Latest News- Oil And Gas Downstream Market: Refineries is expected to lead the Type segment during 2025-2029

The Oil And Gas Downstream Market is being driven by Rising global energy demand

The Oil And Gas Downstream Market is expected to grow at a CAGR of 2.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 140.6 billion. In the Oil and Gas Downstream sector, digitalization is revolutionizing operations through the implementation of sensors and IoT devices for real-time data collection from equipment and assets. The increasing demand for advanced sensor technology enables remote monitoring and analysis of equipment performance and condition. Automation and digitalization facilitate the processing of massive data sets through data analytics and machine learning algorithms, predicting equipment failures, optimizing production processes, and scheduling maintenance proactively. Remote monitoring and control of drilling rigs, production facilities, and pipelines via automation reduce the need for on-site personnel, lower operational costs, and enhance safety, particularly in remote or hazardous environments. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Refineries
  • Petrochemical plants
• Application
  • Domestic
  • International
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Middle East and Africa
  • Europe
    • Germany
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising global energy demand
• Expansion of downstream infrastructure
• Integration of refining and petrochemicals into oil and gas sector

However, the market also witnesses some limitations, which are as follows:

• Uncertainties associated with crude oil prices
• Regulatory compliance and environmental concerns with oil and gas downstream projects
• Increasing penetration of electric vehicles

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Market Scope in Oil And Gas Downstream Market Research Report

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Research Analysis Overview

The Oil and Gas Downstream Market encompasses the processing of petroleum crude oil and raw natural gas into various products, including fuel-efficient vehicles fuel and electric vehicles batteries. Refining costs for oil refiners using complex and integrated refineries involve secondary processes like catalytic cracking to produce petrochemical feedstocks, petroleum products, and specialty fuels. Downstream oil markets, including crack spreads, are influenced by the transportation sector's demand for fuels and the price of crude petroleum.

Market Research Overview

The global oil and gas downstream market encompasses fuel-efficient vehicles, electric vehicles, refining costs, petroleum crude oil, and raw natural gas processing. Key players include oil refiners with complex and integrated refineries. Market expansion is driven by rising energy demand, leading to increased sales of drilling equipment and growth in the power industry. Technavio's market analysis forecasts a moderate increase in the global oil and gas equipment and services market size, calculated by the combined revenue of equipment, supplies, and services providers. This sector is crucial for the oil and gas upstream sector, offering production equipment and service contracts.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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