Oil & Gas Electrification Market Analysis

Oil & Gas Electrification Market Analysis

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.
 

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.
 

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. The market for U.S. oil and gas electrification will witness 5.1% growth during the forecast period.
 

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.