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

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. 

Get more information on Oil and Gas Market in Iraq by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

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

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

• Increasing focus on oil production capacity expansion in Iraq
• Rise in support for oil and gas market from Iraqi government
• Increasing consumption of natural gas by industries in Iraq

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

• Political instability and security issues leading to supply chain disruptions in oil and gas industry
• High costs associated with oil and gas production
• Aging infrastructure in oil and gas industry

Benefits of Buying Global Oil and Gas Market in Iraq Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Oil and Gas Market in Iraq Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

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.

Market Research Overview

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.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/