India Oil and Gas Market Research Report 2023 offers a comprehensive analysis of the market, including business opportunities, growth, and trend analysis for various applications, types, and regions such as North America, Europe, Asia-Pacific, South America, Middle East, and Africa. The report delves into important producers, market developments, opportunities, challenges, and threats to the market as a whole. It is a 100+ page report that provides a detailed examination of growth statistics, opportunities, trends and the competitive landscape in the industry.
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Market insights:
In 2020, India was the third-largest consumer of oil, accounting for ~5.3% of the global oil consumption. Oil and gas jointly accounted for ~35% of the country’s overall energy mix in 2020. Oil consumption in India stood at 4,669 thousand barrels per day in 2020 and is projected to reach 6,132.28 thousand barrels by 2026, expanding at a compound annual growth rate (CAGR) of 4.4% during the 2021-2026 period.
Production insights:
As of 2020, there were 4.5 Bn barrels of proven oil reserves and 1.33 Trn cubic meters of proven natural gas reserves in India. In 2020, India accounted for ~0.9% of the global oil production and ~0.6% of the global natural gas production. The production of oil and natural gas has fallen since 2018. The low productivity of aging oilfields and falling prices have led to a decline in production volumes. Production slumped further in 2020 in the wake of the COVID-19 pandemic. Unavailability of workers, restrictions on mobility, low offtake from key consumers, and closure of offshore gas fields had a massive impact on production in 2020. However, the governments impetus to increase the share of natural gas in the energy mix and to reduce import bills is expected to foster the production of natural gas during the forecast period.
Consumption insights:
A rapidly growing population, industrialization, and urbanization contributed to the steady increase in oil and natural gas consumption. India is heavily reliant on imports to meet its demand for oil and gas ~80% of oil demand and ~50% of natural gas demand are met through imports. In 2020, mainly in the second quarter of CY 2020, stringent lockdowns because of the pandemic impacted the demand for oil and gas in the transportation and industrial sectors.
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Market influencers:
The growth of the Indian oil and gas industry has been driven by an increasing population, rise in per capita income, and rapid urbanization. A significant developments in infrastructure, coupled with the ease of doing business, has motivated the entry of key foreign players such as BP plc, Saudi Aramco, Abu Dhabi National Oil Company (ADNOC), and Total SA. The positive outlook of the Indian transportation sector played an instrumental role in supporting the growth of the oil and gas industry. Light-duty and heavy-duty vehicles are the leading consumers of oil and gas, followed by aircraft, marine, and rail. Exploration of novel and unconventional sources using frontier oil-producing technologies will boost production. However, factors such as reductions in domestic production, heavy reliance on imports, dominance of state-owned companies, and limited infrastructure investments are impeding market growth.
Impact of COVID-19:
The oil and gas industry has been experiencing massive difficulties because of the international price war on one side, and the pandemic on the other. These will have a substantial impact on the domestic market, both in the short and long term. The nationwide and state-wise lockdowns led to a sharp dip in mobility, transportation, and industrial activities, resulting in a slump in oil consumption. Low demand for oil, gas, and refined products will result in a supply-demand imbalance and a consequent price drop in the near future.
In the long run, the market is predicted to gain momentum. However, excess supply is likely to be predominant in the global market. Laying off of workers because of the pandemic is likely to result in labor shortages during the revival phase. The focus of the industry is expected to shift towards low-cost and short-cycle sources over the forecast period. Expansion of innovative segments like shale oil and shale gas, adoption of new business models, and market consolidation are projected to be the long-term trends in the market.
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Our most recent research report showcases the thriving expansion of the India Oil and Gas Market and offers in-depth insights into the projected market size, share, and revenue until 2030.
The report addresses the following key questions regarding the India Oil and Gas market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of India Oil and Gas in the market?
- How are regulatory policies and government initiatives impacting the growth of the India Oil and Gas market?
- What is the market share of the top 5 players in the India Oil and Gas market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India Oil and Gas market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the India Oil and Gas market?
- What are the challenges related to the supply chain and logistics that India Oil and Gas market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the India Oil and Gas market?
- What are the potential risks and uncertainties associated with investing in the India Oil and Gas market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India Oil and Gas market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India Oil and Gas market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India Oil and Gas market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India Oil and Gas business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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