LAMEA AI in Oil and Gas Market Size, Share & Industry Trends Analysis Report By Operation (Upstream, Midstream and Downstream), By Component (Solution and Services), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Latin America, Middle East and Africa AI in Oil and Gas Market would witness market growth of 19.6% CAGR during the forecast period (2022-2028).
While seismic pictures offer information on reservoir structure and elastic characteristics at a large scale encompassing tens of kilometers and low resolution (down to tens of meters), well logging is utilized to obtain more accurate data about various physical parameters of the subsurface along a wellbore. Well, logging has a resolution of millimeters.
The sensors used in good logging can assess a variety of parameters, including electrical resistivity, neutron density, sensitivity to magnetic excitation, and natural gamma-ray intensity. Both green fields and producing reservoirs are appealing to AI-assisted tools. Numerous pumps can benefit from machine learning technologies to execute predictive maintenance and choose the best-operating regimes in terms of operational expenses vs. production.
Numerous pumps, such as electric submersible pumps, injection well pumps, hydraulic fracturing pumps, and other good treatment pumps, are fitted with a large number of sensors that measure pressures, temperatures, vibrations, flow rates, etc. There are numerous instances where a fully data-driven model or a hybrid model with elements of both physics- and data-driven math helps to optimize the regimes, prevent unforeseen failures, and save maintenance costs.
One of the top ten oil producers in the world is the United Arab Emirates. Approximately 96% of the nation's estimated 100 billion barrels of known oil reserves are situated in Abu Dhabi, which is ranked sixth in the world. A daily average of 3.2 million barrels of liquid and petroleum are produced in the UAE. The UAE economy continues to be heavily dependent on hydrocarbons, with 13% of exports and 30% of GDP coming directly from the oil and gas sector.
The Brazil market dominated the LAMEA AI in Oil and Gas Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $114.2 million by 2028.The Argentina market is experiencing a CAGR of 20.2% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 19.3% during (2022 - 2028).
Based on Operation, the market is segmented into Upstream, Midstream and Downstream. Based on Component, the market is segmented into Solution and Services. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global AI in Oil and Gas Market is Predict to reach $5.2 Billion by 2028, at a CAGR of 13.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Oracle Corporation, Intel Corporation, IBM Corporation, Cisco Systems, Inc., Accenture PLC, NVIDIA Corporation, Cloudera, Inc., C3.ai, Inc. and FuGenX Technologies (USM Business Systems, Inc.).
Scope of the Study
Market Segments Covered in the Report:
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Microsoft Corporation
- Oracle Corporation
- Intel Corporation
- IBM Corporation
- Cisco Systems, Inc.
- Accenture PLC
- NVIDIA Corporation
- Cloudera, Inc.
- C3.ai, Inc.
- FuGenX Technologies (USM Business Systems, Inc.)
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