Market Size of Iran Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.40 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Iran Oil and Gas Market Analysis
The Iranian oil and gas market is expected to register a CAGR of more than 3.4% during the forecast period (2022-2027). The COVID-19 pandemic negatively affected the Iranian oil and gas market due to the decline in oil prices. However, resurgent demand for oil and gas in 2021-2022 is expected to nullify the effects of the pandemic. The revenue of oil and gas companies declined on the note of unexpected lockdown and deaths. Factors such as the increasing natural gas pipeline capacity and the increasing demand for petroleum products are expected to drive the market during the forecast period. However, the high volatility of crude oil prices is expected to hinder the growth of the Iranian oil and gas market.
- The production capacity has been growing considerably over the recent past, owing to the expansion of several oil and gas projects. Furthermore, upstream is expected to be the largest segment in 2021, and it is anticipated to maintain its lead over other segments.
- There have been significant gas hydrate discoveries in the Persian Gulf. Economically feasible extraction of the gas hydrates may create immense opportunities for the companies and is likely to become a boom in natural gas production.
- The increasing investments in the upstream and midstream oil and gas sector are expected to drive the market.
