Artificial Intelligence(AI): A Glimpse Into The Future of Oil & Gas Industry

 The global AI in Oil & Gas Market is expected to grow from an estimated USD 1.57 Billion in 2017 to USD 2.85 Billion by 2022, at a CAGR of 12.66%, from 2017 to 2022. This growth can be attributed to the factors such as rising adoption of the big data technology, digitalization of the Oil & Gas industry, investments in AI-related start-ups, and rising pressure to reduce production costs. Growing investments in the Oil & Gas infrastructure and increased focus toward automation and digitalization are expected to drive AI in the Oil & Gas market during the forecast period.

North America is projected to be the largest market for Artificial Intelligence in Oil and Gas market due to increasing adoption of AI technologies by oilfield operators and service providers and the strong presence of prominent AI software and system suppliers, especially in the US and Canada. The Middle East and Africa is the fastest growing market due to increasing investments in start-ups for AI implementation, which would further raise the demand for AI in the near future.

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Artificial Intelligence in Oil and Gas market functions is segmented into predictive maintenance and machinery inspection, material movement, production planning, field services, quality control, and reclamation. Predictive maintenance solutions are used in analyzing operational data such as drill maintenance or downtime and real-time decision making and then develop models that can predict equipment failure modes. Predictive maintenance is applicable across all the streams of the Oil & Gas sector and is extremely crucial in running uninterrupted operations by predicting accurate equipment status to avoid costly downturn. predicting maintenance schedules for equipment to prevent the possibility of equipment failures and, thus, save millions of dollars.

Software in AI in the Oil & Gas market are applicable in upstream Oil & Gas exploration and production activities. A rapid growth in North America is driven by high demand from the upstream Oil & Gas applications for AI in the North America, which is the main reason for a large market share held by the software segment.

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Some of the global players in this AI in Oil & Gas Market include IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US), and Oracle (US). Together they hold a strong share of the global market.

Pipeline & Process Services Market: Surging Demand for Safe, Economical, and Reliable Infrastructure Connectivity to Transport Oil and Gas

 According to MarketsandMarkets research, the Pipeline & Process Services Market size will grow to USD 4.0 billion by 2025 (forecast year) from USD 3.1 billion in 2020 (estimated year), at a CAGR of 5.5% during the forecast period. The rising demand for crude oil & natural gas, especially from Asia Pacific, and the increasing need for safe, economical, and reliable connectivity drive the growth of the Pipeline & Process Services Market. Further, remarkable deep and ultra-deepwater discoveries of oil & gas reservoirs, the high demand for refined products, and the rapid development of midstream infrastructure will offer lucrative opportunities for the market.

 

The pipeline segment is the largest contributor in the pipeline & process services market.

The pipeline segment dominated the pipeline & process services market by asset type in 2019. The rising demand for crude oil has led to an increase in offshore exploration and drilling activities, which, in turn, has driven the growth of the market for transmission pipeline services. Whereas rapid industrialization and urbanization foster the demand for distribution pipeline services. Europe, Asia Pacific, and the Middle East are expected to be the most attractive markets for pipeline services owing to the commissioning of planned offshore oil and gas projects during the forecast period. For example, the Cyprus–Greece Gas Pipeline, a 1,900 km pipeline, is expected to have a transport capacity of 16 billion cubic meters per year from the offshore gas reserves in the Levantine Basin and the potential gas reserves in Greece. The pipeline is expected to be completed by 2025.

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The process segment is expected to be the fastest growing Pipeline & Process Services Market

The process segment of the Pipeline & Process Services Market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the higher capacity additions at the gas processing facilities and LNG & FPS vessels during the forecast period. The rise in decommissioning of refineries capacities in the Europe & Sub-Saharan African region due to the shift in focus towards renewables is also growth driver of the process segment.

The pre-commissioning & commissioning services operation segment is expected to dominate the Pipeline & Process Services Market.

Pre-commissioning & commissioning services are the initial set of processes which are carried out on the pipeline & process assets before the asset is introduced with the final product. The pre-commissioning & commissioning segment accounted for the largest share of the Pipeline & Process Services Market, owing to the large volume of pipeline (km) additions in the North America and Asia Pacific regions during the forecast period.

North America: The largest Pipeline & Process Services Market.

In this report, the Pipeline & Process Services Market has been analyzed with respect to 6 regions, namely, North America, Latin America, Middle East & North Africa, Europe & Sub-Saharan Africa, Asia Pacific, and Eurasia. North America is expected to dominate the global Pipeline & Process Services Market between 2019 and 2024. Recent discovery of certain new extraction techniques has opened multiple oil & gas shale regions in extremely remote areas. The transportation of the produced crude & natural gas from these remote locations will drive the overall pipeline market in the region.

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Some of the key players in Pipeline & Process Services Market are Halliburton (US), Baker Hughes Company (US), EnerMech (UK), IKM Gruppen (Norway), and Enerpac Tool Group (UK).