Artificial intelligence (AI) is a cutting-edge technology that aids in the improvement of production and business efficiency. Artificial intelligence in the oil and gas industry aids in improving oil and gas output through predictive maintenance and machinery inspection, quality control, dwelling, exploration, tank and reservoir monitoring, and other methods, as well as increasing profit in the oil and gas industry. Artificial intelligence consists of a variety of tools such as machine learning, artificial neutral networks, fuzzy logic, and expert systems that aid in the transformation of data into useful information that can then be applied at various stages of the lifecycle's exploration and production.
The oil and gas industry is beginning to see the incredible impact that AI can have on every sector in the value chain. The opportunities for AI strike directly at the greatest challenges in today’s oilfield. Companies that effectively leverage AI are expected to have a distinct advantage over other operators that lack accurate understanding of their reservoirs, operating processes, and producing assets. Oil and gas continue to be one of the most valuable commodities in the energy industry. Oil and gas businesses have been focusing more on boosting efficiency and minimizing downtime in recent years, as their revenues have been reduced since 2014 owing to shift in oil prices. However, as worries about the environmental impact of energy production and use grow, oil and gas corporations are looking for new ways to meet their commercial objectives while decreasing their environmental impact.
Furthermore, according to the International Energy Agency (IEA), oil prices in OECD countries fell by 40.6 percent from March to April 2020, causing alarm among oil and gas companies. As a result, companies in the oil and gas industry are experimenting with new technologies to improve efficiency and revenue. Corporations can design algorithms to guide drills on landmasses and ocean floors using AI in oil and gas operation. The AI in oil and gas market is segmented on the basis of component, type, operation and region. Based on component, it is segmented into solutions and services. Based on operation, the market is categorized into upstream, downstream, and midstream. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The company profiles of AI in oil and gas market players included in this report are C3.AI, Cloudera, FuGenX Technologies Pvt. Ltd, Inc., Google. Llc, General Vision, Hortonworks, Infosys Limited, International Business Machine Corporation (IBM), Intel Corporation, Microsoft Corporation, Inbenta, NVIDIA Corporation, NeuDax, Oracle Corporation, Numenta, Shell Plc., Sentient technologies.
The oil and gas industry is beginning to see the incredible impact that AI can have on every sector in the value chain. The opportunities for AI strike directly at the greatest challenges in today’s oilfield. Companies that effectively leverage AI are expected to have a distinct advantage over other operators that lack accurate understanding of their reservoirs, operating processes, and producing assets. Oil and gas continue to be one of the most valuable commodities in the energy industry. Oil and gas businesses have been focusing more on boosting efficiency and minimizing downtime in recent years, as their revenues have been reduced since 2014 owing to shift in oil prices. However, as worries about the environmental impact of energy production and use grow, oil and gas corporations are looking for new ways to meet their commercial objectives while decreasing their environmental impact.
Furthermore, according to the International Energy Agency (IEA), oil prices in OECD countries fell by 40.6 percent from March to April 2020, causing alarm among oil and gas companies. As a result, companies in the oil and gas industry are experimenting with new technologies to improve efficiency and revenue. Corporations can design algorithms to guide drills on landmasses and ocean floors using AI in oil and gas operation. The AI in oil and gas market is segmented on the basis of component, type, operation and region. Based on component, it is segmented into solutions and services. Based on operation, the market is categorized into upstream, downstream, and midstream. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The company profiles of AI in oil and gas market players included in this report are C3.AI, Cloudera, FuGenX Technologies Pvt. Ltd, Inc., Google. Llc, General Vision, Hortonworks, Infosys Limited, International Business Machine Corporation (IBM), Intel Corporation, Microsoft Corporation, Inbenta, NVIDIA Corporation, NeuDax, Oracle Corporation, Numenta, Shell Plc., Sentient technologies.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ai in oil and gas market analysis from 2021 to 2031 to identify the prevailing ai in oil and gas market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the ai in oil and gas market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global ai in oil and gas market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
- Solution
- Services
By Operation
- Upstream
- Midstream
- Downstream
By Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- IBM
- C3.AI
- Google LLC
- Microsoft Corporation
- Oracle
- FuGenX Technologies Pvt. Ltd , Inc.
- Cloudera, Inc.
- Cisco Systems, Inc.
- NVIDIA Corporation
- Intel Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AI IN OIL AND GAS MARKET, BY COMPONENT
CHAPTER 5: AI IN OIL AND GAS MARKET, BY OPERATION
CHAPTER 6: AI IN OIL AND GAS MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “AI in Oil and Gas Market," the ai in oil and gas market was valued at $2.32 billion in 2021, and is estimated to reach $7.99 billion by 2031, growing at a CAGR of 13.5% from 2022 to 2031.The global AI in Oil and Gas Industry is influenced by a number of factors, including fault detection and quality improvement, reduce production and maintenance cost, and ensure safety and security standards primarily drive the growth of the global AI in oil and gas market. However, dramatic reduction in fossil fuel demand and high output of carbon dioxide (CO₂) and other potent greenhouse gases may hamper the market growth to some extent.
On the basis of operation, the upstream segment dominated the AI in oil and gas market in 2021, and is expected to maintain the dominance in the upcoming years. It includes searching for potential underground or underwater crude oil and natural gas fields, drilling exploratory wells, and subsequently drilling and operating the wells used to lift the crude oil or raw natural gas to the surface. However, the midstream is expected to witness the highest growth rate during the AI in Oil and Gas Market Forecast period, midstream activities include the storage, processing, and transportation of petroleum products. These may include companies that specialize in operating tanker ships, pipelines, or storage facilities.
On the basis of component, the solution segment is the largest segment of AI in Oil and Gas Industry, and is projected to keep its hold on the market in the next years. Moreover, Solution providers offer a wide range of solutions that are applicable in quality control, production planning, predictive maintenance, and fleet management with more efficiently. Oil and gas companies are using AI in data science to use more complex data in the production and exploration process and help identify more exploration options from the existing resources and offshore infrastructure.
Moreover, the oil and gas industry is one of the most valued industry in the energy sector and increasing adoption of advanced technologies drives the demand for AI-based solutions in the industry for different business operation.
Post COVID-19, the AI in oil and gas market size is estimated to grow from $2,324.6 million in 2021, and is projected to reach $7,991.2 million by 2031, registering a CAGR of 13.5%. The COVID-19 outbreak has high impact on the growth of Artificial Intelligence in Oil and Gas Market, as the adoption of AI in oil and gas has increased owing to unprecedented circumstances like the pandemic.
This crisis had many direct and indirect effects on all areas of society. In the meantime, the digital and artificial intelligence industry can be used as a professional assistant to manage and control the outbreak of the virus. The oil and gas sector is anticipating weaker demand and consequently lower crude prices as a result of the global health crisis, geopolitical difficulties that are causing surplus production, and certain significant industrial developments.
Key Findings of the Study
- On the basis of component, in 2021, the solution segment dominated the AI in oil and gas market size. However, the services segment is expected to exhibit significant growth during the forecast period.
- Depending on operation, the upstream segment generated highest revenue in 2021. However, the midstream segment is expected to be the fastest growing segment.
- On the basis of region, North America dominated the market in 2021. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
- Some of the key data center automation industry players profiled in the report include C3.AI, Cloudera, FuGenX Technologies Pvt. Ltd, Inc., Google. Llc, General Vision, Hortonworks, Infosys Limited, International Business Machine Corporation (IBM), Intel Corporation, Microsoft Corporation, Inbenta, NVIDIA Corporation, NeuDax, Oracle Corporation, Numenta, Shell Plc., Sentient technologies. This study includes AI in oil and gas market share, trends, AI in oil and gas market analysis, and future estimations to determine the imminent investment pockets.
Companies Mentioned
- Ibm
- C3.Ai
- Google LLC
- Microsoft Corporation
- Oracle
- Fugenx Technologies Pvt. Ltd , Inc.
- Cloudera, Inc.
- Cisco Systems, Inc.
- Nvidia Corporation
- Intel Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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