AI in Oil and Gas Market

SKU: DM2527 | Last Updated On: Nov 26 2021 | No. of Pages: 180 | Available Formats

> Global AI in Oil and Gas Market Expected to reach a high CAGR of +12% By 2028: DataM Intelligence

Market Overview

"Global AI in oil and gas market" is projected to grow from $XX billion in 2020 to $XX billion in 2021 at a compound annual growth rate (CAGR) of XX%. For the forecast period of 2021-28, the market is expected to grow at a CAGR of XX%.

The implementation of Artificial Intelligence tools like Machine Learning, Deep Neural Networks, Robotics and various others   in Oil and Gas Market not only resolves the issues faced by the industry but also helps in making the processes more efficient. The enormous computing power of computer systems in combination with software that exhibits or mimics human characteristics like pattern recognition, plays a major role in the growth of oil and gas market. The market demand for automation of operations and, evaluation and analysis of data is significantly rising. According to Motorola Solutions, the demand for AI in the global oil sector is expected to increase by about 33% by 2035.

Market Dynamics

The driving factors in the global AI oil and gas markets include the increasing safety concerns in the workforce about the aging infrastructure, the analysis of a huge amount of data for improvement in decision making in terms of exploration and production processes. The major restraint is the lack of technical knowledge and training in the workforce. The opportunities include the deployment of innovation in AI for testing as the oil industry revenue allows for research and development.

To optimize the exploration and exploitation of hydrocarbons

Oil and gas producing countries across the world are looking for new approaches to overcome the challenges faced due to present drilling, refining, and data analyzing systems.  Hence to make the exploration and exploitation of hydrocarbons more optimized and efficient. Recent applications and researches of AI in these systems have shown that it can be a better approach.

For instance, in 2019 scientists at WIHG (Wadia Institute of Himalayan Geology) came up with a new artificial intelligence technique (based on artificial neural networks) to analyze data from seismic waves (natural or induced by explosive material) to discover the type of rock formation and geological features beneath the surface. This technique could be further applied to exploring the presence of hydrocarbons beneath the surface thus optimizing the process by augmenting AI.

Another recent advancement in Jan 2019, to further advance in exploring the application of cognitive computing and machine learning in its global oil and gas business, Bharat Petroleum (BP) invested in a US-based technology start-up called Belmont Technology to strengthen its AI capabilities by developing a cloud-based geoscience platform.

 In Mar 2019, OGA (Oil and Gas Authority) of the UK launched the National Data Repository for all the oil and gas producing ad refining enterprises in the world. It is using AI to analyze data, which, according to the OGA expectations, is likely to assist in discovering new oil and gas forecasts thus simplifying the exploration process.

Artificial Intelligence can help to reduce the effect of brain drain in the industry.

A recent report from the Society of Petroleum Engineers, a global industry organization, found that nearly 54% of its members are over 55 years old which infers that there is a dire need for young talents in the industry. And as the generation of elder workers retires, they aren’t being replaced at the same rate by younger employees.

AI can be used to preserve and implement the insights of experienced workers to automate the various operations. For the efficient implementation of data analytics, machine learning is used to recognize patterns in data, and insights from experts will help in devising the required complex algorithms for it.

Intuitive AI-enabled information retrieval systems can be used to capture text and voice inputs from experts and retired. It uses natural language processing which can organize retirees’ knowledge and experience in ways that can be transferred to any other worker. The system could be used to create apps to help less-experienced workers identify specialist parts onsite, or even answer questions in the head office using collective, interrogable chat bot-style databases.

One of the primary reasons why AI is used and tested in every industry is its ability to automate previously human-operated and time-consuming functions. It will help lessen the impact of workers taking their skills with them into retirement. After all, if it can automate a job function, the academic knowledge about that particular role is no longer necessary for the organization to function.

Increasing safety concerns among the workforce, especially the maintenance of the aging pipeline infrastructure, is the major driving agent in the growth of AI in the Oil and Gas market. Additionally, the surging incidents of oil & gas leakage from storage tanks and pipelines at production facilities are expected to fuel the market's growth.

AI can help make business decisions. It can identify the need for repairs and infrastructure updates which can help the organizations to allocate investments properly. For example, drones use a combination of on-board (edge) AI and cloud-based AI, along with GPS, to navigate, avoid collision and execute tasks in the field, including surveying and capturing imagery. They can fly over hazardous or uncharted land or even work underwater to send back real-time reports from inspection points, making work safer for humans.

Impact of COVID -19 Analysis

The rapid growth in the year is expected because of the COVID-19 impact on the market. The pandemic led to restrictive containment measures like social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.

The pandemic has caused the world to shift online in learning and education. This can be considered advantageous for the workforce as they can learn skills from the comfort of their home that can help them deploy and operate AI software and tools.

Segment Analysis

The AI in the Oil and Gas market is segmented based on type, function, and application. The AI in the oil and gas market is classified into hardware, software, and services by type segment.

The drilling process of oil and gas production on the surface is quite complex and hazardous because of difficulties like large space, narrow depth, complicated environments and monitoring issues. AI attempts to resolve these issues by using   Intelligent well technology which provides services like real-time monitoring, data analytic decision making, remote control of downhole tools. It has several sensors including electronic sensors, fiber optic sensors, and quartz sensors, which are distributed throughout the wellbore to monitor the equipments inside the well and, collect and transmit data like temperature, flow, displacement and time. The data is transmitted to the uphole data analysing system which has softwares implementing reservoir engineering method, optimization method, reservoir numerical simulation and prediction technology to analyse and help operators make immediate decisions.

Another instance, High -Resolution Adaptive Controllers which are used in lifts systems was devised by Calgary-based Ambyint. It integrates with the hardware and instrumentation, such as the motor, controller, variable frequency drive other moving parts of lift systems. The adaptive controllers can deliver real-time control and optimization capabilities at the well, leveraging edge computing capabilities to deliver both physics-based analytics and modern data science in real-time.

 

Geographical Analysis

The AI in Oil and Gas market is divided into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominates the AI in Oil and Gas market as it is increasingly adopting AI technologies. The advancement in AI software and system, especially in the United States and Canada is the reason for its dominance. Moreover, factors such as the strong economy and combined investment by government and private organizations for the development and growth of R&D activities are facilitating to incorporate AI in the oil and gas sector, in the region.

For instance, IBM' s Watson computing system which is a cognitive computing-based system is contributing to cut the cost of production in the US, Australia, and Canada's oil sands by increasing efficiency and productivity. The system is proving useful in these challenging times when the oil and gas market is experiencing a slump. In Australia, a dedicated Watson Cognitive Oil Field cognitive system is being piloted by several producers to make exploration and development more productive, efficient, and safer.

For instance, ExxonMobil, one of the leading oil producers in the country, announced its plans to increase the production activity in the Permian Basin of West Texas by producing more than 1 million barrels per day (BPD) of oil-equivalent by as early as 2024. This is equivalent to an increase of nearly 80 percent compared to the present production capacity.

Competitive Analysis

Some of the major organizations that dominate the market are IBM, Amazon, Microsoft, Oracle, Sentient technologies, Inbenta, General Visio, and Cisco (United States). Additionally, the companies that are also part of the research are FuGenX Technologies, Infosys, Hortonworks, and Royal Dutch Shell. Leading multinational players dominate the market and hold substantial market share, thereby presenting tough competition to new entrants. However, there are numerous numbers of companies and start-ups that are continuously researching and testing the various new AI techniques and approaches. An example of a start-up that is progressing rapidly in the field is Belmont Technology  These organizations focus on various strategic initiatives such as collaborations, merger & acquisition, geographical expansion, new product launches, and increasing R&D expenditure to stay in the competition. With

For instance, in Sep 2020, Schlumberger, IBM, and Red Hat, announced a collaboration to enhance the AI technology integration in the oil and gas industry. Schlumberger is known for its exploration and production of cloud-based environments and cognitive applications. The collaboration with IBM will provide it with hybrid cloud technology, built on the Red Hat OpenShift container platform.

In October 2019, Microsoft announced the collaboration with energy industry tech company Baker Hughes and AI developer C3.ai to bring enterprise AI technology to the energy industry via its Azure cloud computing platform. It would allow customers to streamline the adoption of AI designed to address inventory, energy management, predictive maintenance, and equipment reliability.

Why Purchase the Report?

  • Visualize the AI in the Oil and Gas market products in terms of type, function, application, highlighting the critical commercial assets and players.
  • Identify commercial opportunities in AI in the Oil and Gas market by analyzing trends and co-development deals.
  • Excel datasheet with thousands of data points of global AI in Oil and Gas market-level4/5segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

 

Target Audience

  • AI manufacturers and suppliers
  • AI system providers
  • Environmental research institutes
  • Government and research organizations
  • Institutional investors
  • National and local government organizations
  • Research organizations and consulting companies
  • Technology providers

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Table of Contents

  1. AI in Oil and Gas Market Methodology and Scope

    1. Research Methodology
    2. Research Objective and Scope of the Report
  2. AI in Oil and Gas Market–Market Definition and Overview

  3. AI in Oil and Gas Market–Executive Summary

    1. Market Snippet by Type
    2.   Market Snippet by Function
    3. Market Snippet by Application
    4. Market Snippet by Region
  4. AI in Oil and Gas Market-Dynamics

    1. Market Impacting Factors
      1. Drivers
      2. Restraints
      3. Impact Analysis
    2.  Opportunity
    3. Trends
  5. AI in Oil and Gas Market–Industry Analysis

    1. Porter's Five Forces Analysis
    2. Supply Chain Analysis
    3. Regulatory Analysis
    4. Pricing Analysis
  6. Global AI in Oil and Gas Market - Covid-19 impact analysis

    1. Analysis of COVID 19 on Market
      1. Before COVID-19 Market Scenario
      2. Present COVID-19 Market Scenario
      3. After COVID-19 or Future Scenario
    2. Pricing Dynamics Amid Covid-19
    3. Demand-Supply Spectrum
    4. Government Initiatives Related to the Market During Pandemic
    5. Manufacturers Strategic Initiatives
  7. AI in Oil and Gas Market – By Type

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      2. Market Attractiveness Index, By Type
    2. Hardware *
      1. Introduction
      2. Market Size Analysis, USDMn,2019-2028 and Y-o-Y Growth Analysis (%),2021-2028
    3. Software
    4. Services
  8. AI in Oil and Gas Market – By Function

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Function
      2. Market Attractiveness Index, By Function
    2. Predictive Maintenance & Machinery Inspection *
      1.  
        1. Introduction
        2. Market Size Analysis, US$ Mn, 2021-2028 and Y-o-Y Growth Analysis (%),2021-2028
    3. Field Services
    4. Material Movement
    5. Quality Control
    6. Reclamation
    7. Production Planning
  9. AI in Oil and Gas Market – By Application

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      2. Market Attractiveness Index, By Application
    2. Upstream*
      1. Introduction
      2. Market Size Analysis, US$ Mn, 2021-2028 and Y-o-Y Growth Analysis (%), 2018-2026
    3. Midstream
    4. Downstream
  10. AI in Oil and Gas Market-By Region

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region
      2. Market Attractiveness Index, By Region
    2. North America
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Function
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. The U.S.
        2. Canada
        3. Mexico
    3. Europe
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Function
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Germany
        2. The U.K.
        3. France
        4. Rest of Europe
    4. South America
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Function
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
    5. Asia Pacific
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Function
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. China
        2. India
        3. Japan
        4. Australia
        5. Rest of Asia Pacific
    6. The Middle East and Africa
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis(%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Function
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
  11. AI in Oil and Gas Market Competitive Landscape

    1. Competitive Scenario
    2. Market Positioning/Share Analysis
    3. Mergers and Acquisitions Analysis
  12. AI in Oil and Gas Market Company Profiles

    1. IBM 
      1. Company Overview
      2. Product Portfolio and Description
      3. Key Highlights
      4. Financial Overview
    2. Intel
    3. Google
    4. Microsoft
    5. Oracle
    6. Sentient technologies
    7.           Inbenta
    8. General Vision
    9. Cisco
    10. Hortonworks (*List Is Not Exhaustive)
  13. AI in Oil and Gas Market–Premium Insights

  14. AI in Oil and Gas Market–DataM

    1. Appendix
    2. About Us and Services
    3. Contact Us

List of Tables & Figures

List of Tables

Table 1 Global AI in Oil and Gas Market Value, By Type, 2021-2028 ($ Million)

Table 2 Global AI in Oil and Gas Market Value, By Function, 2021-2028 ($ Million)

Table 3 Global AI in Oil and Gas Market Value, By Application, 2021-2028 ($ Million)

Table 4 Global AI in Oil and Gas Market Value, By Region, 2021-2028 ($ Million)

Table 5 Global AI in Oil and Gas Market Value, By Type, 2021-2028 ($ Million)

Table 6 Global AI in Oil and Gas Market Value, By Type, 2021-2028 ($ Million)

Table 7 Global AI in Oil and Gas Market Value, By Function, 2021-2028 ($ Million)

Table 8 Global AI in Oil and Gas Market Value, By Function, 2021-2028 ($ Million)

Table 9 Global AI in Oil and Gas Market Value, By Application, 2021-2028 ($ Million)

Table 10 Global AI in Oil and Gas Market Value, By Application, 2021-2028 ($ Million)

Table 11 Global AI in Oil and Gas Market Value, By Region, 2021-2028 ($ Million)

Table 12 Global AI in Oil and Gas Market Value, By Region, 2017-2027 ($ Million)

Table 13 North America AI in Oil and Gas Market Value, By Type, 2021-2028 ($ Million)

Table 14 North America AI in Oil and Gas Market Value, By Function, 2021-2028 ($ Million)

Table 15 North America AI in Oil and Gas Market Value, By Application, 2021-2028 ($ Million)

Table 16 North America AI in Oil and Gas Market Value, By Country, 2021-2028 ($ Million)

Table 17 South America AI in Oil and Gas Market Value, By Type, 2021-2028 ($ Million)

Table 18 South America AI in Oil and Gas Market Value, By Function, 2021-2028 ($ Million)

Table 19 South America AI in Oil and Gas Market Value, By Application, 2021-2028 ($ Million)

Table 20 South America AI in Oil and Gas Market Value, By Country, 2021-2028 ($ Million)

Table 21 Europe AI in Oil and Gas Market Value, By Type, 2021-2028 ($ Million)

Table 22 Europe AI in Oil and Gas Market Value, By Function, 2021-2028 ($ Million)

Table 23 Europe AI in Oil and Gas Market Value, By Application, 2021-2028 ($ Million)

Table 24 Europe AI in Oil and Gas Market Value, By Country, 2021-2028 ($ Million)

Table 25 Asia-Pacific AI in Oil and Gas Market Value, By Type, 2021-2028 ($ Million)

Table 26 Asia-Pacific AI in Oil and Gas Market Value, By Function, 2021-2028 ($ Million)

Table 27 Asia-Pacific AI in Oil and Gas Market Value, By Application, 2021-2028 ($ Million)

Table 28 Asia-Pacific AI in Oil and Gas Market Value, By Country, 2021-2028 ($ Million)

Table 29 Middle East & Africa AI in Oil and Gas Market Value, By Type, 2021-2028 ($ Million)

Table 30 Middle East & Africa AI in Oil and Gas Market Value, By Function, 2021-2028 ($ Million)

Table 31 Middle East & Africa AI in Oil and Gas Market Value, By Application, 2021-2028 ($ Million)

Table 32 IBM: Overview

Table 33 IBM: Product Portfolio

Table 34 IBM: Key Developments

Table 35 Intel: Overview

Table 36 Intel: Product Portfolio

Table 37 Intel: Key Developments

Table 38 Google: Overview

Table 39 Google: Product Portfolio

Table 40 Google: Key Developments

Table 41 Microsoft: Overview

Table 42 Microsoft: Product Portfolio

Table 43 Microsoft: Key Developments

Table 44 Oracle: Overview

Table 45 Oracle: Product Portfolio

Table 46 Oracle: Key Developments

Table 47 Sentient technologies: Overview

Table 48 Sentient technologies: Product Portfolio

Table 49 Sentient technologies: Key Developments

Table 50 Inbenta: Overview

Table 51 Inbenta: Product Portfolio

Table 52 Inbenta: Key Developments

Table 53 General Vision: Overview

Table 54 General Vision: Product Portfolio

Table 55 General Vision: Key Developments

Table 56 Cisco: Overview

Table 57 Cisco: Product Portfolio

Table 58 Cisco: Key Developments

Table 59 Hortonworks: Overview

Table 60 Hortonworks: Product Portfolio

Table 61 Hortonworks: Key Developments

 

List of Figures

Figure 1 Global AI in Oil and Gas Market Share, By Type, 2021-2028 (%)

Figure 2 Global AI in Oil and Gas Market Share, By Function, 2021-2028 (%)

Figure 3 Global AI in Oil and Gas Market Share, By Application, 2021-2028 (%)

Figure 4 Global AI in Oil and Gas Market Share, By Region, 2021-2028 (%)

Figure 5 Global AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 6 Global AI in Oil and Gas Market Y-o-Y Growth, By Type, 2021-2028 (%)

Figure 7 Hardware: Global AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 8 Software: Global AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 9 Services: Global AI in Oil and Gas Market Value 2021-2028 ($ Million)

Figure 10 Global AI in Oil and Gas Market Y-o-Y Growth, By Function, 2021-2028 (%)

Figure 11 Predictive Maintenance & Machinery Inspection: Global AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 12 Field Services: Global AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 13 Material Movement: Global AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 14 Quality Control: Global AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 15 Reclamation: Global AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 16 Production Planning: Global AI in Oil and Gas Market Value 2021-2028 ($ Million)

Figure 17 Global AI in Oil and Gas Market Y-o-Y Growth, By Application, 2021-2028 (%)

Figure 18 Upstream: Global AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 19 Midstream: Global AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 20 Downstream: Global AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 21 Global AI in Oil and Gas Market Y-o-Y Growth, By Region, 2021-2028 (%)

Figure 22 North America AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 23 North America AI in Oil and Gas Market Share, By Type, 2021-2028 (%)

Figure 24 North America AI in Oil and Gas Market Share, By Function, 2021-2028 (%)

Figure 25 North America AI in Oil and Gas Market Share, By Application, 2021-2028 (%)

Figure 26 North America AI in Oil and Gas Market Share, By Country, 2021-2028 (%)

Figure 27 South America AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 28 South America AI in Oil and Gas Market Share, By Type, 2021-2028 (%)

Figure 29 South America AI in Oil and Gas Market Share, By Function, 2021-2028 (%)

Figure 30 South America AI in Oil and Gas Market Share, By Application, 2021-2028 (%)

Figure 31 South America AI in Oil and Gas Market Share, By Country, 2021-2028 (%)

Figure 32 Europe AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 33 Europe AI in Oil and Gas Market Share, By Type, 2021-2028 (%)

Figure 34 Europe AI in Oil and Gas Market Share, By Function, 2021-2028 (%)

Figure 35 Europe AI in Oil and Gas Market Share, By Application, 2021-2028 (%)

Figure 36 Europe AI in Oil and Gas Market Share, By Country, 2021-2028 (%)

Figure 37 Asia-Pacific AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 38 Asia-Pacific AI in Oil and Gas Market Share, By Type, 22021-2028 (%)

Figure 39 Asia-Pacific AI in Oil and Gas Market Share, By Function, 2021-2028 (%)

Figure 40 Asia-Pacific AI in Oil and Gas Market Share, By Application, 2021-2028 (%)

Figure 41 Asia-Pacific AI in Oil and Gas Market Share, By Country, 2021-2028 (%)

Figure 42 Middle East & Africa AI in Oil and Gas Market Value, 2021-2028 ($ Million)

Figure 43 the Middle East & Africa AI in Oil and Gas Market Share, By Type, 2021-2028 (%)

Figure 44 Middle East & Africa AI in Oil and Gas Market Share, By Function, 2021-2028 (%)

Figure 45 the Middle East & Africa AI in Oil and Gas Market Share, By Application, 2021-2028 (%)

Figure 46 IBM: Financials

Figure 47 Intel: Financials-

Figure 48 Google: Financials

Figure 49 Microsoft: Financials

Figure 50 Oracle: Financials

Figure 51 Sentient technologies: Financials

Figure 52 Inbenta: Financials

Figure 53 General Vision: Financials

Figure 54 Cisco: Financials

Figure 55 Hortonworks: Financials

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