Oil And Gas Industry Forecast 2023: Projected Growth Rate And Major Drivers, By The Global Market Model
The Business Research Company's flagship product, Global Market Model is a valuable tool for consultancies. It gives consultants a comprehensive understanding of a wide range of markets and segments in 27 industries, all easily accessible in one place. It indeed is a global perspective, covering 58 geographies worldwide.
LONDON, July 19, 2023 (GLOBE NEWSWIRE) -- The Global Market Model provides global oil and gas industry overview which includes key insights on oil and gas industry market size, oil and gas industry trends, oil and gas industry market share, oil and gas industry segments, oil and gas industry challenges, oil and gas market drivers, and more across 60 geographies for the seven key regions.
The Global Market Model, in its latest forecast update for the oil and gas market, has kept the expected forecast growth (CAGR) over the next ten years unchanged. The spike in oil and gas prices due to the Russia-Ukraine conflict, supply chain disruptions, and prices of crude oil and natural gases stabilizing in the long term were already taken into account during our previous forecast update. Hence, our forecasts for this market remained the same during this update cycle.
Key insights covered in the Global Market Model’s oil and gas industry overview include –
- Oil and gas industry worth - 6747 billion in 2022, accounting for 6.6% of the global GDP
- Oil and gas industry growth rate - compound annual growth rate (CAGR) of 4.9% during 2022 to 2032
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Drivers propelling growth –
- Innovation in the oil and gas exploration
- Drilling and refining technologies
- Advanced technologies to extract oil and gas
- Top oil and gas industry segments – Oil & gas upstream activities market was the largest segment of the oil and gas market, accounting for 58.9% of the total in 2022
- Largest oil and gas industry region – USA was the leading market in the oil and gas market, accounting for 15.9% of the total in 2022
Through the Global Market Model gain a thorough understanding of the oil and gas industry- https://www.thebusinessresearchcompany.com/global-market-model/demo-request
The Global Market Model also offers insights on the following key industry indicators for the oil and gas industry -
- Oil reserves
- Gas reserves
- Active rigs
- Oil refinery throughput
- Oil refinery capacity
- Number of enterprises
- Number of employees
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