(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the Market report for Oil and Gas Industry in India for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Oil and Gas Industry in India Products.
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According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports.
In 2019, India was the third-largest consumer of oil, accounting for ~5.4% of the global oil consumption. Oil and gas jointly accounted for 36.37% of the country's overall energy mix in 2019. Oil consumption in India stood at 5,270.73 thousand barrels per day in 2019, and is projected to reach 5,490.92 thousand barrels by 2025, expanding at a compound annual growth rate (CAGR) of 2.25% during the 2020-2025 period.
Production insights:
As of 2019, there were 4.66 Bn barrels of proven oil reserves and 1.33 Tn cubic meters of proven natural gas reserve in India. In 2019, India accounted for ~0.9% of the global oil production and ~0.7% of the global natural gas production. The production of oil and natural gas fell between 2018 and 2019. Low productivity of aging oilfields, coupled with the declining trend of prices led to the decline in production volume in 2019. The oil and gas production is estimated to further plummet in 2020 in wake of the COVID-19 pandemic. Unavailability of workers, movement restriction, low offtake from key consumers, and closure of offshore gas fields are expected to impact the production in 2020. However, the production of natural gas is anticipated to grow over the forecast period, owing to the Indian government's ambition to reduce import dependency.
Consumption insights:
A rapidly growing population, industrialization, and urbanization contributed to the steady growth of oil and natural gas consumption. India is highly 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 lockdown measures imposed on account of the pandemic, impacted the demand for oil and gas in the transportation and industrial sectors. The domestic demand is anticipated to recover from the fourth quarter of CY 2020. The consumption of natural gas is likely to surge over the forecast period, owing to the government's goal to increase the share of natural gas in the primary energy mix.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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Market influencers:
The steady increase in population, coupled with the rising income level has amplified the rate of urbanization in the country, which in turn, is fostering the growth of the oil and gas industry in India. Improved infrastructure and ease of doing business have been encouraging the participation of international players, such as BP plc, Saudi Aramco, Abu Dhabi National Oil Company (ADNOC), and Total SA.
The rapid growth of the Indian transportation industry has also bolstered the demand for oil and gas industry in India. Light-duty and heavy-duty vehicles are the leading consumers of oil and gas, followed by aircraft, marine, and rail. Furthermore, the advancement of drilling techniques, equipment, and technology is expected to augment the growth of the Indian oil and gas industry. The application of cutting-edge oil-producing technologies is likely to help in exploring novel unconventional sources rather than relying on depleting conventional sources. However, factors like the declining trend in domestic production, heavy reliance on import, 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 an unpredicted crisis on account of the two-pronged effect of the international price war and pandemic, which is likely to mark a substantial impact on the domestic market, both in the short and long term. The lockdown led to a sharp dip in mobility, transportation, and industrial activities, resulting in a slump in oil and consumption. Low demand for oil, gas, and refined products is anticipated to create a supply-demand imbalance and a consequent price fall in the near future.
In the long run, the market is predicted to gain momentum; however, an oversupply is likely to be predominant in the global market. Workers laid off as an instantaneous effect of the pandemic, is likely to give rise to labor shortage 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.
Companies covered:
• Bharat Petroleum Corporation Limited
• Chennai Petroleum Corporation Limited
• Hindustan Petroleum Corporation Limited
• Indian Oil Corporation Limited
• Mangalore Refinery and Petrochemicals Limited
• Numaligarh Refinery Limited
• Oil and Natural Gas Corporation Limited
• Oil India Limited
• Reliance Industries Limited
• Nayara Energy Limited Private
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Oil and Gas Industry in India by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter's Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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