This report describes and explains the oil and gas market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global oil and gas market reached a value of nearly $7.75 trillion in 2024, having grown at a compound annual growth rate (CAGR) of 6.72% since 2019. The market is expected to grow from $7.75 trillion in 2024 to $9.89 trillion in 2029 at a rate of 5.00%. The market is then expected to grow at a CAGR of 3.89% from 2029 and reach $11.97 trillion in 2034.
Growth in the historic period resulted from growth in resource exploration, strong economic growth in emerging markets, favorable government investments and increasing industrialization across various sectors. Factors that negatively affected growth in the historic period were environmental pollution concerns and competition from renewable energy sources.
Going forward, growth in international trade, increasing petrochemical industry, growing demand for liquefied natural gas (LNG) and increasing infrastructure development will drive the growth. Factor that could hinder the growth of the oil and gas market in the future include labor shortages.
The global oil and gas market is fairly concentrated, with large players in the market. The top ten competitors in the market made up to 26.08% of the total market in 2023. The market concentration can be attributed to the presence of large players in different geographies. Sinopec (China Petroleum & Chemical Corporation) was the largest competitor with a 6.00% share of the market, followed by Saudi Aramco with 6.00%, ExxonMobil Corporation with 3.23%, PetroChina Co. Ltd. with 2.67%, BP Plc. with 1.99%, TotalEnergies SE with 1.82%, Shell plc (Royal Dutch Shell) with 1.79%, Valero Energy Corp. with 1.52%, China National Offshore Oil Corporation (CNOOC) with 0.64% and PJSC Lukoil Oil Company with 0.42%.
Asia Pacific was the largest region in the oil and gas market, accounting for 33.99% or $2.63 trillion of the total in 2024. It was followed by North America, Middle East and then the other regions. Going forward, the fastest-growing regions in the oil and gas market will be Middle East and South America where growth will be at CAGRs of 9.77% and 6.07% respectively. These will be followed by Africa and Asia Pacific where the markets are expected to grow at CAGRs of 4.67% and 4.34% respectively.
The oil and gas market is segmented by type into oil and gas upstream activities and oil downstream products. The oil and gas upstream activities market was the largest segment of the oil and gas market segmented by type, accounting for 60.33% or $4.67 trillion of the total in 2024. Going forward, the oil and gas upstream activities segment is expected to be the fastest growing segment in the oil and gas market segmented by type, at a CAGR of 5.34% during 2024-2029.
The oil and gas upstream activities market is segmented by type into crude oil, natural gas, oil and gas well drilling services, and oil and gas supporting activities. The crude oil market was the largest segment of the oil and gas upstream activities market segmented by type, accounting for 65.34% or $3.05 trillion of the total in 2024. Going forward, the natural gas segment is expected to be the fastest growing segment in the oil and gas upstream activities market segmented by type, at a CAGR of 7.56% during 2024-2029.
The oil and gas downstream products market is segmented by type into refined petroleum products and asphalt, lubricating oil and grease. The refined petroleum products market was the largest segment of the oil and gas downstream products market segmented by type, accounting for 90.31% or $2.77 trillion of the total in 2024. Going forward, the asphalt, lubricating oil and grease segment is expected to be the fastest growing segment in the oil and gas downstream products market segmented by type, at a CAGR of 5.95% during 2024-2029.
The oil and gas market is segmented by application into residential, commercial, industrial, and other applications. The industrial market was the largest segment of the oil and gas market segmented by application, accounting for 40.03% or $3.1 trillion of the total in 2024. Going forward, the industrial segment is expected to be the fastest growing segment in the oil and gas market segmented by application, at a CAGR of 5.12% during 2024-2029.
The oil and gas market is segmented by drilling type into offshore and onshore. The onshore market was the largest segment of the oil and gas market segmented by drilling type, accounting for 71.45% or $5.53 trillion of the total in 2024. Going forward, the onshore segment is expected to be the fastest growing segment in the oil and gas market segmented by drilling type, at a CAGR of 5.04% during 2024-2029.
The top opportunities in the oil and gas market segmented by type will arise in the oil and gas upstream activities segment, which will gain $1.39 trillion of global annual sales by 2029. The top opportunities in the oil and gas market segmented by drilling type will arise in the onshore segment, which will gain $1.54 trillion of global annual sales by 2029. The top opportunities in the oil and gas market segmented by application will arise in the industrial segment, which will gain $879.7 billion of global annual sales by 2029. The oil and gas market size will gain the most in Iran at $248.42 billion.
Market-trend-based strategies for the oil and gas market include introduction of advanced deepwater technology, development of advanced oil condition monitoring labs, developing innovative products, such as modular induction motors, increasing investments in oil drilling activities and emphasis on emission reduction solutions.
Player-adopted strategies in the oil and gas market include expanding business operations and focus on enhancing business operations through strategic collaborations and partnerships.
To take advantage of the opportunities, the analyst recommends the oil and gas companies to focus on advanced deepwater technology for oil production, focus on advanced oil condition monitoring labs, focus on modular induction motors for competitive advantage, focus on increasing investments in oil drilling activities, focus on emission reduction solutions in oil and gas, focus on oil and gas upstream activities, focus on onshore market growth, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and focus on the industrial market for growth.
The global oil and gas market reached a value of nearly $7.75 trillion in 2024, having grown at a compound annual growth rate (CAGR) of 6.72% since 2019. The market is expected to grow from $7.75 trillion in 2024 to $9.89 trillion in 2029 at a rate of 5.00%. The market is then expected to grow at a CAGR of 3.89% from 2029 and reach $11.97 trillion in 2034.
Growth in the historic period resulted from growth in resource exploration, strong economic growth in emerging markets, favorable government investments and increasing industrialization across various sectors. Factors that negatively affected growth in the historic period were environmental pollution concerns and competition from renewable energy sources.
Going forward, growth in international trade, increasing petrochemical industry, growing demand for liquefied natural gas (LNG) and increasing infrastructure development will drive the growth. Factor that could hinder the growth of the oil and gas market in the future include labor shortages.
The global oil and gas market is fairly concentrated, with large players in the market. The top ten competitors in the market made up to 26.08% of the total market in 2023. The market concentration can be attributed to the presence of large players in different geographies. Sinopec (China Petroleum & Chemical Corporation) was the largest competitor with a 6.00% share of the market, followed by Saudi Aramco with 6.00%, ExxonMobil Corporation with 3.23%, PetroChina Co. Ltd. with 2.67%, BP Plc. with 1.99%, TotalEnergies SE with 1.82%, Shell plc (Royal Dutch Shell) with 1.79%, Valero Energy Corp. with 1.52%, China National Offshore Oil Corporation (CNOOC) with 0.64% and PJSC Lukoil Oil Company with 0.42%.
Asia Pacific was the largest region in the oil and gas market, accounting for 33.99% or $2.63 trillion of the total in 2024. It was followed by North America, Middle East and then the other regions. Going forward, the fastest-growing regions in the oil and gas market will be Middle East and South America where growth will be at CAGRs of 9.77% and 6.07% respectively. These will be followed by Africa and Asia Pacific where the markets are expected to grow at CAGRs of 4.67% and 4.34% respectively.
The oil and gas market is segmented by type into oil and gas upstream activities and oil downstream products. The oil and gas upstream activities market was the largest segment of the oil and gas market segmented by type, accounting for 60.33% or $4.67 trillion of the total in 2024. Going forward, the oil and gas upstream activities segment is expected to be the fastest growing segment in the oil and gas market segmented by type, at a CAGR of 5.34% during 2024-2029.
The oil and gas upstream activities market is segmented by type into crude oil, natural gas, oil and gas well drilling services, and oil and gas supporting activities. The crude oil market was the largest segment of the oil and gas upstream activities market segmented by type, accounting for 65.34% or $3.05 trillion of the total in 2024. Going forward, the natural gas segment is expected to be the fastest growing segment in the oil and gas upstream activities market segmented by type, at a CAGR of 7.56% during 2024-2029.
The oil and gas downstream products market is segmented by type into refined petroleum products and asphalt, lubricating oil and grease. The refined petroleum products market was the largest segment of the oil and gas downstream products market segmented by type, accounting for 90.31% or $2.77 trillion of the total in 2024. Going forward, the asphalt, lubricating oil and grease segment is expected to be the fastest growing segment in the oil and gas downstream products market segmented by type, at a CAGR of 5.95% during 2024-2029.
The oil and gas market is segmented by application into residential, commercial, industrial, and other applications. The industrial market was the largest segment of the oil and gas market segmented by application, accounting for 40.03% or $3.1 trillion of the total in 2024. Going forward, the industrial segment is expected to be the fastest growing segment in the oil and gas market segmented by application, at a CAGR of 5.12% during 2024-2029.
The oil and gas market is segmented by drilling type into offshore and onshore. The onshore market was the largest segment of the oil and gas market segmented by drilling type, accounting for 71.45% or $5.53 trillion of the total in 2024. Going forward, the onshore segment is expected to be the fastest growing segment in the oil and gas market segmented by drilling type, at a CAGR of 5.04% during 2024-2029.
The top opportunities in the oil and gas market segmented by type will arise in the oil and gas upstream activities segment, which will gain $1.39 trillion of global annual sales by 2029. The top opportunities in the oil and gas market segmented by drilling type will arise in the onshore segment, which will gain $1.54 trillion of global annual sales by 2029. The top opportunities in the oil and gas market segmented by application will arise in the industrial segment, which will gain $879.7 billion of global annual sales by 2029. The oil and gas market size will gain the most in Iran at $248.42 billion.
Market-trend-based strategies for the oil and gas market include introduction of advanced deepwater technology, development of advanced oil condition monitoring labs, developing innovative products, such as modular induction motors, increasing investments in oil drilling activities and emphasis on emission reduction solutions.
Player-adopted strategies in the oil and gas market include expanding business operations and focus on enhancing business operations through strategic collaborations and partnerships.
To take advantage of the opportunities, the analyst recommends the oil and gas companies to focus on advanced deepwater technology for oil production, focus on advanced oil condition monitoring labs, focus on modular induction motors for competitive advantage, focus on increasing investments in oil drilling activities, focus on emission reduction solutions in oil and gas, focus on oil and gas upstream activities, focus on onshore market growth, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and focus on the industrial market for growth.
Major Market Trends
- Advanced Deepwater Technology Drives New Offshore Oil Production
- Innovative Solutions Introduced With New Oil Condition Monitoring Lab
- Cutting-Edge Induction Motor Technology for Industrial Efficiency
- Strategic Exploration Investments Aim to Boost Oil Production Activities
- Revolutionizing Oil Operations with Emission Reduction Innovations
Key Mergers and Acquisitions
- Seplat Petroleum Development Company Acquired ExxonMobil's MPNU
- Chevron Corporation Acquired PDC Energy Inc TO Advance Position
- Riley Exploration Permian Inc Acquired Pecos Oil & Gas LLC For Expanding Drilling and Infrastructure Capabilities
- INEOS Acquired Chesapeake Energy Corporation For Marking Its Entry into the US Onshore Oil and Gas
- Halliburton Acquired Resoptima AS To Enhance Reservoir Engineering and Exploration Efficiency
- Cobra Group Acquired Petrobras
- PetroRecôncavo SA Acquired Maha Energy Brasil Ltd.
- Plug Power Acquired Joule Processing LLC To Enhance Hydrogen Liquefaction Capabilities
- Cathedral Energy Services Acquired Discovery Downhole Services To Improve Condition
- Eco (Atlantic) Oil and Gas Ltd Acquired Azinam Group Limited
Table of Contents
1 Executive Summary
6 Market Characteristics
8 Supply Chain Analysis
9 Customer Information
10 Major Market Trends
11 Oil and Gas Market - Macro-Economic Scenario
12 Global Market Size and Growth
13 Global Oil and Gas Market Segmentation
14 Oil and Gas Market, Regional and Country Analysis
15 Asia-Pacific Market
16 Western Europe Market
17 Eastern Europe Market
18 North America Market
19 South America Market
20 Middle East Market
21 Africa Market
22 Competitive Landscape and Company Profiles
23 Other Major and Innovative Companies
26 Key Mergers and Acquisitions
27 Opportunities and Strategies
28 Oil and Gas Market, Conclusions and Recommendations
29 Appendix
Executive Summary
Oil And Gas Global Market Opportunities And Strategies To 2034 provides the strategists; marketers and senior management with the critical information they need to assess the global oil and gas market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 50 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for oil and gas? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The oil and gas market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider oil and gas market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by drilling type and by application.
- Product Analysis - The product analysis section of the report describes the leading products in the oil and gas market, along with key features and differentiators for those products.
- Supply Chain - The supply chain section of the report defines and explains the key players in the oil and gas industry supply chain.
- Customer Information - The chapter covers recent customer trends/preferences in the global oil and gas market.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the oil and gas market.
- Global Market Size And Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by product, by technology, by disease, by application and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Other Major And Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations This section includes recommendations for oil and gas providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Type: Oil And Gas Upstream Activities; Oil Downstream Productsa) By Oil And Gas Upstream Activities (By Type): Crude Oil; Natural Gas; Oil And Gas Well Drilling Services; Oil And Gas Supporting Activities
b) By Oil Downstream Products (By Type): Refined Petroleum Products And Asphalt; Lubricating Oil And Grease
2) By Drilling Type: Offshore; Onshore
3) By Application: Residential; Commercial; Industrial; Other Applications
Key Companies Mentioned: Sinopec (China Petroleum & Chemical Corporation); Saudi Aramco; ExxonMobil Corporation; PetroChina Co. Ltd.; BP Plc.
Countries: Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; oil and gas indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
The major companies featured in this Oil and Gas market report include:- Sinopec (China Petroleum & Chemical Corporation)
- Saudi Aramco
- ExxonMobil Corporation
- PetroChina Co. Ltd.
- BP Plc.
- TotalEnergies SE
- Shell plc (Royal Dutch Shell)
- Valero Energy Corp
- China National Offshore Oil Corporation (CNOOC)
- PJSC Lukoil Oil Company
- Indian Oil Corporation Limited
- Oil and Natural Gas Corporation (ONGC)
- Bharat Petroleum
- Reliance Petroleum Ltd
- Eneos Holdings
- VPS
- Parker-Hannifin Corporation
- China National Petroleum Corporation
- Shaanxi Yanchang Petroleum
- Sinochem Group
- Oil India Limited
- Korea National Oil Corporation
- Eni S.p.A.
- Wintershall Dea GmbH
- Repsol SA
- Glencore International AG
- Edison
- Enel X
- Erg
- Tan Delta Systems
- Intertek Group plc
- Repsol
- Clariant AG
- Vivo Energy
- ORLEN Unipetrol
- OMV Petrom S.A
- PGE Polska Grupa Energetyczna S.A
- Orlen Unipetrol
- Grupa Lotos
- Romgaz S.A
- Transgaz SA
- Rosneft Oil Co
- Lukoil Oil Co.
- Tatneft, Kimray Inc.
- Tourmaline Oil Corp
- Talos Energy
- Kosmos Energy
- Riley Exploration Permian Inc
- INEOS
- Petróleos Mexicanos (PEMEX)
- Grupo Diavaz
- Vista Oil & Gas
- Renaissance Oil Corp.
- Chevron Corporation
- ConocoPhillips
- Anadarko Petroleum Corporation
- Occidental Petroleum Corporation
- EOG Resources
- Cimarex Energy
- Pioneer Natural Resources
- GeoPark Limited
- Petronas
- J&F Group
- Cobra Group
- Emirates National Oil Company (ENOC)
- Dubai Petroleum.
- Emirates General Petroleum Corporation (Emarat)
- Abu Dhabi National Energy Company (TAQA)
- Brooge Energy, Abu Dhabi National Oil Company (ADNOC)
- EMDAD Services LLC.
- Crescent Petroleum.
- Dana Gas.
- Energean PLC
- Egyptian Natural Gas Holding Company
- Chevron Corporation
- PetroSA
- Sasol Limited
- Engen Petroleum Limited
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 373 |
| Published | March 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 7.75 Trillion |
| Forecasted Market Value ( USD | $ 11.97 Trillion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 79 |
