Latest News:- Oil and Gas Market in Brazil: Industrial is expected to lead the Application segment during 2024-2028

Oil and Gas Market in Brazil to grow at a CAGR of 3.68% during 2024-2028

The Oil and Gas Market in Brazil is expected to grow at a CAGR of 3.68% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 46.79 billion. The adoption of natural gas vehicles (NGVs) in Brazil's transportation sector is on the rise due to their cost-effective operation and reduced emissions. Notable original equipment manufacturers (OEMs) like GM, Fiat, Ford, Volvo, and Audi provide a range of light, medium, and heavy vehicles powered by natural gas. To cater to this growing trend, companies such as Ford and GM have introduced certified natural gas conversion systems. These systems enable consumers to convert internal combustion engines to natural gas-powered engines without compromising warranties. The surge in popularity of NGVs is further fueled by the production of natural gas-powered engines for medium and heavy-duty vehicles. The number of NGVs is projected to increase significantly in the coming years, making natural gas a preferred fuel choice in the transportation sector. 

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The Industrial subsegment is expected to dominate the Application segment during the forecast period 

Technavio analysts predict that the Industrial subsegment will lead the Application segment during 2024 and 2028 In the industrial sector, oil and gas play a pivotal role as essential feedstocks and energy sources. Particularly, they are widely utilized in industries such as rubber, chemical, metal, and plastics manufacturing due to their high heating capabilities. Natural gas, specifically, is employed for high-pressure steam generation, offering enhanced efficiency and reduced pollution compared to other fossil fuels. Furthermore, oil and gas are integral to natural gas-fired power plants, producing electricity more cleanly than coal. Consequently, industries, including chemicals and power generation, rely on oil and gas for fuel, contributing significantly to their operational processes.

Here are the various ways based on which the market is segmented: 

• Application
  • Industrial
  • Commercial
  • Residential
• Deployment
  • Offshore
  • Onshore
• Type
  • Upstream
  • Downstream
  • Midstream
• Geography
  • South America

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There are several factors that are causing the market to flourish technological advancements in drilling techniques

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Oil and Gas market in Brazil is a significant player in the global energy sector, known for its capital-intensive systems and processes in producing and distributing fuel sources such as oil and natural gas. Brazil is the world's seventh-largest oil producer and the third-largest exporter of crude oil, with a focus on offshore exploration and production. The country's refineries produce petrol products, meeting both domestic demand and contributing to Non-OECD petroleum consumption. Brazil's oil refining capacity stands at around 2.5 million barrels per day, with the largest refineries owned by state-controlled Petrobras. The industry is a crucial driving force for the country's economy, contributing significantly to the Gross Domestic Product (GDP). The IEA reports that Brazil's oil consumption accounts for about 25% of its total energy use. Foreign direct investment in Brazil's oil and gas sector has been a key factor in its growth. Regulators, investors, shareholders, and the government have worked together to attract investment in hydrocarbon exploration and production. However, the industry faces challenges, including the need to reduce emissions and invest in low-carbon energies to meet global climate goals. Free cash flows from oil and gas production are essential to fund these investments and ensure long-term sustainability.

Market Research Overview

In accordance with Technavio's market research, the oil and gas market in Brazil is classified as a segment of the global oil and gas refining and marketing industry, which falls under the broader energy sector. This market encompasses businesses involved in the refining and distribution of oil, gas, and refined products. The oil and gas downstream sector, which includes refining and marketing, represents a crucial linkage within the complete oil and gas value chain. Technavio determines the size of the global oil and gas refining and marketing market by calculating the consolidated revenue generated by manufacturers, providers, and service suppliers of oil, gas, refined products, and related services.

The Oil and Gas Market in Brazil is experiencing significant growth, fueled by the technological advancements in drilling techniques. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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