Global Artificial Intelligence (AI) in Oil & Gas Market to Reach $5.5 Billion by 2030
The global market for Artificial Intelligence (AI) in Oil & Gas estimated at US$2.9 Billion in the year 2023, is expected to reach US$5.5 Billion by 2030, growing at a CAGR of 9.4% over the analysis period 2023-2030. AI Software, one of the segments analyzed in the report, is expected to record a 8.5% CAGR and reach US$2.3 Billion by the end of the analysis period. Growth in the AI Hardware segment is estimated at 10.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $901.7 Million, While China is Forecast to Grow at 8.9% CAGR
The Artificial Intelligence (AI) in Oil & Gas market in the U.S. is estimated at US$901.7 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$944.1 Million by the year 2030 trailing a CAGR of 8.9% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.8% and 7.7% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 7.6% CAGR.
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