Europe Oil and Gas Electrification Market Size - By Technology, By Application, Analysis, Share, Growth Forecast, 2025 - 2034

Europe Oil & Gas Electrification Market Size

The Europe oil & gas electrification market was valued at USD 537.6 million in 2024 and is estimated to grow at a CAGR of 38% from 2025 to 2034. Growing emphasis on minimizing environmental impact from traditional energy sources along with ongoing development of sustainable energy production technologies to meet power demands is complementing the industry landscape. Rising concerns related to carbon emissions coupled with favorable policies that encourage renewable energy integration will contribute to the industry growth.
 

Initiatives by the respective authorities supporting energy security, infrastructure upgrades, and increased capital investments across extraction, processing, and distribution operations will augment the industry outlook. For instance, in April 2024, HSM Offshore Energy completed the N05-A Topside installation at its Netherlands facility, following the jacket assembly. This project marks a significant milestone as the N05-A Platform becomes the first electric-powered gas production facility in the North Sea, utilizing energy from the Riffgat wind farm.
 

Europe Oil & Gas Electrification Market Trends

The Europe oil & gas electrification industry is set to grow driven by stringent environmental regulations coupled with increasing energy demand. Flourishing investments in sustainable solutions along with digital technologies that enhance operational efficiency will complement the industry landscape. Ongoing infrastructure modernization and expansion in emerging markets along with supply chain challenges and geopolitical factors have increased the focus on energy security, while automation advances improve safety standards across operations, further contributing to the industry growth.
 

Europe Oil & Gas Electrification Market Analysis

The offshore wind segment is anticipated to cross over USD 7.1 billion by 2034. The offshore wind sector continues to expand as countries prioritize emission reduction goals and invest in large-scale marine infrastructure projects. Authorities are implementing favorable policies and establish renewable energy initiatives to accelerate industry growth. Additionally, ongoing renewable energy integration for sustainable power sources and meet carbon reduction targets further augment the industry outlook.
 

The offshore platform electrification segment is anticipated to witness a CAGR of over 48% through 2034. Evolving environmental regulations along with paradigm shift toward clean energy sources will shape the business dynamics. Ongoing transition by companies from traditional fossil fuels, embracing renewable sources like solar, wind, and hydropower to achieve their emission goals. Government support through policies and tax benefits, along with the integration of natural gas and renewable solutions, is augmenting the business landscape.
 

Norway oil & gas electrification market is predicted to hit USD 8.5 billion by 2034. Supportive government policies and initiatives that focus on expanding production capacity, utilizing natural resources, and improving energy security will complement the business landscape. Ongoing technological improvements and increased investments in sustainability initiatives will contribute to the industry growth. Companies are actively pursuing decarbonization strategies and developing environmentally conscious power generation solutions, which will further influence the industry outlook.  
 

Infrastructure development, including the construction of offshore facilities, and export terminals, will positively influence the business dynamics. For instance, in September 2024, Equinor's Troll B and Troll C platforms now operate on shore-based electrical power through subsea cables from the Kollsnes facility. Located 65 kilometers west of Bergen, Norway, the platforms underwent significant modifications by Aker Solutions. The project replaced existing gas turbines with a new power system, connecting Troll B through an 87-kilometer cable and extending an additional 21-kilometer link to Troll C. This transition eliminated the need for four gas turbines previously used for power generation on the platforms.
 

Europe Oil & Gas Electrification Market Share

Companies in the Europe oil and gas electrification business establish market dominance through collaborative ventures and consolidation activities. Their emphasis on innovation and product development drives revenue growth. By enhancing distribution channels and forming partnerships, these organizations solidify their industry position. Strategic acquisitions enable them to penetrate new markets and expand their operational footprint further complementing the industry landscape.
 

Europe Oil & Gas Electrification Market Companies

Major players operating across the industry include:

• ABB
• Aker Solutions
• BP
• Cerulean Winds
• Chevron
• ConocoPhillips
• Equinor
• GE Vernova
• Havfram
• LS Cable
• Nexans
• Norddeutsche Seekabelwerke
• Prysmian
• Shell
• Siemens
• SLB
• Southwire
• TotalEnergies
• ZTT
   

Europe Oil & Gas Electrification Industry News

• In April 2024, Equinor reports that the Sleipner field center and its connected facilities now use shore-based power for operations. This shift cuts yearly CO2 emissions on the Norwegian Continental Shelf by 160,000 tonnes. The Utsira High installations' conversion to shore power reduces CO2 emissions by 1.2 million tonnes per year. This change follows the Johan Sverdrup phase 2 development plan. A 28-km cable links the Sleipner center to the Gina Krog platform, which connects to Johan Sverdrup's shore power system. Gina Krog began using shore power in September 2023. Both the Sleipner center and Gudrun platform started shore power operations on March 24, 2024, with Gudrun connecting through Sleipner's existing cable network.
   
• In June 2024, TotalEnergies formed a partnership with European Energy to establish offshore wind operations across Denmark, Finland, and Sweden. The company acquired majority stakes in two Danish wind projects including 85% of the Jammerland Bugt (240 MW) and 72.2% of the Lillebaelt South (165 MW). Both projects received approval from the Danish Energy Agency in late 2023, with construction permits expected by mid-2024. The wind farms plan to start operations by 2030, selling power through wholesale markets and corporate agreements to support carbon reduction goals.
   

This Europe oil & gas electrification market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2034, for the following segments:

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Market, By Technology

• Offshore Wind
• Underground Cables
• Solar
• Other

Market, By Application

• LNG/FLNG
• Offshore Platform Electrification
• Refinery
• Others

The above information has been provided for the following countries:

• Norway
• UK
• Netherlands
• Denmark