Artificial Intelligence in Oil and Gas Market Growth, Size, Trends, Scope, Share and Future Outlook

Artificial Intelligence (AI) in Oil and Gas Market Size- By Component, By Operation- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Artificial Intelligence (AI) in Oil and Gas Market Size- By Component, By Operation- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Published: Sep 2023 Report ID: POAE2357 Pages: 1 - 224 Formats*:     
Category : Power & Energy
Artificial Intelligence (AI) in Oil and Gas Market Introduction and Overview

According to SPER Market Research, the Global Artificial Intelligence (AI) in Oil and Gas Market is estimated to reach USD 7.53 billion by 2033 with a CAGR of 12.32%.

The report includes an in-depth analysis of the Global Artificial Intelligence (AI) in Oil and Gas market, including market size and trends, product mix, distribution channels, and supplier analysis. AI in the Oil and Gas business improves oil and gas output through predictive maintenance and machinery inspection, quality control, dwelling, exploration, tank and reservoir monitoring, and other measures, while also increasing profit in the oil and gas business. Machine learning, artificial neutral networks, fuzzy logic, and expert systems are examples of artificial intelligence tools that aid in the transformation of data into valuable information that can subsequently be utilized at various points of the lifecycle's exploration and production.

  • In May 2023, Shell Plc announced a collaboration with SparkCognition, a big-data analytics company, to incorporate AI-driven technology into their deep-sea exploration and production efforts, aiming to enhance offshore oil production. Under this partnership, SparkCognition's AI algorithms will be employed to analyze a substantial volume of seismic data to assist Shell in identifying new oil reserves.
  • In May 2023, UNIST, a South Korean national university, unveiled a significant alliance with ADNOC, the UAE's largest oil company, with the aim of spearheading the global digital carbon-neutral industry. This partnership is focused on pioneering the creation of an AI-powered decarbonization optimization system for large-scale oil refining and petrochemical operations.
Artificial Intelligence (AI) in Oil and Gas Market
Market Opportunities and Challenges
The rotary actuator market offers a number of opportunities, which are being driven by improvements in numerous sectors. The offshore oil and gas sectors harness artificial intelligence and data science to streamline the retrieval of intricate data necessary for their exploration and production activities. This facilitates the identification of fresh exploration prospects and enhances the utilization of existing infrastructure. As an illustration, BP plc reported that worldwide oil production reached 89.9 million barrels per day in 2021, and AI tools can play a pivotal role in boosting production.

Raw material price volatility is one of the reasons hampering the growth of the Artificial Intelligence (AI) in Oil and Gas market. Artificial Intelligence (AI) into the oil and gas sector comes with several obstacles. To begin, the industry grapples with vast quantities of data, and efficiently handling and analyzing this data remains a major challenge. Ensuring the precision, excellence, and reliability of data is vital for AI systems to produce dependable forecasts and choices. Furthermore, AI algorithms demand significant computational capacity, and numerous oil and gas facilities, particularly those situated in remote offshore areas, may lack the essential infrastructure to accommodate advanced AI applications. The process of integrating AI into existing systems can also be intricate and expensive.

Artificial Intelligence (AI) in Oil and Gas Market


Market Competitive Landscape
In January 2023, C3 AI, a company specializing in AI application software, unveiled the introduction of its C3 Generative AI Product Suite, marking the launch with its inaugural offering, C3 Generative AI for Enterprise Search. Within the C3 Generative AI Product Suite, C3 AI provides pre-developed AI applications that incorporate advanced transformer models, streamlining their utilization across various stages of the customer's operations. Furthermore, C3 Generative AI is poised to expedite transformation endeavors across diverse business functions and industries, including the oil and gas sector.

Scope of the Report:
 Report Metric Details
 Market size available for years 2019-2033
 Base year considered 2022
 Forecast period 2023-2033
 Segments coveredBy Component, By Operation
 Regions coveredNorth America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
 Companies CoveredC3 AI, IBM, Flowserve Corporation, Google LLC, Microsoft Corporation, Oracle, FuGenX Technologies Pvt Ltd Inc, Cloudera Inc, Cisco Systems Inc, NVIDIA Corporation, Intel Corporation
COVID-19 Impact on Global Artificial Intelligence (AI) in Oil and Gas Market
The COVID-19 pandemic, there was a surge in global crude oil demand due to pent-up consumer demand. However, subsequent to this, macroeconomic challenges such as rising global interest rates and geopolitical tensions, notably the conflict in Ukraine, exerted pressure on crude oil prices once again.

Key Target Audience:
  • Oil and Gas Companies
  • AI Technology Providers
  • Energy Investors
  • Healthcare Industry
Our in-depth analysis of the Artificial Intelligence (AI) in Oil and Gas Market includes the following segments:
By Component:
  • Solution
  • Services
  • By Operation:
  • Upstream
  • Midstream
  • Downstream
  • Key Topics Covered in the Report:
    • Global Artificial Intelligence (AI) in Oil and Gas Market Size (FY’2023-FY’2033)
    • Overview of Global Artificial Intelligence (AI) in Oil and Gas Market
    • Segmentation of Global Artificial Intelligence (AI) in Oil and Gas Market By Component (Solution, Services)
    • Segmentation of Global Artificial Intelligence (AI) in Oil and Gas Market By Operation (Upstream, Midstream, Downstream)
    • Statistical Snap of Global Artificial Intelligence (AI) in Oil and Gas Market
    • Expansion Analysis of Global Artificial Intelligence (AI) in Oil and Gas Market
    • Problems and Obstacles in Global Artificial Intelligence (AI) in Oil and Gas Market
    • Competitive Landscape in the Global Artificial Intelligence (AI) in Oil and Gas Market
    • Impact of COVID-19 and Demonetization on Global Artificial Intelligence (AI) in Oil and Gas Market
    • Details on Current Investment in Global Artificial Intelligence (AI) in Oil and Gas Market
    • Competitive Analysis of Global Artificial Intelligence (AI) in Oil and Gas Market
    • Prominent Players in the Global Artificial Intelligence (AI) in Oil and Gas Market
    • SWOT Analysis of Global Artificial Intelligence (AI) in Oil and Gas Market
    • Global Artificial Intelligence (AI) in Oil and Gas Market Future Outlook and Projections (FY’2023-FY’2033)
    • Recommendations from Analyst
    1.Introduction
    1.1.Scope of the report
    1.2.Market segment analysis

    2.Research Methodology
    2.1.Research data source
    2.1.1.Secondary Data
    2.1.2.Primary Data
    2.1.3.SPER’s internal database
    2.1.4.Premium insight from KOL’s
    2.2.Market size estimation
    2.2.1.Top-down and Bottom-up approach
    2.3.Data triangulation

    3.Executive Summary

    4.Market Dynamics
    4.1.Driver, Restraint, Opportunity and Challenges analysis
    4.1.1.Drivers
    4.1.2.Restraints
    4.1.3.Opportunities
    4.1.4.Challenges
    4.2.COVID-19 Impacts of the Global Artificial Intelligence (AI) in Oil and Gas Market

    5.Market variable and outlook
    5.1.SWOT Analysis
    5.1.1.Strengths
    5.1.2.Weaknesses
    5.1.3.Opportunities
    5.1.4.Threats
    5.2.PESTEL Analysis
    5.2.1.Political Landscape
    5.2.2.Economic Landscape
    5.2.3.Social Landscape
    5.2.4.Technological Landscape
    5.2.5.Environmental Landscape
    5.2.6.Legal Landscape
    5.3.PORTER’s Five Forces 
    5.3.1.Bargaining power of suppliers
    5.3.2.Bargaining power of buyers
    5.3.3.Threat of Substitute
    5.3.4.Threat of new entrant
    5.3.5.Competitive rivalry
    5.4.Heat Map Analysis

    6.Competitive Landscape
    6.1.Global Artificial Intelligence (AI) in Oil and Gas Market Manufacturing Base Distribution, Sales Area, Product Type
    6.2.Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Artificial Intelligence (AI) in Oil and Gas Market

    7.Global Artificial Intelligence (AI) in Oil and Gas Market, By Component (USD Million)
    7.1.Global Artificial Intelligence (AI) in Oil and Gas Market Value Share and Forecast, By Component, 2023-2033
    7.2.Solution
    7.3.Services

    8.Global Artificial Intelligence (AI) in Oil and Gas Market, By Operation (USD Million)
    8.1.Global Artificial Intelligence (AI) in Oil and Gas Market Value Share and Forecast, By Operation, 2023-2033
    8.2.Upstream
    8.3.Midstream
    8.4.Downstream

    9.Global Artificial Intelligence (AI) in Oil and Gas Market Forecast, 2019-2033 (USD Million)
    9.1.Global Artificial Intelligence (AI) in Oil and Gas Market Size and Market Share

    10.Global Artificial Intelligence (AI) in Oil and Gas Market, By Component, 2019-2033 (USD Million)
    10.1.Global Artificial Intelligence (AI) in Oil and Gas Market Size and Market Share By Component (2019-2026)
    10.2.Global Artificial Intelligence (AI) in Oil and Gas Market Size and Market Share By Component (2027-2033)

    11.Global Artificial Intelligence (AI) in Oil and Gas Market, By Operation, 2019-2033 (USD Million)
    11.1.Global Artificial Intelligence (AI) in Oil and Gas Market Size and Market Share By Operation (2019-2026)
    11.2.Global Artificial Intelligence (AI) in Oil and Gas Market Size and Market Share By Operation (2027-2033)

    12.Global Artificial Intelligence (AI) in Oil and Gas Market, By Region, 2019-2033 (USD Million)
    12.1.Global Artificial Intelligence (AI) in Oil and Gas Market Size and Market Share By Region (2019-2026)
    12.2.Global Artificial Intelligence (AI) in Oil and Gas Market Size and Market Share By Region (2027-2033)
    12.3.Asia-Pacific
    12.3.1.Australia
    12.3.2.China
    12.3.3.India
    12.3.4.Japan
    12.3.5.South Korea
    12.3.6.Rest of Asia-Pacific
    12.4.Europe
    12.4.1.France
    12.4.2.Germany
    12.4.3.Italy
    12.4.4.Spain
    12.4.5.United Kingdom
    12.4.6.Rest of Europe
    12.5.Middle East and Africa
    12.5.1.Kingdom of Saudi Arabia 
    12.5.2.United Arab Emirates
    12.5.3.Rest of Middle East & Africa
    12.6.North America
    12.6.1.Canada
    12.6.2.Mexico
    12.6.3.United States
    12.7.Latin America
    12.7.1.Argentina
    12.7.2.Brazil
    12.7.3.Rest of Latin America

    13. Company Profile
    13.1.C3.AI
    13.1.1.Company details
    13.1.2.Financial outlook
    13.1.3.Product summary 
    13.1.4.Recent developments
    13.2.IBM
    13.2.1.Company details
    13.2.2.Financial outlook
    13.2.3.Product summary 
    13.2.4.Recent developments
    13.3.Flowserve Corporation
    13.3.1.Company details
    13.3.2.Financial outlook
    13.3.3.Product summary 
    13.3.4.Recent developments
    13.4.Google LLC
    13.4.1.Company details
    13.4.2.Financial outlook
    13.4.3.Product summary 
    13.4.4.Recent developments
    13.5.Microsoft Corporation
    13.5.1.Company details
    13.5.2.Financial outlook
    13.5.3.Product summary 
    13.5.4.Recent developments
    13.6.Oracle
    13.6.1.Company details
    13.6.2.Financial outlook
    13.6.3.Product summary 
    13.6.4.Recent development
    13.7.FuGenX Technologies Pvt. Ltd. Inc
    13.7.1.Company details
    13.7.2.Financial outlook
    13.7.3.Product summary 
    13.7.4.Recent development
    13.8.Cloudera Inc
    13.8.1.Company details
    13.8.2.Financial outlook
    13.8.3.Product summary 
    13.8.4.Recent development
    13.9.Cisco Systems Inc
    13.9.1.Company details
    13.9.2.Financial outlook
    13.9.3.Product summary 
    13.9.4.Recent development
    13.10.NVIDIA Corporation
    13.10.1.Company details
    13.10.2.Financial outlook
    13.10.3.Product summary 
    13.10.4.Recent development
    13.11.Intel Corporation
    13.11.1.Company details
    13.11.2.Financial outlook
    13.11.3.Product summary 
    13.11.4.Recent development
    13.12.Others 

    14.List of Abbreviations

    15.Reference Links

    16.Conclusion

    17.Research Scope

    SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

    The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings.  The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

    SPER-Methodology-1

    SPER-Methodology-2

    SPER-Methodology-3


    Frequently Asked Questions About This Report
    Artificial Intelligence (AI) in Oil and Gas Market size is USD 7.53 billion from 2023 to 2033.
    Artificial Intelligence (AI) in Oil and Gas Market Segment is Covered By Component, By Operation
    The North America region is anticipated to have the highest market share in Artificial Intelligence (AI) in Oil and Gas Market.
    The key players in the market include Companies Covered C3 AI, IBM, Flowserve Corporation, Google LLC, Microsoft Corporation, Oracle, FuGenX Technologies Pvt Ltd Inc, Cloudera Inc, Cisco Systems Inc, NVIDIA Corporation, Intel Corporation
    Artificial Intelligence (AI) in Oil and Gas market, including market size and trends, product mix, distribution channels, and supplier analysis.
    Artificial Intelligence (AI) in Oil and Gas Market grew in market size from 2023. The Market is expected to reach USD 7.53 billion by 2033, at a CAGR of 12.32% during the forecast period.
    Artificial Intelligence (AI) in Oil and Gas Market grew in market size from 2023. The Market is expected to reach USD 7.53 billion by 2033, at a CAGR of 12.32% during the forecast period.
    Artificial Intelligence (AI) in Oil and Gas Market CAGR of 12.32% during the forecast period.
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