The Crude Oil Market Share is expected to increase by 4.78 billion barrels from 2020 to 2025, according to the recent market study by Technavio.
Segmentation by Production Area
The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and production operations, the operating cost of drilling activities is relatively lower compared with 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 gain profit margins.
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Highlights
Vendor Insights
The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
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Learn More about Key Drivers & Trends of the Market-
The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies. The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields. The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies. The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.
The Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays. The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells. 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, supports the efficiency of tools that is one of the key crude oil market trends. Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue. Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.
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Crude Oil Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 3% |
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Market growth 2021-2025 |
4.78 bn barrels |
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Market structure |
Fragmented |
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YoY growth (%) |
6.04 |
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Regional analysis |
APAC, North America, Europe, MEA, and South America |
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Performing market contribution |
APAC at 44% |
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Key consumer countries |
US, China, India, Russian Federation, and Japan |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
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. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
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Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Production area
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
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Technavio Research
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Email: media@technavio.com
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