Growing Adoption of AI Globally Drives Growth of AI in Oil & Gas Market

Artificial intelligence (AI) in oil & gas market is anticipated to grow at a significant CAGR of 12.7% during the forecast period (2024-2031). The market growth is attributed to the growing demand for AI in exploration and production (E&P), rising investments in AI technologies, integration of AI with IoT and big data analytics, energy transition, and sustainability initiatives driving the growth of the market. According to the Society of Petroleum Engineers, in May 2023, 92.0% of oil and gas companies globally are investing in AI or planning to do so in the next 5 years. And the impact of AI is already evident, as 50.0% of oil and gas executives are using it to solve challenges across their organization.

Browse the full report description of “AI in Oil and Gas Market Size, Share & Trends Analysis Report by Application (Exploration and Production, Drilling and Well Completion, Production Optimization, Reservoir Management, Predictive Maintenance, Supply Chain Management, Health, Safety, and Environment (HSE) Management), by Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision, Robotics Process Automation (RPA) and Deep Learning) and by End-User (Upstream, Midstream and Downstream) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/ai-in-oil-and-gas-market

The growth of artificial intelligence (AI) in the oil and gas market is driven by several factors such as, In exploration and production, AI enhances the ability to analyze geological data, improving the accuracy of resource discovery. Drilling and well-completion processes benefit from AI-driven optimization, reducing operational risks and costs. Additionally, predictive maintenance is increasingly supported by AI technologies, enabling the early detection of equipment failures and reducing downtime.

Recent Developments

• In January 2024, SLB announced an investment and technology partnership agreement with Geminus AI to give SLB exclusive access to deploy the first physics-informed artificial intelligence (AI) model builder for oil and gas operations. The Geminus model builder fuses physics-based approaches with process data to produce highly accurate AI models that can be deployed at scale, far faster and at much less cost than traditional AI approaches.

• In February 2024, AVEVA, in industrial software, driving innovation and sustainability, announced the launch of its latest AVEVA Predictive Analytics software release, purpose-built for predictive monitoring of industrial assets in oil and gas, power, chemicals, mining and minerals, and manufacturing.  The software helps industrial operators achieve the highest possible levels of reliability and performance of industrial assets while improving sustainability and increasing workforce productivity.

Market Coverage

• The market number available for – 2023-2031

• Base year- 2023

• Forecast period- 2024-2031

• Segment Covered- 

o By Application

o By Technology

o By End-User

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- Baker Hughes Co., Honeywell International Inc., IBM Corp., Microsoft Corp., and Siemens AG among others.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global AI in Oil & Gas Market Report Segment

By Application

• Exploration and Production
• Drilling and Well Completion
• Production Optimization
• Reservoir Management
• Predictive Maintenance
• Supply Chain Management
• Health, Safety, and Environment (HSE) Management

By Technology

• Machine Learning
• Natural Language Processing (NLP)
• Computer Vision
• Robotics Process Automation (RPA)
• Deep Learning

By End-User

• Upstream
• Midstream
• Downstream

Global AI in Oil & Gas Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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