PUBLISHER: The Business Research Company | PRODUCT CODE: 1929085
PUBLISHER: The Business Research Company | PRODUCT CODE: 1929085
Oil and gas are natural resources extracted from deep beneath the Earth's surface. Oil, also known as petroleum, is a liquid primarily refined into fuels like gasoline and used in producing various chemicals. Natural gas, a gaseous fossil fuel, is mainly utilized for heating, electricity generation, and as a key input in several industries. Both resources play a vital role in powering industries, transportation, and supporting the global economy.
The primary categories are oil and gas upstream activities, as well as oil downstream products. Oil and gas upstream activities encompass exploration tasks such as conducting geological surveys, securing land rights, and engaging in production activities, including both onshore and offshore drilling. Different drilling types include offshore and onshore, which find applications in residential, commercial, institutional, and various other contexts.
Tariffs have influenced the oil and gas market by affecting cross-border trade of crude oil, refined products, and natural gas equipment. Higher duties have increased costs across upstream and downstream operations, particularly in asia pacific and north america. These measures have contributed to price volatility and supply chain realignments. At the same time, tariffs have encouraged domestic production, regional refining, and strategic stockpiling, supporting national energy security objectives.
The oil and gas market research report is one of a series of new reports from The Business Research Company that provides oil and gas market statistics, including oil and gas industry global market size, regional shares, competitors with a oil and gas market share, detailed oil and gas market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas industry. This oil and gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The oil and gas market size has grown steadily in recent years. It will grow from $8337.22 billion in 2025 to $8751.35 billion in 2026 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to industrialization and urbanization growth, rising transportation fuel demand, expansion of upstream exploration, geopolitical supply dependencies, growth of petrochemical industries.
The oil and gas market size is expected to see strong growth in the next few years. It will grow to $10805.66 billion in 2030 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to increasing global energy demand, rising lng consumption, investments in unconventional resources, focus on supply diversification, transition toward lower carbon fuels. Major trends in the forecast period include rising focus on energy security, increasing integration of natural gas in energy mix, expansion of offshore and unconventional resources, growing importance of lng trade, volatility in crude oil pricing.
Anticipated growth in the oil and gas market is driven by increasing government investments. Government investment involves the use of public funds to finance activities aimed at generating long-term benefits for the economy and society. These investments support research and development initiatives in new oil and gas exploration and production technologies. They may also include the construction or expansion of critical components in the oil and gas supply chain, such as pipelines, refineries, and storage facilities. For example, in June 2023, as reported by Datacenter Forum, the Norwegian government approved an $18 billion investment for the development of 19 oil and gas fields. Consequently, the upward trajectory of government investments plays a pivotal role in propelling the growth of the oil and gas market.
Major companies in the oil and gas market are focusing on developing innovative products-such as modular induction motors-to gain competitive advantages. A modular induction motor is an electric motor designed to be customized and configured to achieve specific power ratings, speeds, and mounting arrangements. For example, in June 2023, ABB Group, a Switzerland-based provider of power and automation technologies, introduced the AMI 5800 NEMA modular induction motor. This motor delivers exceptional energy efficiency and reliability for demanding applications such as pumps, compressors, fans, extruders, conveyors, and crushers. The AMI 5800 offers a high level of modularity and flexibility, making it suitable for both new construction and upgrade projects across multiple industries, including chemicals and oil and gas, and it is rated for power outputs of up to 1,750 HP.
In December 2023, Occidental Petroleum Corporation, a U.S.-based oil and gas exploration and production company, acquired CrownRock, L.P. for approximately $12 billion. With this acquisition, Occidental Petroleum aims to strengthen its upstream oil and gas portfolio by expanding its operated acreage, production capacity, and long-lived reserves in the Permian Basin, while enhancing operational efficiencies and cash flow generation. CrownRock L.P. is a U.S.-based oil and gas company that primarily provides crude oil and natural gas exploration and production assets in the Permian Basin.
Major companies operating in the oil and gas market are Sinopec, Saudi Aramco, Exxon Mobil, Chevron, BP plc, Royal Dutch Shell, Valero Energy Corp, PJSC Gazprom, Indian Oil Corporation Limited, Oil and Natural Gas Corporation, Bharat Petroleum, Reliance Petroleum Ltd, Eneos Holdings, China National Petroleum Corporation, Shaanxi Yanchang Petroleum, Sinochem Group, China National Offshore Oil Corporation, TotalEnergies SE, Wintershall Dea GmbH, Repsol SA, Glencore International AG, Eni SpA, Edison, Erg, Rosneft Oil Co, Lukoil Oil Co, Surgutneftegas, Tatneft, Novatek, Irkutsk Oil Company, OMV Petrom, PKN Orlen, Lotos Group, Moravske naftove doly, ConocoPhillips, Anadarko Petroleum Corporation, Occidental Petroleum Corporation, EOG Resources, Cimarex Energy, Pioneer Natural Resources, Suncor Energy Inc, Cenovus Energy Inc, Canadian Natural Resources Limited, AltaGas Ltd, Petrobras (Petroleo Brasileiro S.A), QGEP Participacoes S.A., Petrogal Brasil S/A, Petronas Petroleo Brasil Ltda, EQUINOR ENERGY DO BRASIL LTDA., Emirates National Oil Company (ENOC), Dubai Petroleum, Emirates General Petroleum Corporation (Emarat), Abu Dhabi National Energy Company (TAQA), Abu Dhabi National Oil Company (ADNOC), EMDAD Services LLC, Crescent Petroleum, Dana Gas, Egyptian General Petroleum Corporation, Egyptian Natural Gas Holding Co, Nigerian National Petroleum Corporation, Aiteo, Sasol Limited, Engen Petroleum Limited, African Exploration Mining and Finance Corporation, Tullow Oil, National Oil Corporation of Kenya
Asia-Pacific was the largest region in the oil and gas market in 2025. North America was the second largest region in the oil and gas market. The regions covered in the oil and gas market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the oil and gas market report are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The oil and gas market consists of sales of crude oil, natural gas, refined petroleum products and asphalt, lubricating oil, and grease. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Oil And Gas Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses oil and gas market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oil and gas ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The oil and gas market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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