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Industry Trends
Oil & Gas Electrification Market size valued at USD 1.4 billion in 2021 and is projected to expand at a CAGR of over 31% from 2022 to 2030. A paradigm shift to reduce the impact of conventional energy generation sources on the environment along with augmenting innovative & sustainable energy production technologies to fulfill power requirements will boost the market growth.
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The COVID-19 outbreak has marginally impacted the industry on account of a reduced workforce management coupled with strict restrictions across various regions. The industry is set to recover its lost strength owing to relaxations in government-imposed lockdowns coupled with the resumption of operations. In addition, rising concerns toward carbon emissions along with favorable mandates & policies to promote the adoption of renewables will spur the market expansion.
| Report Coverage | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | 1,478.4 Million (USD) |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 31.4 % |
| 2030 Value Projection: | 23,123.6 Million (USD) |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 270 |
| Tables, Charts & Figures: | 290 |
| Segments covered: | Technology, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Ongoing technological developments along with advancements in cost-effective solutions
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Offshore wind technology segment revenue is anticipated to reach USD 19 billion by 2030. Growing emphasis to achieve zero-emission targets in line with the ongoing development of large-scale offshore infrastructure projects will fuel the industry demand. The introduction of various projects & programs along with favorable government incentives including Feed in Tariffs (FiT) and schemes will stimulate the demand for this technology. Additionally, a positive outlook toward renewable energy integration in line with substantial efforts to reduce carbon emission will sway the business trend.
Shifting focus to reduce the dependency on conventional fuel sources
The refinery application in the oil & gas electrification market is predicted to observe 76 % growth rate till 2030. Shifting focus to reduce the dependency on conventional fuel sources coupled with continuous technological advancements will drive the industry dynamics. For instance, in April 2020, ABB Power Grids was awarded a project worth USD 22 million by the Indian Oil Corporation Limited (IOCL) to facilitate a reliable grid connection for a refinery at Barauni, Bihar. Continuous upgradation of refinery projects & the development of sustainable fields in line with growing deployment of clean power generation solutions will positively influence the industry outlook.
Strict government regulations and policies coupled with increasing investments toward advanced technological development
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Europe oil & gas electrification market is expected to witness noteworthy growth during the forecast period due to the shifting trends toward the decarbonization of O&G sector in line with continuous development of sustainable solutions for power generation. Stringent government mandates and policies pertaining to zero emission solutions in line with continuous introduction of significant schemes and projects will foster the market landscape.
Norway market is estimated to register a 45% CAGR by 2030, credited to the increasing concerns to reduce carbon footprints along with ongoing efforts to achieve net zero emission targets. Rising inclination to reduce the dependency on conventional energy sources in line with the extensive development of advanced technologies for power generation and the renewable sector growth will accelerate the business dynamics. Shifting focus toward the integration of the energy sector along with ongoing innovations will enhance the market trends.
Strategic acquisitions & mergers by eminent players
Major companies operating in the market are Schlumberger Limited, ConocoPhillips Company, Chevron Corporation, ZTT, LS Cable & System Ltd., Southwire Company, LLC, Prysmian S.p.A., Aker Solutions, Siemens, General Electric, Equinor ASA, Nexans, Norddeutsche Seekabelwerke GmbH, and ABB amongst others. These leaders are focusing on the introduction of advanced technologies with extensive product installations, positively impacting the industry scenario. Furthermore, strategic partnerships, contracts and inorganic growth ventures among major players will complement the industry expansion.
This market research report on oil & gas electrification includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Million’ from 2018 to 2030, for the following segments:
Market, By Technology
- Offshore Wind
- Underground Cables
- Solar
- Others
Market, By Application
- LNG/FLNG
- Offshore Platform Electrification
- Refinery
- Others
The above information has been provided for the following regions:
- North America
- U.S.
- Canada
- Europe
- Norway
- UK
- Netherlands
- Denmark
- Asia Pacific
- China
- Japan
- South Korea
- Vietnam
- Middle East & Africa
- Saudi Arabia
- Qatar
- UAE
- Oman
- Latin America
- Brazil
- Mexico
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