The artificial intelligence (AI) in oil and gas market involves the implementation of machine learning, predictive & prescriptive analytics and natural language processing to extract insights from data generated across exploration, drilling, and production activities. AI aids in reducing non-productive time, optimizing field & equipment performance, increasing operational efficiency and enhancing safety through real-time risk assessment.
The Global Artificial Intelligence (AI) in Oil and Gas Market is estimated to be valued at US$ 15.7 Mn in 2024 and is expected to exhibit a CAGR of 35.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the artificial intelligence (AI) in oil and gas are ProQR Therapeutics, Editas Medicine, Nanoscope Therapeutics, Inc., jCyte, Inc., Biogen, Novartis AG, Spark Therapeutics, MeiraGTx, NightstaRx, Beacon Therapeutics, Applied Genetic Technologies Corporation, ViGeneron and RetinAI Medical. The key opportunities in the market include cost reduction through operational optimization, enhancing production from mature oilfields through AI-based reservoir management and predictive maintenance. Technological advancements like edge computing, deep learning and autonomous equipment enable real-time data analysis for improved productivity.
Market drivers
The Artificial Intelligence (AI) in Oil and Gas Market Demand in oil and gas is the need to optimize upstream operations and enhance productivity from mature oilfields.
AI helps operators achieve significant cost savings through predictive maintenance, reducing non-productive time and increasing asset uptime. Improved operational efficiency through real-time equipment monitoring and automation further drives the demand for AI solutions in the oil and gas industry.
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