Kings Research today announced the release of its latest market intelligence study, “Global Oil and Gas Market: Size, Share, Trends & Forecast 2024–2031.” The report provides a comprehensive assessment of the market’s size, growth drivers, regional trends, competitive strategies, and the evolving role of hydrocarbons in the global energy mix.
According to Kings Research, the global oil and gas market was valued at USD 6,705.68 billion in 2023 and is projected to expand from USD 6,923.33 billion in 2024 to USD 8,917.40 billion by 2031, registering a steady CAGR of 3.68% during the forecast period.
Despite increasing emphasis on renewable energy, oil and gas remain fundamental to global economic growth, powering industrial, residential, and transportation sectors. Expansion of LNG infrastructure, adoption of efficiency-focused technologies, and strategic investments in untapped reserves are shaping the industry’s trajectory.
The oil and gas industry covers exploration, extraction, refining, distribution and application of hydrocarbons. Oil is refined into gasoline, diesel, jet fuel and petrochemicals, while natural gas, processed as compressed natural gas (CNG) or liquefied natural gas (LNG is critical for electricity generation, heating and as an industrial feedstock. Together these resources are essential to global industrial operations and modern energy systems.
Key Drivers Fueling Market Growth
- LNG Infrastructure Expansion
According to the International Energy Agency (IEA), global investment in natural gas supply was USD 16 billion in 2023, LNG is the lower-carbon alternative to coal and oil. (Source: www.iea.org)
Countries like U.S., Qatar and Australia are expanding LNG export capacity while Asia and Europe are building LNG import infrastructure to diversify supply and strengthen energy security.
In October 2024, TotalEnergies signed a charter contract with Ibaizabal for a new LNG bunker vessel (18,600 m³ capacity), expanding its presence in global bunkering hubs. (Source: totalenergies.com)
- Exploration in Remote Geographies
Advances in seismic imaging, deep-water drilling and enhanced offshore platforms are unlocking reserves in the Arctic, African basins and South America. These regions have significant potential to meet global demand but require large-scale investment and innovative extraction technologies. - Digitalization and Automation
Technologies such as artificial intelligence, IoT, predictive maintenance, and process automation are enabling companies to cut costs, optimize production, and enhance safety in hazardous environments. This trend is strengthening resilience in a volatile pricing environment.
Value Proposition for Industry Leaders
- Operational Efficiency: Digital solutions and predictive maintenance reduce downtime and extend asset life.
- Energy Transition Role: LNG and natural gas serve as bridging fuels in reducing reliance on coal.
- Strategic Diversification: Integrated oil majors are increasingly balancing hydrocarbon operations with renewable energy projects.
- Global Energy Security: Investments in LNG export/import facilities ensure a reliable, flexible energy supply for both developed and emerging economies.
Regional Outlook
- North America: Held 36.25% share (USD 2,430.81 billion) in 2023, driven by shale development, advanced drilling technologies, and LNG export projects. The U.S. has transitioned into a net exporter of oil and gas, supported by strong infrastructure and favorable policies.
- Asia-Pacific: Forecast to grow at 4.48% CAGR, fueled by rising energy demand in China, India, and Southeast Asia. According to the India Brand Equity Foundation, India’s diesel demand is expected to double to 163 MT by 2030, with oil accounting for 58% of the nation’s energy mix by 2045.
- Europe: Facing supply diversification pressures, Europe continues to expand LNG imports, renewable integration, and efficiency upgrades.
- Middle East & Africa: Strong reserves, coupled with diversification programs (e.g., Saudi Arabia’s Vision 2030), position the region as both a supply hub and key LNG infrastructure investor.
Competitive Landscape
The global oil and gas market is fragmented, with companies diversifying into LNG and renewable portfolios. Prominent players include Exxon Mobil Corporation, TotalEnergies, Shell plc, BP p.l.c., and Saudi Aramco.
The full Kings Research report provides detailed segmentation by type, deployment, application, and region, along with competitive benchmarking and future outlook. To request a sample or access the complete report, please visit: https://www.kingsresearch.com/oil-and-gas-market-177.
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, helping organizations navigate emerging markets, assess opportunities, and make informed business decisions.
All market data is sourced from Kings Research proprietary analysis, validated against credible sources such as the International Energy Agency (IEA), Our World in Data, India Brand Equity Foundation, and company announcements.