With crude oil prices slumping in the wake of the coronavirus, 2019 (COVID-19) pandemic, greenfield capital expenditure for conventional oil and gas fields worldwide is expected to fall to around 78 billion U.S. dollars in 2020. A month ago, before the severity of COVID-19 was fully understood and before Saudi Arabia decided to ramp up oil production, the value of projects reaching final investment decision was expected to amount to 209 billion U.S. dollars this year. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

The entire oil and gas ecosystem is unsettled by the unprecedented outbreak of COVID-19. Daily activities of producers, equipment and service providers, EPC contractors, storage and transportation companies, fleet operators, traders, and marketers are getting delayed or cancelled. This is potentially creating gaps along the oil and gas supply chain, which might take a while to fix. Read More

On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

The size of the Impact of Covid-19 on the Oilfield Services Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of XXX% during the forecast period. The COVID-19 pandemic significantly impacted the oilfield services industry, causing a sharp decline in demand for oil and gas due to reduced global economic activity, travel restrictions, and lower energy consumption. This led to decreased exploration and production activities, as well as a drop in oil prices, which affected the profitability of oilfield service companies. Many operators faced financial challenges, resulting in delayed or canceled projects, workforce reductions, and postponed investments in new technologies. The industry also experienced disruptions in supply chains, limited access to offshore and remote drilling sites, and a slowdown in the development of new fields. However, the pandemic also accelerated the adoption of digitalization and remote monitoring technologies in the sector as companies sought ways to reduce costs and improve operational efficiency in a challenging environment. The market growth is primarily attributed to the increasing demand for oilfield services due to the rising global energy demand, coupled with the growing exploration and production activities in remote and challenging environments. Additionally, the adoption of advanced technologies and the need for improved operational efficiency further drive market expansion.

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The floating liquefied natural gas market share is expected to increase by USD 4.68 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.12%.

This floating liquefied natural gas market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers floating liquefied natural gas market segmentations by processing capacity (large-scale capacity and small-scale capacity) and geography (North America, Europe, APAC, South America, and MEA). The floating liquefied natural gas market report also offers information on several market vendors, including Black & Veatch Holding Co., Eni Spa , Excelerate Energy LP, EXMAR NV, Golar LNG Ltd., Lloyds Energy DMCC, Petroliam Nasional Berhad , Royal Dutch Shell Plc, Samsung Heavy Industries Co. Ltd., and TechnipFMC Plc among others.

What will the Floating Liquefied Natural Gas Market Size be During the Forecast Period?

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Floating Liquefied Natural Gas Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rising global oil and gas consumption is notably driving the floating liquefied natural gas market growth, although factors such as fluctuations in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floating liquefied natural gas industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Floating Liquefied Natural Gas Market Driver

Rising global oil and gas consumption is one of the key factors driving the growth of the global floating liquefied natural gas market. Liquid fuel consumption across the globe, especially in emerging economies such as India, China, and Brazil, is expected to grow, owing to the increasing demand for vehicles and a rise in the consumption of petrochemicals. For instance, according to the US Energy Information Administration (EIA), in 2019, the production of petroleum and other liquid fuels in Brazil averaged 3.7 million barrels per day (b/d). Similarly, natural gas consumption has also seen a rise in the last ten years. According to the US Energy Information Administration (EIA), global natural gas consumption increased significantly in 2019. Natural gas has witnessed a higher rise in consumption than oil due to the increasing adoption of natural gas as a fuel. Also, with the increased consumption of fuel from developing economies such as India and China, the demand for LNG is likely to propel during the forecast period, thereby increasing the demand for FLNG projects during the forecast period.

Key Floating Liquefied Natural Gas Market Trend

The rise in the number of deepwater and ultra-deepwater drilling projects will fuel the global floating liquefied natural gas market growth. As per the US Energy Information Administration, the oil shock resulted in the decline of crude oil prices in early 2020 due to the COVID-19 pandemic, which was one of the lowest since 2003. Also, the prices of the rigs were reduced due to the fewer number of ongoing projects in the oil and gas industry. Sensing profit through low rig rates, some companies are resuming their offshore projects. FLNG vessels provide the advantages of reduced investments and earlier cash flow compared with fixed platforms. The advantages of FLNG vessels make them ideal for offshore activities. Deepwater and ultra-deepwater projects are also far from the mainland; hence, laying an extensive oil and gas pipeline network to transfer the produced hydrocarbons to onshore facilities is too costly. Therefore, FLNG vessels are economical for deepwater and ultra-deepwater projects, as these vessels can treat, liquefy, and store the natural gas extracted from offshore fields. Operators sell the LNG directly from the vessel and generate revenues. Advances in technology allowed exploring gas reserves that were initially uneconomical. This is likely to drive the global FLNG market during the forecast period.

Key Floating Liquefied Natural Gas Market Challenge

Fluctuations in oil and gas prices are major challenges for the global floating liquefied natural gas market growth. The continued trend of low crude oil prices has put additional pressure on the oil and gas service providers. Low-profit margins for a continued period result in reduced revenues, which directly influence the financial aspect of a company. The market potential for oil and gas service businesses has declined due to the low investments in oil and gas

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The gas sensors market share in North America is expected to increase by USD 173.76 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 9.38%.

This gas sensors market in North America research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers gas sensors market in North America segmentations by type (wired and wireless) and geography (US, Canada, and Mexico). The gas sensors market in North America report also offers information on several market vendors, including Control Instruments Corp., DOD Technologies Inc., Dragerwerk AG and Co. KGaA, Edinburgh Instruments Ltd., Figaro Engineering Inc., Gas-Sensing.com, Mettler Toledo International Inc., SIARGO Ltd., SPEC Sensors, LLC, and Zhengzhou Winsen Electronics Technology Co Ltd. among others.

What will the Gas Sensors Market Size in North America be During the Forecast Period?

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Gas Sensors Market in North America: Key Drivers, Trends, and Challenges

The increase in LNG trade is notably driving the gas sensors market growth in North America, although factors such as price volatility in the oil and gas industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the gas sensors industry in North America. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Gas Sensors Market Driver in North America

The increase in LNG trade is one of the key drivers supporting the gas sensors market growth in North America. In 2021, the US was the largest producer of natural gas globally. Natural gas supplies about one-third of the US primary energy consumption, with its primary uses being heating and generating electricity. While the majority of it is delivered in its gaseous form via pipeline in the US, the growth in the international market for natural gas has led to the use of it in a liquefied form, or LNG. For instance, according to the US Energy Information Administration (EIA), natural gas marketed production will increase to an average of 104.4 billion cubic feet per day (Bcf/d) in 2022 and then further increase to a record-high of 106.6 Bcf/d in 2023. Thus, rising LNG production and use in the region would further bolster the demand for gas sensors in North America during the forecast period.

Key Gas Sensors Market Trend in North America

Increasing adoption of IoT products is one of the key gas sensors market trends in North America that is contributing to the market growth. Sensors used in the gas industry are IoT enabled, which provide a high level of accuracy, reliability, and flexibility for a variety of applications in the industry, which further includes remote monitoring, condition monitoring, and analysis. Furthermore, gas sensors are primarily used to measure the pressure, level, flow, and temperature of the gas. Meanwhile, governments across the region are approving rules to encourage the adoption of IoT technology to increase efficiency, downtime, and operational costs. According to Oxford Economics, the use of IoT in the gas industry could boost the global GDP by $816 billion between 2018 and 2028. As a result, it will further drive the adoption of gas sensors in North America during the forecast period.

Key Gas Sensors Market Challenge in North America

Price volatility in the oil and gas industry is one of the factors hindering the gas sensors market growth in North America. The oil and gas industry is a major consumer of gas sensors. The need for continuous monitoring of high-value assets throughout the upstream, midstream, and downstream industries makes the oil and gas industry highly dependable on sensors. Therefore, the slowdown in the oil and gas industry due to price volatility can adversely affect the growth of the market. For instance, crude oil prices have fallen significantly since the beginning of 2020, which was attributed to the economic contraction caused by the COVID-19 and, in a span of a month, a sudden increase in crude oil supply following the suspension of agreed production cuts among the Organization of the Petroleum Exporting Countries (OPEC) and partner countries. Moreover, with the declined demand and increasing supply, daily price changes for the US crude oil have become extremely volatile. Such factors are limiting the market growth.

This gas sensors market in North America analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the tr

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The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 2.73%.

This crude oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by production area (onshore and offshore) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including BP Plc, Chevron Corp., and ConocoPhillips Co., among others.

What will the Crude Oil Market Size be in 2021?

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Crude Oil Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing upstream investment is notably driving the crude oil market growth, although factors such as fluctuations in global crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the crude oil industry get your FREE report sample now.

      The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.
      The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields.
      The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies.
      The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.




      Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays.
      The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells.
      Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, supports the efficiency of tools that is one of the key crude oil market trends.
      Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue.
      Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.

This crude oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Crude Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

BP Plc
Chevron Corp.
ConocoPhillips Co.
Exxon Mobil Corp.
PetroChina Co. Ltd.
Petroleo Brasileiro SA
Qatar Petroleum
Rosneft Oil Co.
Royal Dutch Shell Plc
Saudi Arabian Oil Co.

The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the crude oil market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Crude Oil Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Production Area Segments in the Crude Oil Market?

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The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and pr

The size of the Big Data in Oil & Gas Exploration and Production Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 10.20">> 10.20% during the forecast period. The oil and gas exploration and production (E&P) sector is undergoing a transformation due to the impact of big data, which significantly improves decision-making, streamlines operations, and boosts overall efficiency. Given the industry's reliance on intricate, data-heavy processes, big data technologies empower organizations to process extensive information from diverse sources, including seismic surveys, drilling data, and production metrics, in real-time. This capability enhances forecasting accuracy, optimizes reservoir management, and refines exploration strategies. Utilizing advanced analytics and machine learning algorithms allows for the detection of previously hidden patterns and trends, thereby promoting more informed decision-making and effective risk management. For instance, predictive maintenance models can foresee equipment failures, thereby reducing downtime and lowering maintenance expenses. Furthermore, big data analytics facilitate the optimization of drilling methods and production workflows, resulting in improved resource recovery and operational efficiency. The incorporation of big data within the oil and gas industry also fosters innovation in subsurface modeling, reservoir simulation, and production monitoring, enabling firms to maximize output while minimizing operational risks. Nevertheless, the implementation of big data technologies presents challenges, including data security concerns, the necessity for skilled personnel, and substantial initial investment requirements. Despite these obstacles, the adoption of big data in E&P is on the rise, propelled by its capacity to significantly enhance operational efficiency and profitability within the energy sector. Recent developments include: Cloud-based technology and solutions have become an essential tool for the energy sector, especially in the Middle East, to store data and analyze it. The COVID-19 pandemic boosted the growing cloud computing in the oil and gas industry in recent years.. Key drivers for this market are: 4., Uninterrupted and Reliable Power Supply and Heavy Deployment of DG (diesel generator) Set4.; Improvement in Technology of Diesel Generator. Potential restraints include: 4., The Growing Trend of Renewable Power Generation. Notable trends are: Big Data Software to Dominate the Market.

The coronavirus (COVID-19) pandemic has had wide reaching impacts on the global economy in 2020, including an oil crisis. As one of the largest producers of crude oil in Europe, Norway's response to the 2020 oil crisis is that the country plans to decrease oil production by 250,000 barrels per day in June 2020, and continue for the remainder of 2020 with decreased production (albeit smaller) in order to stabilize the market.

According to Cognitive Market Research, the global natural gas security market size will be USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.50% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Europe accounted for over 30% of the global USD XX million market size.
Asia Pacific held a market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.
Latin America's market has more than 5% of the global revenue, with a market size of USD XX million in 2024, and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
The surveillance held the highest natural gas security market revenue share in 2024.

Market Dynamics of Natural Gas Security Market

Key Drivers of Natural Gas Security Market

Growing Demands on Conformity with Regulations to Increase the Demand Globally 

The need for security solutions is mostly driven by the strict regulatory framework that oversees the oil and gas sector. To prevent environmental accidents, ensure public safety, and preserve essential infrastructure, governments, and regulatory agencies worldwide are enforcing strict regulations. Oil and gas firms must abide by these rules and guidelines, which include particular security precautions and procedures. The market is driven by firms' constant investments in personnel training, improved security technology, and comprehensive security frameworks to meet regulatory obligations. In addition to striving for compliance, businesses exchange ideas, experiences, and tactics with regulatory agencies, security specialists, and industry groups. This partnership makes establishing benchmarks and industry-wide security standards easier.

Cloud Computing Adoption in the Market for Gas Security to Propel Market Growth

The increased use of cloud computing in the gas sector has increased its susceptibility to cyberattacks. One of the main problems in the oil and gas business is data protection and privacy, which has been addressed by isolating networks and bolstering perimeter defenses. With the introduction of cloud computing to the gas sector, businesses now have the chance to strengthen and modernize their defenses by implementing cyber security. Many businesses must use cloud technology to secure data because they lack the necessary resources, experience, or on-premise servers. Conventional network models primarily addressed perimeter security; however, because cybercriminals have already mastered the art of infiltration, traditional perimeter security.

Restraint Factors Of Natural Gas Security Market

Growing Environmental Concerns and Growing Costs for Natural Gas to Limit the Sales

Concern over how oil and gas extraction affects the environment is spreading worldwide. This includes rising carbon emissions, contaminated water, and devastating wildlife habitats and lands. Businesses find it increasingly difficult to compete in the market due to their demand to lessen their environmental impact. Geopolitical concerns, declining production capacity, and rising demand are some of the reasons driving up the cost of gas and oil. Consumer prices have increased as a result, while oil and gas corporations' profitability has declined.

Impact of COVID-19 on the Natural Gas Security Market

The global oil and gas industry is anticipated to be impacted by the COVID-19 pandemic. Cyberattacks have surged by 630% between January and April, claims McAfee. Organizations are experiencing economic hardship due to the pandemic, and the lack of service engineers has put significant pressure on the oil industry. As a result, oil businesses are connecting OEMs with Operational Technology (OT) to complete tasks. However, as a result, their OT and IT systems are vulnerable to attacks and are no longer isolated. Cyberattacks are more likely to occur on systems that do not have the latest security patches. In addition, the pandemic and the foll...

The global Crude Oil Flow Improver market was valued at USD 1.82 billion in 2022 and is projected to reach USD 2.77 billion by 2030, registering a CAGR of 5.4% for the forecast period 2023-2030. Market Dynamics of the Crude Oil Flow Improver Market Driving Factor:

Rising demand for crude oil:

Increasing demand for crude oil in petroleum products is helping to expand the Crude Oil Flow Improver market. The demand for crude oil in petroleum products is increasing due to its uses as a fuel in many equipment-like vehicles, heaters, generators, and others. For instance, In India, 249,621.61 TMT of crude oil was processed for petroleum products in 2022. Additionally, it has high demand in the chemical industry as a raw material for manufacturing several chemicals like plastics, polyurethane, and solvents. However, the use of crude oil flow improver in export and import operations helps ensure the efficient and reliable flow of crude oil throughout the transportation, and storage and supports overall logistics of crude oil export and import. Hence, as crude oil demand increases, the market for crude oil improvers will also rise.

Restraining Factor:

Stringent regulation along with fluctuating crude oil prices:

Stringent regulations regarding manufacturing, sales, import, and export of crude oil are expected to hamper the growth of the crude oil flow improver market. For instance, the International Maritime Organization (IMO) set strict standards to prevent oil pollution for crude oil transportation. This regulation includes requirements for double-hulled tankers, oil spill response plans, and limitations on oil discharge. Moreover, fluctuating prices of crude oil due to global supply & demand, government policies, currency exchange rates, geopolitical guidelines, and others are expected to hinder the growth of the crude oil flow improver market. For instance, As per the Ministry of Energy, Saudi Arabia, the largest exporter country of crude oil, will implement an additional voluntary cut in its production of crude oil from 2023-2024, which will affect the prices of crude oil.

Impact of the COVID-19 Pandemic on the Crude Oil Flow Improver Market: The outbreak of Covid-19 has witnessed a significant impact on the Crude Oil Flow Improver market growth. Due to the lockdown and supply chain disruption, the import and export of raw materials were paused or lowered. Transportation restrictions declined the demand for crude oil. As a COFI was demanded by crude oil and the specialty chemical industry, the lowered demand for crude oil negatively impacted the crude oil flow improver market. Also due to the lockdown, many industries closed, and many oil and gas projects were delayed due to economic uncertainty, hampered the crude oil flow improver market. Post-covid, the supply chain runs smoothly as the guidelines were released and the lockdown opened. Export and import of crude oil resumed so the rising global crude oil industry led to the expansion of the COFI market. What is crude oil?

Crude Oil Flow Improver is a chemical additive that is mostly used in the oil and gas industry to enhance the flow capacity of crude oil. Crude oil has a high viscosity and impurities in its natural state that hamper the flow of oil. For that, the COFI is used to enhance the flow of crude oil. Moreover, Crude Oil Flow Improver is also known as a drag-reducing agent (DRA) as it reduces friction and improves the flow efficiency of crude oil in pipelines. Crude oil flow improver is used as a catalyst to decrease viscosity, lower the pour point, and lower the drag coefficient of crude oil.

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The oil and gas drilling automation market share is expected to increase by USD 206.7 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 1.64%.

This oil and gas drilling automation market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers oil and gas drilling automation market segmentation by application (onshore and offshore) and geography (North America, Europe, APAC, MEA, and South America). The oil and gas drilling automation market report also offer information on several market vendors, including ABB Ltd., Akastor ASA, Ensign Energy Services Inc., Honeywell International Inc., Kongsberg Gruppen ASA, Nabors Industries Ltd., National Oilwell Varco Inc., Rockwell Automation Inc., Schlumberger Ltd., and Siemens AG among others.

What will the Oil And Gas Drilling Automation Market Size be During the Forecast Period?

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'Offshore rigs are equipped with cybernetics systems to improve equipment manipulation and automate key processes such as pipe handling, jacking, and fixation. Therefore, the recovery in crude oil prices is expected to drive the adoption of O&G drilling automation solutions globally during the forecast period.'

Oil And Gas Drilling Automation Market: Key Drivers, Trends, and Challenges

The O&G price recovery is notably driving the oil and gas drilling automation market growth, although factors such as high ownership costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the oil and gas drilling automation industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Oil And Gas Drilling Automation Market Driver

O&G price recovery is a major driver fueling the oil and gas drilling automation market growth. Since 2019, the moderate recovery in crude oil prices has spurred growth in oil and gas (O&G) extraction projects in countries such as the US, Saudi Arabia, Oman, and Kuwait. Rapid fluctuations in crude oil prices adversely impacted the economic activities in oil-dependent regions such as the Middle East during 2016-2019. Owing to factors such as the limited production of crude oil in key oil-producing countries, such as the US and Russia, and geopolitical factors, such as the US-China trade war, oil prices witnessed considerable stability in 2019. Additionally, the restoration of oil production facilities in Saudi Arabia to full capacity is expected to cater to the global demand for O&G at stable prices during the forecast period.Owing to rapid advances in automation and system integration technologies, automated drilling solutions are finding increased adoption in onshore and offshore oil and gas sites. Offshore rigs are equipped with cybernetics systems to improve equipment manipulation and automate key processes such as pipe handling, jacking, and fixation. Therefore, the recovery in crude oil prices is expected to drive the adoption of O&G drilling automation solutions globally during the forecast period.

Key Oil And Gas Drilling Automation Market Trend

The adoption of IoT technology is the major trend influencing the oil and gas drilling automation market growth. The adoption of the internet of things (IoT) devices for in-depth monitoring and data capturing in the O&G industry is improving the overall efficiency of O&G operations. With crude oil prices registering considerable recovery over the last two years, rig operators and oil producers are emphasizing optimizing the energy efficiency of oilfields. IoT devices are being increasingly used in the O&G industry for a range of applications, including drilling management, pipeline testing, and monitoring, among others. IoT enables oil rig operators and refineries to monitor key performance parameters such as pipe pressure and flow rate. Additionally, IoT ensures accurate and real-time data collection at locations that are not easily accessible. Smart devices provide notifications in advance to operators about any drilling errors or incorrect measurements, thereby minimizing the requirement for routine manual inspections. Advances in connected technologies such as low-power wide-area networks (LPWAN) enable connectivity between monitoring sensors in remote offshore applications. Therefore, the rising adoption of IoT in drilling activities is expected to drive the growth of the global O&G drilling automation market during the forecast period.

Key Oil And Gas Drilling Automation Market Challenge

High ownership costs are a major hindrance to the oil and gas drilling automation

According to Cognitive Market Research, the global Coiled Tubing Unit market size will be USD 3521.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 1408.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 1056.45 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 809.95 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 176.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 70.43 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The Intervention services category is the fastest growing segment of the Coiled Tubing Unit industry

Market Dynamics of Coiled Tubing Unit Market

Key Drivers for Coiled Tubing Unit Market

Rising Oil and Gas Exploration to Boost Market Growth

The market for oil and gas exploration is influenced by several important elements, but it also faces significant obstacles. Here are some ways that these factors either support or impede market expansion. As the global population grows and economies expand, especially in emerging markets, the energy demand is increasing. Oil and gas remain primary energy sources, fueling continued investment in exploration activities. Oil and gas exploration can have significant environmental impacts, such as habitat disruption, oil spills, and greenhouse gas emissions. Governments and international bodies impose strict regulations on exploration activities, which can slow down or limit operations. These drivers and restraints shape the oil and gas exploration market, influencing both short- and long-term growth prospects. While technological advancements and rising demand provide strong momentum, the market must also navigate environmental concerns, regulatory challenges, and shifting energy policies.

Enhanced Well Productivity Requirements

Enhanced well productivity requirements are driven by the need for efficient extraction and maximized output in mature oil and gas fields, where conventional methods fall short. Key drivers include advancements in hydraulic fracturing, horizontal drilling, and enhanced oil recovery (EOR) techniques, which improve reservoir access and recovery rates. Rising energy demand also incentivizes operators to maximize well performance. Additionally, digitalization and real-time data analytics support productivity by optimizing drilling and production processes. Stringent environmental regulations further drive the adoption of efficient, low-impact technologies that enhance productivity while minimizing ecological impact, positioning these innovations as critical for sustained energy supply.

Restraint Factor for the Coiled Tubing Unit Market

Increases expenses, limiting widespread adoption in projects

The high initial expenditures, ongoing maintenance costs, and fees associated with regulatory compliance are major barriers to the widespread use of chemical storage tanks in projects. Specialized materials, like reinforced plastics or corrosion-resistant metals, are frequently needed for advanced storage tanks, which raises the cost of production. Operational costs are further increased by routine maintenance to stop corrosion and leakage. Costly safety measures, monitoring systems, and inspections are frequently required to comply with strict safety and environmental laws. Due to high upfront and continuing costs that challenge budgetary restrictions and limit overall investment flexibility, these charges may discourage businesses from implementing storage tanks, particularly for small to mid-sized projects.

Impact of Covid-19 on the Coiled Tubing Unit Market

The COVID-19 pandemic significantly impacted the coiled tubing unit market due to reduced oil and gas demand, disruptions in the supply chain, and project delays. Lockdowns and travel restrictions led to lower energy consumption...

Thailand Oil and Gas Market Outlook 2031

The Thailand oil and gas market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 3% during the forecast period, 2023–2031. The growth of the market is attributed to the rising production of oil and increasing demand for natural gas in the country.

Refining of petroleum crude oil includes processing & purifying of raw natural gas, and marketing and distribution of the products made from oil and natural gas. The products derived include asphalt, lubricants, waxes, fuel oils, natural gas, liquefied petroleum gas, gasoline, kerosene, jet fuel, diesel oil, and petrochemicals. The hydrogen sulfide removed in the refining process of crude oil and natural gas is converted into byproduct elemental sulfur.



Companies are adopting the gas to liquid technology to reduce the pollution levels and to produce high quality petroleum products. The conversion of natural gas to high quality liquid products is done through gas to liquid technology. International support and investment in the oil & gas industry is growing the market. The companies are rearranging its operations and activities to recover from the covid-19 impact.



The covid-19 pandemic affected the supply & demand of the Thailand oil and gas market. Decreasing supply of raw materials, lockdown across the country, and supply chain disorders forced manufacturers to close down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Thailand Oil and Gas Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for consumption of natural gas is expected to boost the market during the forecast period.


• Increasing demand of products from oil

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The terminal automation market in the oil and gas industry has the potential to grow by USD 481.37 million during 2020-2024, and the market’s growth momentum will accelerate at a CAGR of 3.05%.

This terminal automation market research report of the oil and gas industry provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentations by product (hardware, software, and services), application (oil terminal and natural gas terminal), and geography (North America, MEA, Europe, APAC, and South America). The terminal automation market report of the oil and gas industry also offers information on several market vendors, including ABB Ltd., Emerson Electric Co., Honeywell International Inc., Implico GmbH, Inter Pipeline, Leidos Holdings Inc., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp. among others.

What will the Terminal Automation Market Size in the Oil and Gas Industry be in 2020?

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Terminal Automation Market in the Oil and Gas Industry: Key Drivers and Trends

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The global expansion in oil terminals is notably driving the terminal automation market growth in the oil and gas industry. To unlock information on the key market drivers and the COVID-19 pandemic impact on the terminal automation market in the oil and gas industry get your FREE report sample now.

This terminal automation market analysis report of the oil and gas industry also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Terminal Automation Market Vendors in the Oil and Gas Industry?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

ABB Ltd.
Emerson Electric Co.
Honeywell International Inc.
Implico GmbH
Inter Pipeline
Leidos Holdings Inc.
Rockwell Automation Inc.
Schneider Electric SE
Siemens AG
Yokogawa Electric Corp.

The terminal automation market in the oil and gas industry is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the terminal automation market forecast report of the oil and gas industry for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Terminal Automation Market in the Oil and Gas Industry?

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26% of the market’s growth will originate from MEA during the forecast period. Saudi Arabia is a key market for terminal automation in the oil and gas industry in MEA.

The report offers an up-to-date analysis of the geographical composition of the market. MEA has been recording significant growth rate and is expected to offer several growth opportunities to market vendors during the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Product Segments in the Terminal Automation Market in the Oil and Gas Industry?

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The terminal automation market share growth in the oil and gas industry by the hardware segment has been significant. This report provides insights on the impact of the unprecedented outbreak of COVID-19 on market segments. Through these insights, you can safely deduce transformation patterns in consumer behavior, which is crucial to gauge segment-wise revenue growth during 2020-2024 and embrace technologies to improve business efficiency.

Request for a free sample of the report to get an exclusive glimpse of actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the terminal automation market size in the oil and gas industry.

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Process Filters for the Oil and Gas Market Outlook

The global market size for process filters in the oil and gas industry was valued at approximately USD 2.5 billion in 2023 and is projected to reach approximately USD 4.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.3% over the forecast period. This notable growth can be attributed to the increasing demand for energy worldwide and the subsequent upscaling of oil and gas extraction efforts. The oil and gas sector continues to be a cornerstone for global energy supplies, and with technological advancements, the need for efficient and reliable process filters has become paramount. These filters ensure the removal of impurities, enhance the quality of output, and contribute to operational efficiency, thereby driving their demand across various segments of the industry.

One of the primary growth factors for this market is the rising energy demand across the globe, which has led to increased oil and gas exploration and production activities. As regions like Asia Pacific and Africa continue to industrialize, the need for energy is becoming more pronounced, leading to expanded upstream and downstream operations. This expansion necessitates robust filtration systems to maintain the purity of extracted and processed materials, thus driving the demand for process filters. Moreover, enhanced environmental regulations and the need for sustainable operations are prompting companies to invest in advanced filtration technologies that minimize emissions and environmental impact, further contributing to market growth.

Technological advancements in filter materials and designs are also playing a crucial role in market expansion. Innovations such as the development of high-efficiency, low-maintenance filters are catering to the evolving needs of the oil and gas industry. Companies are investing in R&D to create filters that can withstand harsh operational conditions, reduce downtime, and improve the longevity of oil and gas processing equipment. Additionally, the integration of smart technologies in filtration systems that allow for real-time monitoring and predictive maintenance is gaining traction, offering significant cost savings and efficiency improvements to end-users.

The market growth is also spurred by significant investments in oil and gas infrastructure globally. Governments and private organizations are channeling funds into developing new refineries and upgrading existing facilities to meet growing energy demands. This infrastructural development creates a substantial need for process filters to ensure that the operations meet regulatory standards and achieve optimal efficiency. Furthermore, economic recovery post the COVID-19 pandemic is fueling investments in the oil and gas sector, which is expected to have a positive impact on the demand for process filters in the coming years.

Regionally, North America and Asia Pacific are expected to witness significant growth in the process filters market. North America, with its established oil and gas infrastructure and technological prowess, remains a leading region in the market. The shale gas revolution and increased drilling activities provide a robust demand for advanced filtration systems. Meanwhile, Asia Pacific is experiencing rapid growth due to the burgeoning industrial sector and increasing energy consumption, particularly in emerging economies like China and India. The region's focus on enhancing oil and gas operations to meet domestic energy needs is likely to boost the demand for process filters, making it a key market to watch in the forecast period.

Product Type Analysis

In the market for process filters in the oil and gas industry, product types such as cartridge filters, bag filters, coalescer filters, gas filters, and others play pivotal roles. Cartridge filters are widely utilized due to their versatility and efficiency in removing fine particulates and impurities from oil and gas streams. These filters are favored for their ease of installation and maintenance, making them a popular choice across various applications. The adaptability of cartridge filters to different operational environments and their ability to deliver consistent filtration performance are key factors driving their demand. Moreover, advancements in cartridge filter design, such as enhanced surface area and improved material composition, are further bolstering their market position.

Bag filters, on the other hand, are extensively used in applications where large volumes of contaminants need to be filtered out. They are particularly effective in handling hig

The AI in Oil and Gas Market Report is Segmented by Operation (Upstream, Midstream, and Downstream), Type (Platform and Services), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Natural Gas Production: OIL: Onshore: Assarn data was reported at 252.024 Cub m mn in Mar 2025. This records an increase from the previous number of 216.160 Cub m mn for Feb 2025. Natural Gas Production: OIL: Onshore: Assarn data is updated monthly, averaging 199.100 Cub m mn from May 2002 (Median) to Mar 2025, with 275 observations. The data reached an all-time high of 262.530 Cub m mn in Mar 2024 and a record low of 120.000 Cub m mn in Jul 2002. Natural Gas Production: OIL: Onshore: Assarn data remains active status in CEIC and is reported by Ministry of Petroleum and Natural Gas. The data is categorized under Global Database’s India – Table IN.RBO002: Natural Gas: Production. [COVID-19-IMPACT]

The global fracking chemicals fluid market is projected to register a CAGR of 9.00% during the forecast period 2023-2033. This growth can be attributed to rising shale gas production, increased drilling activities and expanding unconventional resource development. Key market drivers include growing demand for natural gas, increased exploration and production activities in unconventional reserves, technological advancements, and stringent environmental regulations. However, factors such as environmental concerns associated with fracking and the availability of substitutes could hinder market growth. The market is expected to witness significant growth in regions with abundant oil and gas reserves, such as North America, the Middle East, and Asia Pacific. Key drivers for this market are: , Growing Demand of Fracking Chemicals Fluid from Oil and Gas Industry; Other Drivers. Potential restraints include: , Stringent Environmental and Governmental Regulations towards Fracking Fluids; Impact of COVID - 19. Notable trends are: Growing Demand of Fracking Chemicals Fluid from Oil and Gas Industry.

In 2019, M&A activity reached $224.4bn in deal value, reflecting growth of 29% and 159% compared to 2018 and 2017 respectively. The main themes that drove M&A activity across the oil and gas industry in 2019 were shale, emerging economies, China impact, industrial regulation, market liberalization, strategic partnerships, extraction technology, subsea, IoT, cloud, and renewable energy. The growing importance of sustainability, combined with volatile oil prices, diminishing resources has also resulted in M&A for diversification.
In the short term, COVID-19 is likely to reduce deal activity in the oil and gas sector. M&A deal count and total deal value has been trending down for the last three consecutive quarters, when measured on the basis of announced deals and deal value. In Q1 2020, a total of 14 M&A deals with a transaction value of $50m or more, were announced in the global oil and gas space. Read More