Oil & Gas Electrification Market
Get a free sample of this report
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Request Sectional Data
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
The global oil & gas electrification market size in 2024 was valued at USD 1.9 billion and is estimated to grow at a CAGR of 9.1% from 2025 to 2034. Increasing focus on reducing environmental impact from conventional energy sources, coupled with the development of sustainable energy production technologies to meet power demands, is driving the industry growth. Additionally, increasing concerns about carbon emissions and supportive government policies promoting renewable energy adoption will further augment the business landscape.
Favorable government policies focused on energy security and infrastructure modernization, requirements to upgrade and replace aging infrastructure and increased investments in infrastructure development to support extraction, processing, and distribution operations will shaping the industry dynamics. For instance, in September 2024, Turnwell Industries, has been formed through a partnership between SLB, ADNOC Drilling Company, and Patterson-UTI. This collaboration aims to enhance UAE's unconventional oil and gas development through advanced technologies and integrated services. The venture targets completion of 144 wells by 2025's end, with SLB providing comprehensive drilling and technical support.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Oil & Gas Electrification Market Size in 2024: | USD 1.9 Billion |
| Forecast Period: | 2025 – 2034 |
| Forecast Period 2023 - 2032 CAGR: | 9.1 |
| 2023 Value Projection: | USD 13.4 Billion |
| Historical Data for: | 2021 – 2024 |
| No of Pages: | 125 |
| Tables, Charts & Figures: | 32 |
| Segments Covered: | Technology, Application and Region |
| Growth Drivers: |
|
| Pitfalls Challenges: |
|
The market is anticipated to grow on account of increasing environmental concerns, technological progress, rising energy demand and geopolitical factors. Companies are investing in sustainable solutions, and renewable energy systems further complementing the industry landscape. Digital technologies and automation improve operational efficiency and safety standards coupled with shifting focus toward development of aging infrastructure in developed countries will shape the business dynamics. Geopolitical changes and supply chain challenges have increased focus on energy security and strategic reserves driven by infrastructure expansion in emerging markets continues to meet rising energy demand, further contribute to the industry growth.
Offshore wind segment is anticipated to grow over USD 7 billion by 2034. Offshore wind industry is expanding due to increasing focus on achieving zero-emission targets alongside large-scale offshore infrastructure development. Government initiatives, including Feed-in Tariffs (FiT) and renewable energy programs, support market growth. The global shift toward renewable energy integration and carbon emission reduction targets further drives industry expansion.
Oil & gas electrification market from offshore platform electrification segment is anticipated to witness a CAGR of over 9.5% by 2034. Environmental regulatory norms are changing rapidly, ongoing adopt clean energy sources is complementing the industry landscape. Companies are transitioning from fossil fuels to renewable energy sources, including solar, wind, and hydropower, to meet emission targets, contributing to the industry growth. Reducing reliance on conventional power sources by implementing natural gas and renewable energy solutions coupled with favorable government policies and tax incentive programs supporting renewable energy adoption will positively influence the business dynamics.
The U.S. oil & gas electrification market is set to grow over USD 180 million by 2034. Favorable government policies and strategic initiatives aim to strengthen production capacity, leverage natural reserves, and enhance energy security, is driving the industry growth. Increasing domestic oil and gas demand necessitates robust infrastructure for efficient supply chain operations along with technological advancements and investments in sustainability projects, is complementing the industry landscape.
Infrastructure investments in pipelines, storage facilities, and export terminals further contribute to the industry growth. For instance, in December 2024, Energy Transfer LP has announced plans to build a new Hugh Brinson natural gas pipeline system to transport natural gas from the Permian Basin. With a capacity of 1.5 billion cubic feet per day, the pipeline will connect to Energy Transfer's current infrastructure near the Dallas/Fort Worth area. Moreover, introduction of stringent regulations and policies focused on zero-emission targets, along with new environmental schemes and projects, are driving the U.S. oil & gas electrification industry growth.
Companies in the oil and gas infrastructure market form strategic partnerships and pursue mergers to expand their presence. They invest in research and development to create new services and increase revenue. These companies strengthen their market position by optimizing distribution networks and expanding internationally through strategic alliances and acquisitions.
Major players operating across the industry include:
Market, By Technology
Market, By Application
The above information has been provided for the following regions and countries:
Key players in the market include ABB, ADNOC, Aker Solutions, BP, Cerulean Winds, Chevron, ConocoPhillips, Equinor, GE Vernova, Havfram, LS Cable, Marathon Oil, and Nexans.
The U.S. oil & gas electrification market is projected to exceed USD 180 million by 2034, driven by favorable government policies and initiatives to enhance energy security and production capacity.
The offshore wind segment is expected to surpass USD 7 billion by 2034, supported by zero-emission targets and large-scale offshore infrastructure development.
The global oil & gas electrification industry was valued at USD 1.9 billion in 2024 and is projected to grow at a 9.1% CAGR from 2025 to 2034, driven by the adoption of sustainable energy technologies to reduce environmental impact.