SEATTLE (Oil Monster):According to Kings Research, the global oil and gas market is poised to witness a CAGR growth of 3.68% during the period from 2024 to 2031. The market, which was valued at $ 6,705.68 billion in 2023, is projected to expand from $ 6,923.33 billion in 2024 to $ 8,917.40 billion by 2031, the report said.
The report identified the main factors driving the anticipated market growth as the widespread adoption of the newest technology, greater exploration in distant regions, and the quick construction of LNG infrastructure.
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The capacity of nations like the United States, Qatar, and Australia to export LNG has rapidly increased. Additionally, LNG infrastructure in nations in the Asia-Pacific and European regions has been growing quickly. Utilizing cutting-edge technologies, such as artificial intelligence and the Internet of Things, has led to more efficient production at lower costs.
Of all the regions, North America held about 36.25% of the world market for gas and oil. Rising energy demand, particularly in China, India, and Southeast Asia, is expected to fuel the Asia-Pacific region's growth at a compound annual growth rate (CAGR) of 4.48% throughout the projection period.
The market looks fragmented, with Exxon Mobil Corporation, TotalEnergies, Shell plc, BP p.l.c., and Saudi Aramco as the major players.
