Oil and Gas Electrification Market size is set to surpass USD 23 billion by 2030, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the increasing shift toward the adoption of clean energy sources along with significant efforts favoring renewable electrification across the oil & gas sector. Continuous development of innovative solutions to provide cost-effective & efficient power in line with favorable government targets to reduce dependency on fossil-based energy generation systems will drive the industry dynamics. In addition, growing deployments of clean solutions including solar power & wind turbines to cater to the decarbonization of the oil & gas sector will sway the industry scenario.
The COVID-19 crisis has marginally affected the oil and gas electrification market on account of fluctuating oil prices and reduced demand for crude oil coupled with strict restrictions across several regions. However, with declining infected cases, the industry is expected to recover owing to increasing government efforts toward the development of low-emission energy systems in line with the ongoing adoption of renewable sources. Additionally, rising focus on large-scale energy transition will influence the market expansion.
Ongoing electrification of oil & gas infrastructures along with continuous development of advanced technologies will escalate the product demand
The solar technology segment is poised to register a significant growth during the forecast period due to the rising demand to reduce carbon footprints in line with significant government schemes and policies to electrify onshore fields and refinery sector. Increasing integration of renewable technologies including wind & solar systems coupled with extensive research & development activities to develop remote control & monitoring facilities for enhanced security will positively impact the business landscape. Furthermore, the ongoing expansion/modernization of various projects across oil & gas refineries and platforms will boost the market dynamics.
Browse key industry insights spread across 270 pages with 250 market data tables & 40 figures & charts from the report, “Oil and Gas Electrification Market Size By Technology (Offshore Wind, Underground Cables, Solar), By Application (LNG/FLNG, Offshore Platform Electrification, Refinery), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Continuous upgradation of refinery projects coupled with the ongoing development of advanced technologies
The offshore platform segment is anticipated to witness a robust growth rate during the forecast timeframe. This growth is credited to the to increasing focus toward the utilization of sustainable solutions for energy generation along with robust government plans and policies toward the replacement of conventional fuel sources. Rising private and public sector investments coupled with rapid commissioning of various projects will affect the business outlook. Moreover, growing demand for renewable energy integration to cater to clean environment will spur the industry expansion.
Substantial initiatives & projects toward the growth of green infrastructures along with increasing investments in the decarbonization of the oil & gas sector
North America oil and gas electrification market is estimated to surge a rapid demand in the coming years, impelled by stringent government norms and policies focusing on the development of sustainable infrastructure in line with the introduction of various projects & programs by the leading authorities. Growing concern toward carbon emission coupled with ongoing shift to reduce the utilization of conventional fuel sources will propel the market demand. Furthermore, rising fundings for the growth of renewable sector across the region along with continuous technological advancement will accelerate the industry potential.
Ongoing development of advanced technologies in line with strategic collaborations and contracts by major players
Key participants operating across the oil and gas electrification market include Southwire Company, LLC, ABB, Norddeutsche Seekabelwerke GmbH, Equinor ASA, General Electric, Siemens, Aker Solutions, Prysmian S.p.A, LS Cable & System Ltd., ZTT, Chevron Corporation, ConocoPhillips Company, Nexans, and Schlumberger Limited, among others.