Market Overview 2025-2033
The India oil and gas market size reached USD 710.5 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 1,164.4 Million by 2033, exhibiting a growth rate (CAGR) of 5.23% during 2025-2033. The market is witnessing steady growth, fueled by rising energy demand, industrial expansion, and government initiatives for self-sufficiency. Key trends include increasing investments in exploration and production, a shift towards cleaner fuels, and advancements in refining technologies.
Key Market Highlights:
✔️ Strong growth driven by rising energy demand and industrial expansion
✔️ Increasing investments in oil and gas exploration and production
✔️ Growing shift towards cleaner and sustainable fuel alternatives
✔️ Advancements in refining and pipeline infrastructure development
✔️ Government policies supporting domestic production and energy security
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India Oil and Gas Market Trends and Drivers:
The growing energy demand, coupled with efforts to enhance domestic production, is driving the expansion of the India oil and gas market. Rapid industrialization, urbanization, and a rising population are increasing the consumption of oil and gas across key sectors such as transportation, manufacturing, and power generation.
To address this demand, the government is prioritizing domestic exploration and production through policies like the Hydrocarbon Exploration and Licensing Policy (HELP) and the Discovered Small Fields (DSF) initiative. These reforms aim to attract foreign investment and integrate advanced technologies into the sector. Additionally, strategic collaborations with major oil-producing nations and the expansion of refining capacity are strengthening the country’s energy security.
A significant trend shaping the India oil and gas market is the growing emphasis on natural gas as a cleaner and more sustainable energy source. Government-led initiatives, including the National Gas Grid and City Gas Distribution (CGD) networks, are accelerating the development of natural gas infrastructure. This shift aligns with India’s commitment to reducing carbon emissions and increasing the share of natural gas in its energy mix.
Moreover, the rising adoption of liquefied natural gas (LNG) for industrial and domestic applications is further propelling market growth. Advancements in drilling and extraction technologies, along with the integration of digitalization and automation, are improving operational efficiency and lowering costs. Continued investments in infrastructure, exploration, and cleaner energy solutions are expected to drive the India oil and gas market forward in the coming years.
India Oil and Gas Market Segmentation:
The report segments the market based on product type, distribution channel, and region:
Study Period:
Base Year: 2024
Historical Year: 2019-2024
Forecast Year: 2025-2033
Breakup by Type:
- Upstream
- Midstream
- Downstream
Breakup by Application:
- Offshore
- Onshore
Breakup by Region:
- North India
- West and Central India
- South India
- East and Northeast India
Competitive Landscape:
The market research report offers an in-depth analysis of the competitive landscape, covering market structure, key player positioning, top winning strategies, a competitive dashboard, and a company evaluation quadrant. Additionally, detailed profiles of all major companies are included.
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Market Outlook 