Market Research Report
Global AI in Oil & Gas Market Size - Segmented By Application, Industry Activity, Service, and Region - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||649722|
|Published||Content info||101 Pages
Delivery time: 1-2 business days
|Global AI in Oil & Gas Market Size - Segmented By Application, Industry Activity, Service, and Region - Growth, Trends, and Forecast (2018 - 2023)|
|Published: August 1, 2018||Content info: 101 Pages||
The Artificial Intelligence (AI) market in oil & gas is expected to register a CAGR of over 12.14%, during the forecast period of 2018-2023. The report profiles the types of AI applications, across the industrial activities in the energy sector.
The oil and gas industry operates across a high-risk environment, where the application of AI is expected to aid in streamlining the overall production process and controlling the wastage across the endpoints. Various IoT sensors exhibit multiple functions, which are integral components of upstream and downstream activities, across the industry. From exploration activities (upstream) to leak monitoring while transportation (downstream), there are opportunities for significant application of AI, in the industry. However, the increasing safety concerns among the workforce, especially the maintenance of aging pipeline infrastructure, poses pressure on the oil and gas manufacturers, to include gas and temperature sensors in case of fire emergencies. This factor increases the demand for several data analysis processes that use predictive modeling, across the oil and gas industry. The rising adoption of smart sensing technology as a part of industrial IoT is poised to provide considerable opportunities to the oil and gas industry, in order to curb the safety issues to a substantial extent.
For some cases in the oil and gas industry, very sparse data are available, such as records of equipment failures and maintenance events. Predicting the remaining useful life of equipment from such sparse data sets requires a combination of physics-based and deep learning models that consume significant computing power, for training and validation. According to Motorola Solutions, the demand for the global oil sector is expected to increase by about 33%, by 2035. The high demand is anticipated to lead to increased exploration activities, such as seismic surveying, which uses AI application, thus supporting the growth of AI across the oil and gas industry.
Predictive Maintenance Expected to Record Significant Growth
Machine learning-powered AI has emerged as an ideal solution for oil and gas companies, to accumulate large volumes of information in real time and translate data sets into actionable insights. AI solutions across the oil and gas sector help make more informed intelligent business decisions automatically, with sophisticated algorithms, predictive analytics, and machine learning capabilities.
Moreover, to stabilize the decision-making capabilities, AI solutions aid companies by overcoming challenges pertaining to the lack of ability to learn from data and understand several operational states. In addition, AI solutions that are powered by predictive analytics and cognitive security are projected to help protect the drilling rig from cyber-attacks and make sure that the equipment operates safely and securely, in accordance with specifications.
North America Expected to Account for the Largest Share in AI in Oil & Gas Market
Owing to the increasing adoption of AI technologies across the oilfield operators and service providers and the robust presence of prominent AI software and system suppliers, especially in the United States and Canada, the North American segment is anticipated to account for the largest share of the AI in the oil & gas market, over the forecast period.
Owing to the increasing inflow of investments in startups for AI implementation, which would further augment the demand for AI in the near future, the region is poised to be the fastest-growing segment. Some of the prominent players of the North American region are - Google LLC, IBM Corp., FuGenX Technologies Pvt. Ltd, Hortonworks Inc., Microsoft Corporation, and Intel Corp., among others.
Key Developments in the AI in Oil & Gas Market
Jun 2018 - Hortonworks Inc. launched Hortonworks Data Platform (HDP) 3.0, which delivers significant new enterprise features, including containerization, for faster and easier deployment of applications and increased developer productivity. The new version of HDP enables customers to quickly, reliably, and securely obtain value from their data at scale, to drive business transformation.
Apr 2017 - Huawei collaborated with PCITC (Petro-CyberWorks Information Technology Co.), a smart manufacturing platform, which is not only the two parties' first significant joint innovation since they inked strategic partnerships but also the core aspect of Smart Factory 2.0, within the Sinopec Group. This platform comprised of eight major capabilities, including centralized integration, IoT access, IT management and control, optimization, shared services, data processing and analysis, and AI.
AI in Oil & Gas Market Major Players:
FuGenX Technologies Pvt Ltd
Royal Dutch Shell PLC
PJSC Gazprom Neft
Huawei Technologies Co. Ltd
Reasons to Purchase AI in Oil & Gas Market Report
The impact of the growth of AI, in the energy and utility sector
An analysis of various perspectives of the market studied, with the help of Porter's five forces analysis
The segments that are expected to dominate the market studied
The regional analysis of the market studied, during the forecast period
The latest developments, market shares, and strategies employed by the major market players and key innovators
3-month analyst support along with the Market Estimate sheet (in Excel)
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