Selbyville, Delaware, July 27, 2022 (GLOBE NEWSWIRE) —
The oil and gas electrification market is expected to record a valuation of USD 23 billion by 2030, according to the most recent study by Global Market Insights Inc.
Rising concern toward carbon emission in line with continuous development of renewable technologies for energy generation will boost the market demand. Strict government norms and policies to reduce the dependency on conventional sources coupled with ongoing investments across private and public sectors to encourage the deployment of effective power generation systems will sway the industry trend.
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The COVID-19 pandemic has put the oil and gas electrification market on halt owing to volatile oil prices along with the continuous decline in various industrial operations. The resumption of operations at manufacturing bases together with the introduction of various projects for electrification will lead to industry expansion. In addition, substantial efforts & strategies through government bodies toward the adoption of renewable solutions will propel growth.
Shifting focus toward renewable energy integrations and favorable government mandates & laws to achieve decarbonization targets will positively impact the industry scenario. Increasing requirement of energy-efficient sources of power generation and with constant advancements in digitalized solutions around the energy sector will complement the market statistics.
The underground cable segment is anticipated to witness significant growth during the forecast period due to the rising inclination toward sustainable electrification in the oil & gas industry to reduce dependency on fossil fuels. Extensive research & development activities for reliable solutions in power transmission throughout long routes merged with continuous advancements in smart, efficient, and robust energy grid solutions will proliferate the industry potential.
Asia Pacific oil and gas electrification market is poised to register a 5% CAGR through 2030, credited to continuous introduction of advanced and reliable technologies and shifting focus toward the espousal of safe and efficient electrical solutions. Additionally, substantial strategies toward the decarbonization of production facilities to reduce carbon emission will enhance the industry landscape.
The LNG/FLNG application segment is estimated to showcase a significant gains during 2022 to 2030 on account of rising focus on decarbonization linked with ongoing government efforts to provide cost-effective substitutes for conventional fuels. Growing inclination to enhance the production efficiency and ongoing integration of advanced control units will spur the market expansion. Moreover, continuous research & development activities for infrastructure development combined with significant fundings to reduce carbon footprints will augment the business scenario.
Prominent oil and gas electrification market players operating in the industry include 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.
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Some of the key findings of the oil and gas electrification market report include:
- Growing requirements for energy-efficient solutions along with the continuous introduction of advanced technologies will accelerate the market landscape.
- Favorable government incentives & programs for the electrification of oil & gas platforms and the focus on reducing greenhouse gas emissions will stimulate the business outlook.
- Increasing research & development activities pertaining to the development of modern solutions will fuel the industry growth.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Oil & gas electrification industry 3600 synopsis, 2018 – 2030
2.1.1 Business trends
2.1.2 Technology trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Oil & Gas Electrification Industry Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Key operational, upcoming and announced projects
3.6 Industry impact forces
3.6.1 Growth drivers
18.104.22.168 Stringent regulations toward emissions
22.214.171.124 Favorable regulatory policies toward renewable energy
3.6.2 Industry pitfalls & challenges
126.96.36.199 High capital cost
3.7 Growth potential analysis
3.8 Porter’s Analysis
3.9 Competitive landscape, 2021
3.10 PESTEL Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/oil-and-gas-electrification-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.