Dublin, May 12, 2025 (GLOBE NEWSWIRE) — The “Oil and Gas Market Opportunities and Strategies to 2034” report has been added to ResearchAndMarkets.com’s offering.
This report describes and explains the oil and gas market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global oil and gas market reached a value of nearly $7.75 trillion in 2024, having grown at a compound annual growth rate (CAGR) of 6.72% since 2019. The market is expected to grow from $7.75 trillion in 2024 to $9.89 trillion in 2029 at a rate of 5.00%. The market is then expected to grow at a CAGR of 3.89% from 2029 and reach $11.97 trillion in 2034.
The global oil and gas market is fairly concentrated, with large players in the market. The top ten competitors in the market made up to 26.08% of the total market in 2023. The market concentration can be attributed to the presence of large players in different geographies. Sinopec (China Petroleum & Chemical Corporation) was the largest competitor with a 6.00% share of the market, followed by Saudi Aramco with 6.00%, ExxonMobil Corporation with 3.23%, PetroChina Co. Ltd. with 2.67%, BP Plc. with 1.99%, TotalEnergies SE with 1.82%, Shell plc (Royal Dutch Shell) with 1.79%, Valero Energy Corp. with 1.52%, China National Offshore Oil Corporation (CNOOC) with 0.64% and PJSC Lukoil Oil Company with 0.42%.
Asia Pacific was the largest region in the oil and gas market, accounting for 33.99% or $2.63 trillion of the total in 2024. It was followed by North America, Middle East and then the other regions. Going forward, the fastest-growing regions in the oil and gas market will be Middle East and South America where growth will be at CAGRs of 9.77% and 6.07% respectively. These will be followed by Africa and Asia Pacific where the markets are expected to grow at CAGRs of 4.67% and 4.34% respectively.
The oil and gas market is segmented by type into oil and gas upstream activities and oil downstream products. The oil and gas upstream activities market was the largest segment of the oil and gas market segmented by type, accounting for 60.33% or $4.67 trillion of the total in 2024. Going forward, the oil and gas upstream activities segment is expected to be the fastest growing segment in the oil and gas market segmented by type, at a CAGR of 5.34% during 2024-2029.
The oil and gas upstream activities market is segmented by type into crude oil, natural gas, oil and gas well drilling services, and oil and gas supporting activities. The crude oil market was the largest segment of the oil and gas upstream activities market segmented by type, accounting for 65.34% or $3.05 trillion of the total in 2024. Going forward, the natural gas segment is expected to be the fastest growing segment in the oil and gas upstream activities market segmented by type, at a CAGR of 7.56% during 2024-2029.
The oil and gas downstream products market is segmented by type into refined petroleum products and asphalt, lubricating oil and grease. The refined petroleum products market was the largest segment of the oil and gas downstream products market segmented by type, accounting for 90.31% or $2.77 trillion of the total in 2024. Going forward, the asphalt, lubricating oil and grease segment is expected to be the fastest growing segment in the oil and gas downstream products market segmented by type, at a CAGR of 5.95% during 2024-2029.
The oil and gas market is segmented by application into residential, commercial, industrial, and other applications. The industrial market was the largest segment of the oil and gas market segmented by application, accounting for 40.03% or $3.1 trillion of the total in 2024. Going forward, the industrial segment is expected to be the fastest growing segment in the oil and gas market segmented by application, at a CAGR of 5.12% during 2024-2029.
The oil and gas market is segmented by drilling type into offshore and onshore. The onshore market was the largest segment of the oil and gas market segmented by drilling type, accounting for 71.45% or $5.53 trillion of the total in 2024. Going forward, the onshore segment is expected to be the fastest growing segment in the oil and gas market segmented by drilling type, at a CAGR of 5.04% during 2024-2029.
The top opportunities in the oil and gas market segmented by type will arise in the oil and gas upstream activities segment, which will gain $1.39 trillion of global annual sales by 2029. The top opportunities in the oil and gas market segmented by drilling type will arise in the onshore segment, which will gain $1.54 trillion of global annual sales by 2029. The top opportunities in the oil and gas market segmented by application will arise in the industrial segment, which will gain $879.7 billion of global annual sales by 2029. The oil and gas market size will gain the most in Iran at $248.42 billion.
Market-trend-based strategies for the oil and gas market include introduction of advanced deepwater technology, development of advanced oil condition monitoring labs, developing innovative products, such as modular induction motors, increasing investments in oil drilling activities and emphasis on emission reduction solutions. Player-adopted strategies in the oil and gas market include expanding business operations and focus on enhancing business operations through strategic collaborations and partnerships.
To take advantage of the opportunities, the analyst recommends the oil and gas companies to focus on advanced deepwater technology for oil production, focus on advanced oil condition monitoring labs, focus on modular induction motors for competitive advantage, focus on increasing investments in oil drilling activities, focus on emission reduction solutions in oil and gas, focus on oil and gas upstream activities, focus on onshore market growth, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and focus on the industrial market for growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 373 |
| Forecast Period | 2024 – 2034 |
| Estimated Market Value (USD) in 2024 | $7.75 Trillion |
| Forecasted Market Value (USD) by 2034 | $11.97 Trillion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Major Market Trends
- Advanced Deepwater Technology Drives New Offshore Oil Production
- Innovative Solutions Introduced With New Oil Condition Monitoring Lab
- Cutting-Edge Induction Motor Technology for Industrial Efficiency
- Strategic Exploration Investments Aim to Boost Oil Production Activities
- Revolutionizing Oil Operations with Emission Reduction Innovations
Key Mergers and Acquisitions
- Seplat Petroleum Development Company Acquired ExxonMobil’s MPNU
- Chevron Corporation Acquired PDC Energy Inc TO Advance Position
- Riley Exploration Permian Inc Acquired Pecos Oil & Gas LLC For Expanding Drilling and Infrastructure Capabilities
- INEOS Acquired Chesapeake Energy Corporation For Marking Its Entry into the US Onshore Oil and Gas
- Halliburton Acquired Resoptima AS To Enhance Reservoir Engineering and Exploration Efficiency
- Cobra Group Acquired Petrobras
- PetroReconcavo SA Acquired Maha Energy Brasil Ltd.
- Plug Power Acquired Joule Processing LLC To Enhance Hydrogen Liquefaction Capabilities
- Cathedral Energy Services Acquired Discovery Downhole Services To Improve Condition
- Eco (Atlantic) Oil and Gas Ltd Acquired Azinam Group Limited
Customer Information
- Festive Season Highlights Premiumization and Hybrid Dominance
- Opportunities Emerge As Business Satisfaction With Gas Utility Services Faces Challenges
- Consumer Purchase Behaviors in Response To Changing Market Conditions and Inflation
- Drivers Change Habits To Counter High Gas Prices
- Study on Consumer Behavior With Reference To Petrol Price Hike
Supply Chain Analysis
- Resources
- Human Resources
- Raw Material Suppliers
- Real Estate
- Exploration and Production
- Transportation and Trading
- Wholesalers and Distributors
- Retailers
- End Users
Markets Covered:
- Type: Oil And Gas Upstream Activities; Oil Downstream Products
- Oil And Gas Upstream Activities (By Type): Crude Oil; Natural Gas; Oil And Gas Well Drilling Services; Oil And Gas Supporting Activities
- Oil Downstream Products (By Type): Refined Petroleum Products And Asphalt; Lubricating Oil And Grease
- Drilling Type: Offshore; Onshore
- Application: Residential; Commercial; Industrial; Other Applications
Companies Featured
- Sinopec (China Petroleum & Chemical Corporation)
- Saudi Aramco
- ExxonMobil Corporation
- PetroChina Co. Ltd.
- BP Plc.
- TotalEnergies SE
- Shell plc (Royal Dutch Shell)
- Valero Energy Corp
- China National Offshore Oil Corporation (CNOOC)
- PJSC Lukoil Oil Company
- Indian Oil Corporation Limited
- Oil and Natural Gas Corporation (ONGC)
- Bharat Petroleum
- Reliance Petroleum Ltd
- Eneos Holdings
- VPS
- Parker-Hannifin Corporation
- China National Petroleum Corporation
- Shaanxi Yanchang Petroleum
- Sinochem Group
- Oil India Limited
- Korea National Oil Corporation
- Eni S.p.A.
- Wintershall Dea GmbH
- Repsol SA
- Glencore International AG
- Edison
- Enel X
- Erg
- Tan Delta Systems
- Intertek Group plc
- Repsol
- Clariant AG
- Vivo Energy
- ORLEN Unipetrol
- OMV Petrom S.A
- PGE Polska Grupa Energetyczna S.A
- Orlen Unipetrol
- Grupa Lotos
- Romgaz S.A
- Transgaz SA
- Rosneft Oil Co
- Lukoil Oil Co.
- Tatneft, Kimray Inc.
- Tourmaline Oil Corp
- Talos Energy
- Kosmos Energy
- Riley Exploration Permian Inc
- INEOS
- Petroleos Mexicanos (PEMEX)
- Grupo Diavaz
- Vista Oil & Gas
- Renaissance Oil Corp.
- Chevron Corporation
- ConocoPhillips
- Anadarko Petroleum Corporation
- Occidental Petroleum Corporation
- EOG Resources
- Cimarex Energy
- Pioneer Natural Resources
- GeoPark Limited
- Petronas
- J&F Group
- Cobra Group
- Emirates National Oil Company (ENOC)
- Dubai Petroleum.
- Emirates General Petroleum Corporation (Emarat)
- Abu Dhabi National Energy Company (TAQA)
- Brooge Energy, Abu Dhabi National Oil Company (ADNOC)
- EMDAD Services LLC.
- Crescent Petroleum.
- Dana Gas.
- Energean PLC
- Egyptian Natural Gas Holding Company
- Chevron Corporation
- PetroSA
- Sasol Limited
- Engen Petroleum Limited
For more information about this report visit https://www.researchandmarkets.com/r/7pl71o
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