Market Size of Asia Pacific Oil and Gas CAPEX Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Oil and Gas CAPEX Market Analysis
The Asia Pacific oil and gas CAPEX market is expected to grow at a CAGR of more than 3% in the forecast period of 2022-2027. During the pandemic restriction, a sharp decline in transport and industrial activity severely impacted the oil & gas demand. This decreased demand for oil & gas in the worldwide market, coupled with geopolitical factors in oil-producing countries, resulted in a significant drop in oil and gas prices. Factors such as an increase in demand for oil & gas in power, transportation, and industrial application due to rapid industrialization and urbanization are anticipated to drive the investment in the oil & gas industry in the region. However, volatile crude oil and gas prices, slow economic growth, and unstable geopolitical conditions are expected to restrain the Asia Pacific oil and gas CAPEX during the forecast period.
- The upstream sector is expected to grow with a higher growth rate during the forecast period. An increased focus on oil & gas discoveries in the region is expected to drive the segment in the near future.
- The countries such as India, Indonesia, Singapore, and Malaysia are fast-growing economies in the Aisa Pacific region. Thus, the demand for oil & gas products for transportation and power generation is expected to rise. According to the IEA, the oil demand in the Asia Pacific was around 30.8 mb/d and is expected to rise to 38.5 mb/d by 2030, which presents a tremendous opportunity for the oil & gas CAPEX market.
- China is one of the leading countries to invest more in the oil & gas industry. This can be ascribed to increased investment by the national oil companies in the country.
