Oil & Gas Exploration & Production Market Size Expected to Hit US$ 17,926.77 Billion, with 11.8% CAGR by 2034 | Fact.MR Report

Oil & Gas Allowing Raw Material for Thousands of Everyday Products Making the Demand Jump Globally

/EIN News/ -- Rockville, MD , Jan. 16, 2025 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its newly published report, evaluated the global Oil & Gas Exploration & Production Market and projected value to reach US$ 5,832.37 billion in 2024. The market is further forecasted to advance at a CAGR of 11.8% between 2024 and 2034.

As several potentially high growth countries industrialize and the world's population grows, so does the need for gas and oil on a global scale. Hydrocarbons are still essential for several uses outside of fuel and electricity generation, even in the face of the drive toward renewable energy.

Oil and gas are the foundation of contemporary industry, supplying everything from vital agricultural fertilizers and building materials to petrochemicals used in manufacturing and medical supplies. This varied use encourages exploration firms to look for new reserves in uncharted areas, such as intricate geological formations or deep-water offshore locations.

This demand increase is driven by major economies, such as China and India, which need more resources to sustain their increasing middle classes and manufacturing sectors. Established markets continue to maintain consistent demand for their petrochemical production, transportation requirements, and industrial operations. Due to the increased investment in exploration technologies brought about by this persistent demand, businesses are now able to reach previously unprofitable deposits while increasing extraction efficiency and minimizing environmental effects.

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Key Takeaways from Market Study:

• The global oil & gas exploration & production market is forecasted to attain a valuation of US$ 17,926.77 billion by the end of 2034.
• The market in Mexico is analyzed to progress at a CAGR of 9.4% through 2034.
• The market in South Korea is analyzed to expand at a CAGR of 11.6% from 2024 to 2034.
• Based on the products and services, natural gas sales are projected to rise at a CAGR of 10.02% from 2024 to 2034.
• The East Asian market is projected to reach US$ 951.03 billion by 2034-end.
• The Middle East & Africa market is forecasted to expand at a CAGR of 10.7% through 2034.

“Oil and Gas is used for heating and cooling buildings, leading to rising demand during winters,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Oil & Gas Exploration & Production Market:

Key players in the oil & gas exploration & production market are Exxon Mobil Corporation, TotalEnergies, Shell Plc, Saudi Arabian Oil Co, Oilex Group Lp, Reliance Industries Limited, Vedanta Limited, Indian Oil Corporation Limited.

Smart Sensors and IoT Sensors Positively Affecting the Market:

Traditional distribution networks are transformed into intelligent systems with real-time monitoring and predictive maintenance capabilities by smart sensors, artificial intelligence, and digital twins. Distributors now anticipate demand trends, optimize routing, and manage inventory with previously unheard-of accuracy thanks to advanced analytics technologies. Installed throughout pipelines and storage facilities, Internet of Things (IoT) sensors offer continuous monitoring of equipment health, pressure, and flow rates, assisting in averting expensive interruptions and maintenance problems before they arise.

Oil & Gas Exploration & Production Industry News:

• ADNOC delivered the first certified bulk commercial cargo of low-carbon ammonia enabled by carbon capture and storage to Mitsui & Co., Ltd. for clean-power generation in Japan in May 2024 (Expansion). Fertiglobe manufactured this historic cargo with ADNOC's USD 23 billion decarbonization investment, which was TÜV SÜD approved.
• Indian Oil Corporation Ltd. announced in March 2023 (Collaboration) that it will invest US$ 742 million to establish a cutting-edge petrochemical factory in Paradip, Odisha, India.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the oil & gas exploration & production market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product & service (crude oil, natural gas), and major market (petroleum refiners, natural gas distributors, industrial sector, electricity generators), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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