Crude Oil Market | BP Plc, Chevron Corp., Exxon Mobil Corp., PetroChina Co. Ltd., Royal Dutch Shell Plc, and Saudi Arabian Oil Co. are some of the key vendors discussed 

The crude oil market is expected to grow by 4781.60 million barrels, decelerating at a CAGR of almost 3% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.

"The increase in upstream investment will drive the growth prospects for the Global Crude Oil Market in the forthcoming years. 44% of the market growth will originate from APAC during the forecast period", says a senior research analyst for the Energy Industry at Technavio.

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Crude Oil Market: Segmentation by Area

This report provides a detailed analysis of the market by Area (Onshore and Offshore) and Geography (APAC, North America, Europe, MEA, and South America). The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.

This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges which are likely to influence market growth during the forecast period. These insights are expected to equip clients with reliable information based upon which they can design a growth strategy for their business and area of operations.

Crude Oil Market: Vendor Analysis

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. BP Plc, Chevron Corp., ConocoPhillips Co., Exxon Mobil Corp., PetroChina Co. Ltd., Petroleo Brasileiro SA, Qatar Petroleum, Rosneft Oil Co., Royal Dutch Shell Plc, and Saudi Arabian Oil Co. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Browse through some of other related market research reports for more insights:

• Compressor Oil Market: The Global Compressor Oil Market is projected to grow by $ 1.82 billion, accelerating at a CAGR of about 3.52% till 2025.
• Bunker Oil Market: Technavio has been monitoring the bunker oil market and it is expected to grow by 79.59 million tons, accelerating at a CAGR of almost 4.68% during the forecast period.
• Automotive Engine Oil Market: The automotive engine oil market is expected to grow by 936.36 million L, accelerating at a CAGR of almost 4% during the forecast period.

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The Global Crude Oil Market is expected to grow by 4781.60 million barrels, decelerating at a CAGR of almost 3% during the forecast period. Technavio evaluates the market with a detailed investigation into the market forces, emerging trends, and growth drivers. It also provides competitive benchmarking to equip clients with actionable insights that will help them navigate through the current market scenario. 

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Crude Oil Market: Segment Highlights

• The crude oil market share growth by the onshore segment will be significant during the forecast period. Onshore exploration and production operations incur lower expenditure for drilling activities as compared to offshore operations. This is because offshore operations require advanced technologies and equipment for drilling deep wells in harsh environments. Therefore, crude oil exploration and production companies are increasing their investments in onshore exploration and production projects to maximize profit
• 44% of the market growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.
• The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.

Crude Oil Market: Competitive Analysis

• The Crude Oil Market is fragmented due to the presence of several vendors.
• Market vendors focused on market expansion, innovations, and expansion of distribution networks.
• BP Plc, Chevron Corp., ConocoPhillips Co., Exxon Mobil Corp., PetroChina Co. Ltd., Petroleo Brasileiro SA, Qatar Petroleum, Rosneft Oil Co., Royal Dutch Shell Plc, and Saudi Arabian Oil Co. are some of the major market participants. 
• Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, will drive efficiency.

Technavio provides custom research reports with detailed insights on the impact of COVID-19 with respect to the industry, region, and supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations. Download a Free Sample Report