The Oil and Gas Market in Iraq is being driven by Increasing focus on oil production capacity expansion in Iraq
The Oil and Gas Market in Iraq is expected to grow at a CAGR of 2.35% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 69.22 billion. The oil and gas sector plays a pivotal role in Iraq's economic landscape, accounting for a significant portion of its Gross Domestic Product (GDP) and exports. To bolster its oil and gas industry, Iraq has been courting foreign investments through strategic alliances with International Oil Companies (IOCs). These collaborations bring essential technical know-how, capital infusion, and knowledge transfer, thereby enhancing Iraq's oil and gas infrastructure and production capabilities. This influx of foreign investment not only creates employment opportunities but also stimulates infrastructure development and generates substantial government revenues through taxes and royalties. Consequently, these benefits can fuel economic growth and enhance the living standards of the population. Moreover, increased production levels and exports resulting from heightened investment can generate substantial foreign exchange earnings for Iraq.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
139 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.35% |
Market growth 2024-2028 |
USD 69.22 billion |
Market structure |
market_structure.ucfirst |
YoY growth 2023-2024(%) |
2.11 |
Key countries |
Iraq and EMEA |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Oil and Gas Market in Iraq encompasses various aspects of energy affordability, innovation, and sustainable development. Topics include energy storage, renewable energy sources like wind and geothermal, energy infrastructure, climate change mitigation, and energy transition strategies. Policy, investment in biofuels and fossil fuel alternatives, solar energy, energy independence, and hydroelectric power are also key. The low-carbon economy focuses on energy access, hydrogen energy, and nuclear power. Downstream operations, consumption, energy efficiency, upstream investment, geopolitics, carbon emissions, production volume, and storage are integral to the market. The CGD network, environmental impact, energy security, and supply are essential elements in the global energy market context.
The Iraqi oil and gas market is a significant segment of the global oil and gas refining and marketing industry, falling under the energy sector. This market encompasses businesses involved in the refining and marketing of crude oil, natural gas, and associated products. The downstream sector, specifically refining and marketing, represents a crucial linkage in the oil and gas value chain. Technavio's analysis of the global oil and gas refining and marketing market estimates its size based on the consolidated revenue generated by oil, gas, refined product manufacturers and service providers. The market's growth is influenced by factors such as the expansion of transportation networks, increasing demand for cleaner energy sources, and the exploration of underground rock formations for oil and natural gas. The energy transition towards reducing carbon emissions is also a key trend impacting the market dynamics.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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