
Chapter 7 Global Oil And Gas Market, By Deployment
Chapter 8 Global Oil And Gas Market, By Application
Chapter 9 Global Oil And Gas Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Oil And Gas Market Competitive Landscape
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
Chapter 16 Company Profiles
16.1 Exxon Mobil Corporation
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Type Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Type Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Shell plc
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Type Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 BP p.l.c.
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Type Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 Saudi Arabian Oil Co.
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Type Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
Browse Complete TOC: https://www.kingsresearch.com/toc/oil-and-gas-market-177
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Source: Kings Research