Oil And Gas Market Projected Growth Rate Through 2023-2032

The Oil And Gas Global Market Report 2023, provides comprehensive information on the oil And gas market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.

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As per The Business Research Company’s Oil And Gas Global Market Report 2023, the global oil and gas market size grew from $6,989.65 billion in 2022 to $7,330.80 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global oil and gas market is expected to grow to $8,670.91 billion in 2027 at a CAGR of 4.3%.

 

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Oil price volatility is likely to have a negative impact on the market as significant decline and increase in oil prices negatively impacts the government and consumer spending. The decline in oil prices is having a negative impact on government spending in countries such as Saudi Arabia, Nigeria and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil exports; whereas significant increase in oil prices had resulted in rising inflation, current account deficit and fiscal deficit in countries such as India and China, which predominantly import oil. For instance, the Saudi government is expected to cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270 billion) in 2020, to 955 billion riyals ($255 billion) by 2022, due to significant decline in revenues generated from oil exports, thereby affecting the market.  This high volatility in oil prices is expected to negatively impact the market going forward.

The oil And gas market is segmented:

1) By Type: Oil & Gas Upstream Activities, Oil Downstream Products

2) By Drilling Type: Offshore, Onshore

3) By Application: Residential, Commercial, Institutions, Other Applications     Asia-Pacific was the largest region in the oil And gas market in 2022.

Marjor Players:

• Royal Dutch Shell
• BP plc, Saudi Aramco
• Exxon Mobil
• Gazprom PAO

The table of contents in TBRC’s oil And gas market report includes:

1. Executive Summary
2. Report Structure
3. Oil And Gas Market Characteristics
4. Oil And Gas Market Product Analysis

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19. Middle East Oil And Gas Market
21. Oil And Gas Market Competitive Landscape
22. Key Mergers And Acquisitions In The Oil And Gas Market
23. Recommendations
24. Appendix

 

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