AI in Oil & Gas Market report dissects the main thrusts of the worldwide AI in Oil & Gas market just as reveals insight into restrictions and limitations. The worldwide market is segmented based on type, application, deals, and area. It contains numbers, regions, revenue, and offers just as the thorough computation of the business chain structure, opportunities, industry news analysis.
Global AI in Oil and Gas Market report conclusively offers the necessary information, as well as advanced analysis, to assist in developing the best business strategy and determining the best path for maximum growth for the market’s participants. The research report of AI in Oil and Gas Marketprovides a top-to-bottom analysis of crucial aspects like growth drivers, major challenges, and opportunities that will impact the industry trends over the forecast timeline. It thoroughly explores the geographical landscape of the market, emphasizing pivotal factors like sales accrued, revenue garnered, growth rate, and prospects of the regional markets. Apart from this, the industry is also studied from the perspective of product terrain and application spectrum. In-depth information on revenue and sales volume predictions of each product type are presented.The report focuses on the AI in Oil and Gas Market size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends.
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AI in Oil and Gas Market is segmented on the basis of product, and type. All of these segments have been studied individually. The detailed investigation allows assessment of the factors influencing the AI in Oil and Gas Market. Analysts have analyzed the nature of development, investments in research and development, changing consumption patterns, and a growing number of applications. In addition, analysts have also evaluated the changing economics around the AI in Oil and Gas Market that are likely to affect its course.
The regional analysis section of the AI in Oil and Gas Market share report allows players to concentrate on high-growth regions and countries that could help them to expand their presence in the AI in Oil and Gas market. Apart from extending their footprint in the AI in Oil and Gas market, the regional analysis helps players to increase their sales while having a better understanding of customer behavior in specific regions and countries. The report provides CAGR, revenue, production, consumption, and other important statistics and figures related to the global as well as regional markets. It shows how different types, applications, and regional segments are progressing in the AI in Oil and Gas market in terms of growth.
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The Artificial Intelligence (AI) market in oil and gas is expected to register a CAGR of over 12.14%, during the forecast period of 2018-2023. The report profiles the types of AI applications, across the industrial activities in the energy sector.
The oil and gas industry operates across a high-risk environment, where the application of AI is expected to aid in streamlining the overall production process and controlling the wastage across the endpoints. Various IoT sensors exhibit multiple functions, which are integral components of upstream and downstream activities, across the industry. From exploration activities (upstream) to leak monitoring while transportation (downstream), there are opportunities for significant application of AI, in the industry. However, the increasing safety concerns among the workforce, especially the maintenance of aging pipeline infrastructure, poses pressure on the oil and gas manufacturers, to include gas and temperature sensors in case of fire emergencies. This factor increases the demand for several data analysis processes that use predictive modeling, across the oil and gas industry. The rising adoption of smart sensing technology as a part of industrial IoT is poised to provide considerable opportunities to the oil and gas industry, in order to curb the safety issues to a substantial extent.
For some cases in the oil and gas industry, very sparse data are available, such as records of equipment failures and maintenance events. Predicting the remaining useful life of equipment from such sparse data sets requires a combination of physics-based and deep learning models that consume significant computing power, for training and validation. According to Motorola Solutions, the demand for the global oil sector is expected to increase by about 33%, by 2035. The high demand is anticipated to lead to increased exploration activities, such as seismic surveying, which uses AI application, thus supporting the growth of AI across the oil and gas industry.
Predictive Maintenance Expected to Record Significant Growth
Machine learning-powered AI has emerged as an ideal solution for oil and gas companies, to accumulate large volumes of information in real time and translate data sets into actionable insights. AI solutions across the oil and gas sector help make more informed intelligent business decisions automatically, with sophisticated algorithms, predictive analytics, and machine learning capabilities.
Moreover, to stabilize the decision-making capabilities, AI solutions aid companies by overcoming challenges pertaining to the lack of ability to learn from data and understand several operational states. In addition, AI solutions that are powered by predictive analytics and cognitive security are projected to help protect the drilling rig from cyber-attacks and make sure that the equipment operates safely and securely, in accordance with specifications.
North America Expected to Account for the Largest Share in AI in Oil and Gas Market
Owing to the increasing adoption of AI technologies across the oilfield operators and service providers and the robust presence of prominent AI software and system suppliers, especially in the United States and Canada, the North American segment is anticipated to account for the largest share of the AI in the oil and gas market, over the forecast period.
Owing to the increasing inflow of investments in startups for AI implementation, which would further augment the demand for AI in the near future, the region is poised to be the fastest-growing segment. Some of the prominent players of the North American region are – Google LLC, IBM Corp., FuGenX Technologies Pvt. Ltd, Hortonworks Inc., Microsoft Corporation, and Intel Corp., among others.
Key Developments in the AI in Oil and Gas Market
Jun 2018 – Hortonworks Inc. launched Hortonworks Data Platform (HDP) 3.0, which delivers significant new enterprise features, including containerization, for faster and easier deployment of applications and increased developer productivity. The new version of HDP enables customers to quickly, reliably, and securely obtain value from their data at scale, to drive business transformation.
Apr 2017 Huawei collaborated with PCITC (Petro-CyberWorks Information Technology Co.), a smart manufacturing platform, which is not only the two parties’ first significant joint innovation since they inked strategic partnerships but also the core aspect of Smart Factory 2.0, within the Sinopec Group. This platform comprised of eight major capabilities, including centralized integration, IoT access, IT management and control, optimization, shared services, data processing and analysis, and AI.
AI in Oil and Gas Market Major Players:
Google LLC
IBM Corp
FuGenX Technologies Pvt Ltd
Hortonworks Inc.
Microsoft Corporation
Intel Corp.
Royal Dutch Shell PLC
PJSC Gazprom Neft
Huawei Technologies Co. Ltd
Nvidia Corp
Infosys Ltd
Reasons to Purchase AI in Oil and Gas Market Report
The impact of the growth of AI, in the energy and utility sector
An analysis of various perspectives of the market studied, with the help of Porter’s five forces analysis
The segments that are expected to dominate the market studied
The regional analysis of the market studied, during the forecast period
The latest developments, market shares, and strategies employed by the major market players and key innovators
3-month analyst support along with the Market Estimate sheet (in Excel)
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Regional Market Analysis:
The AI in Oil and Gas Market report includes Global and Regional market status and outlook 2022-2027. Further, the report provides break down details about each region and countries covered in the report. Identifying its sales, sales volume and revenue forecast
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East and Africa
Global AI in Oil and Gas Market 2022-2027, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Points to be Covered in this report
The Report Covers the Present Scenario and the Growth Prospects of the Global AI in Oil and Gas Market for 2022-2027. To calculate the market size, the report considers new installations or sales and subscription payments of AI in Oil and Gas.
The scope of the Report: This report centers around AI in Oil and Gas in the worldwide market, particularly in Top countries. This report segments the market on the basis of manufacturers, types, and applications.
AI in Oil and Gas Market Trends
- Growing research activities coupled with new product launches.
AI in Oil and Gas Market Drivers
- High Opportunity in the Industry
AI in Oil and Gas Market Challenges
- Complications associated with AI in Oil and Gas procedures.
Points Covered in The Report:
- The points that are discussed within the report are the major AI in Oil and Gas market players that are involved in the market such as manufacturers, raw material suppliers, equipment suppliers, end users, traders, distributors etc.
- The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report.
- The growth factors of the AI in Oil and Gas market are discussed in detail wherein the different end users of the market are explained in detail.
- Data and information by manufacturer, by region, by type, by application and etc., and custom research can be added according to specific requirements.
- The report contains the SWOT analysis of the AI in Oil and Gas Financing Services market. Finally, the report contains the conclusion
Key Questions the Report Answers:
- What are the major factors affecting the AI in Oil and Gas industry in 2022 and beyond?
- Will the AI in Oil and Gas sector change its approach to air freight and adopt that seen in the sector?
- How will key trends impact various AI in Oil and Gas logistics segments?
- How has Covid-19 impacted AI in Oil and Gas market logistics market size? And how has each region been impacted during the course of 2020?
- What impact will a shift to a Circular Economy have on global trade?
- What strategies and technologies are the top AI in Oil and Gas manufacturers adopting in response to the challenges faced within the industry?
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Some Major Points from Toc :-
1. Introduction
1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Report
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness Porter’s Five Forces Analysis
3.2.5 Degree of Competition
3.3 Price Analysis
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
5. Market Segmentation and Analysis (Market Size, Growth and Forecast)
5.1 By Product Type
5.2 By Application
5.3 By End-user Industry
6. Regional Market Analysis
6.1 Production Analysis
6.1.1 Australia
6.1.2 Bolivia
6.1.3 Brazil
6.1.4 Democratic Republic of Congo
6.1.5 Indonesia
6.1.6 Malaysia
6.1.7 Myanmar
6.1.8 Peru
6.1.9 Russia
6.1.10 Thailand
6.1.11 Vietnam
6.1.12 Others
6.2 Consumption Analysis (Market Size, Growth and Forecast)
6.2.1 Asia-Pacific
6.2.1.1 India
6.2.1.2 China
6.2.1.3 Japan
6.2.1.4 South Korea
6.2.1.5 Rest of Asia-Pacific
6.2.2 North America
6.2.2.1 United States
6.2.2.2 Canada
6.2.2.3 Mexico
6.2.2.4 Rest of North America
6.2.3 Europe
6.2.3.1 Germany
6.2.3.2 United Kingdom
6.2.3.3 France
6.2.3.4 Italy
6.2.3.5 Austria
6.2.3.6 Rest of Europe
6.2.4 South America
6.2.4.1 Brazil
6.2.4.2 Argentina
6.2.4.3 Rest of South America
6.2.5 Middle East and Africa
6.2.5.1 UAE
6.2.5.2 South Africa
6.2.5.3 Rest of Middle East and Africa
7. Future of the Market
8. Competitive Landscape
8.1 Mergers and Acquisitions, Joint Ventures, Collaborations and Agreements
8.2 Market Share Analysis**
8.3 Strategies Adopted by Leading Players
9. Company Profiles (Overview, Financials**, Products and Services, and Recent Developments)
10. Disclaimer
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