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Growth for AI in Oil & Gas Global Market

by Pieter Werner

The global market for Artificial Intelligence (AI) in Oil & Gas estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$4.1 Billion by 2027, growing at a CAGR of 9.4% over the analysis period 2020-2027. This is according to “Artificial Intelligence (AI) in Oil & Gas: Global Strategic Business Report”┬áby ResearchAndMarkets.com.

The global market for Artificial Intelligence (AI) in Oil & Gas estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$4.1 Billion by 2027, growing at a CAGR of 9.4% over the analysis period 2020-2027.

Software, one of the segments analyzed in the report, is projected to record a 8.4% CAGR and reach US$1.8 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Hardware segment is readjusted to a revised 10.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at $647.7 Million, While China is Forecast to Grow at 8.8% CAGR. The Artificial Intelligence (AI) in Oil & Gas market in the U.S. is estimated at US$647.7 Million in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of US$711.8 Million by the year 2027 trailing a CAGR of 8.8% over the analysis period 2020 to 2027.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.8% and 7.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 7.6% CAGR.

In the global Hybrid segment, USA, Canada, Japan, China and Europe will drive the 9.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$368 Million in the year 2020 will reach a projected size of US$689 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.

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