Latest News- Oil And Gas Market in Iraq: Industrial is expected to lead the Application segment during 2025-2029

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 2.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 68.5 billion. The oil and gas sector plays a pivotal role in Iraq's economy, and the country has been pursuing strategic partnerships with international oil companies (IOCs) to bolster its oil and gas industry. These collaborations bring essential technical expertise, capital investment, and knowledge transfer, thereby enhancing Iraq's oil and gas infrastructure and production capabilities. Foreign investment not only creates jobs and stimulates infrastructure development but also generates substantial government revenues through taxes and royalties. This economic boost can significantly improve living standards for the population and increase production levels and exports, consequently generating valuable 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

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 exploration and production techniques, including horizontal drilling and directional drilling. Subsea production and offshore drilling are crucial in Iraq's expansive Gulf waters. Deepwater drilling and the extraction of oil sands, shale gas, tight oil are also significant. Oilfield services, comprising drilling, completion, and production services, are essential for enhancing production capacity in Iraq's diverse energy landscape.

Market Research Overview

The global oil and gas refining and marketing industry encompasses businesses involved in the refining and sale of crude oil, natural gas, and petroleum products. This sector represents a crucial component of the oil and gas value chain. According to Technavio, the market size for oil and gas refining and marketing is determined by the consolidated revenue generated by providers of oil, gas, refined products, and related services. Factors fueling market expansion include the escalating demand for cleaner fuels, driven by population growth and industrialization in emerging economies like China and India. Key industry processes, such as seismic surveys, reservoir characterization, well completion, and well stimulation, are essential to optimizing the extraction and refining of oil and gas resources.. 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/