Product Code: 5291
The oil & gas electrification market is primed to grow massively by 2030 owing to the rising electricity demand across the globe. In addition, rapid urbanization, along with growing demand for sustainable electricity solutions, are likely to accelerate market growth through the analysis timeline.
Recently, government emphasis on sustainability and modern infrastructure has aided product outreach. For instance, in February 2022, the U.S. government, stated that electricity generation has grown significantly over the years. Between 2000 and 2021, electricity generation from wind energy has gone up from 6 billion kilowatts to 380 billion kilowatts. In 2021, this segment held around 9.2% of the total electricity production.
Effective innovations and rigorous R&D activities for better connectivity is anticipated to augment market growth over the forthcoming years. To cite an instance, in October 2021, Department of Electronic and Electrical Engineering, University of Strathclyde, published a study on various power architectures to enable oil & gas electrification.
The study aimed to benefit the existing offshore wind power plants in the UK to fulfil the requirement of burgeoning electricity connectivity. This would not only reduce the cost but is slated to provide a sustainable solution for the future.
Yet another notable instance, in May 2022, Geophysical Institute, a master's thesis published under the University of Bergen titled, Offshore wind power and hydrogen for oil and gas platform electrification focused on providing a solution to use offshore wind power to transform electrify oil & gas platform. In the study, it was concluded that if a natural gas turbine is used for peak power shaving, the requirement for hydrogen is reduced significantly.
Furthermore, in February 2022, a study titled, Electrification potential of U.S. industrial boilers and assessment of the GHG emissions impact, explained the electrification potential of the U.S industrial boilers and the greenhouse gas long-term effects. It was found that GHG emission from boiler electrification was higher in the current grid as compared to the future grid infrastructure. It concluded that decarbonized grids are likely to be more effective and produce low GHG emission.
The oil & gas electrification market has been bifurcated based on application, technology, and region.
In regional landscapes, the Middle East & Africa oil & gas electrification industry is set to register a significant market size and grow at around 5% CAGR through the assessment period.
Meanwhile, the oil & gas electrification market in Latin America was valued at more than $200 million in terms of revenue in 2021.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Methodology
- 1.2 Market definitions
- 1.3 Market estimates & forecast parameters
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Oil & gas electrification industry 360 degree 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
- 3.2.1 LS Cable & Systems Ltd.
- 3.2.2 CNOOC Limited
- 3.2.3 Nexans
- 3.2.4 Prysmian Group
- 3.2.5 NKT
- 3.2.6 ZTT
- 3.2.7 Other innovations
- 3.3 Regulatory landscape
- 3.3.1 Global wind turbine standards and qualifications
- 3.3.1.1 IEC 61400
- 3.3.1.1.1 Purpose and function
- 3.3.1.1.2 Harmonization
- 3.3.1.2 Wind Turbine Generator (WTG) classes
- 3.3.1.3 List of IEC 61400 parts
- 3.3.2 U.S.
- 3.3.2.1 Incentivizing Solar Deployment Act of 2021
- 3.3.2.2 Energy Sector Innovation Credit Act of 2021
- 3.3.2.3 Renewable energy and alternate uses of existing facilities on the outer continental shelf
- 3.3.2.3.1 Purpose
- 3.3.2.3.2 Bureau of Ocean Energy Management Responsibilities
- 3.3.2.4 Greenhouse Gas Reporting Program (GHGRP)
- 3.3.2.4.1 Subpart W - Petroleum and Natural Gas Systems
- 3.3.2.5 Oil and Gas Stormwater Permitting
- 3.3.2.5.1 Types of Oil and Gas Activities and Facilities that are Either Exempt or Non-Exempt from Stormwater Permitting
- 3.3.2.6 Oil and Natural Gas Sector: Emission Standards for New, Reconstructed, and Modified Sources Review
- 3.3.2.7 Offshore Wind targets by 2030
- 3.3.2.7.1 DOI action to unlock deployment potential
- 3.3.2.7.2 2050 implications of meeting the 2030 goal
- 3.3.2.8 Renewable Electricity Production Tax Credit (PTC)
- 3.3.2.8.1 Renewable Electricity Production Tax Credit (PTC) rebate amount
- 3.3.2.9 Federal Clean Air Act (CAA)
- 3.3.2.10 Renewable Portfolio Standard (RPS)
- 3.3.2.11 Colorado
- 3.3.2.11.1 Air Quality Control Commission
- 3.3.3 Europe
- 3.3.3.1 France multi-annual energy program renewable targets
- 3.3.3.2 UK
- 3.3.3.3 Poland
- 3.3.3.4 Netherlands
- 3.3.3.5 Germany
- 3.3.4 China
- 3.3.4.1 National offshore wind power development layout under the 13th Five-Year Plan by 2020 (Million kilowatts)
- 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
- 3.6.1.1 Stringent regulations toward emissions
- 3.6.1.2 Favorable regulatory policies toward renewable energy
- 3.6.2 Industry pitfalls & challenges
- 3.6.2.1 High capital cost
- 3.7 Growth potential analysis
- 3.8 Porter's Analysis
- 3.8.1 Bargaining power of suppliers
- 3.8.2 Bargaining power of buyers
- 3.8.3 Threat of new entrants
- 3.8.4 Threat of substitutes
- 3.9 Competitive landscape, 2021
- 3.9.1 Strategy dashboard
- 3.9.1.1 BP p.l.c.
- 3.9.1.2 TotalEnergies
- 3.9.1.2.1 Memorandum of Understanding (MoU)
- 3.9.1.2.2 Contract
- 3.9.1.2.3 Installation/supply
- 3.9.1.3 Chevron Corporation
- 3.9.1.3.1 Installation/supply
- 3.9.1.4 Exxon Mobil Corporation
- 3.9.1.5 Shell
- 3.9.1.5.1 Memorandum Of Cooperation
- 3.9.1.5.2 Project expansion
- 3.9.1.5.3 Plant expansion
- 3.9.1.6 Aker Solutions
- 3.9.1.6.1 Contract
- 3.9.1.6.2 Climate Action Plan
- 3.9.1.6.3 Project completion
- 3.9.1.6.4 Strategic Collaboration
- 3.9.1.7 Siemens
- 3.9.1.7.1 Contracts
- 3.9.1.7.2 Construction project
- 3.9.1.7.3 Collaboration
- 3.9.1.7.4 Installation/supply
- 3.9.1.8 LS Cable & System Ltd.
- 3.9.1.8.1 Plant expansion
- 3.9.1.8.2 Supply contract
- 3.9.1.8.3 Installation/supply
- 3.9.1.8.4 Acquisition
- 3.9.1.9 General Electric
- 3.9.1.10 ABB
- 3.9.1.10.1 Contract
- 3.9.1.10.2 Divestment
- 3.9.1.10.3 Projects Undertaken/ Awarded
- 3.9.1.10.4 Installation/supply
- 3.9.1.10.5 Joint venture
- 3.9.1.10.6 Merger
- 3.9.1.11 Cerulean Winds Ltd
- 3.9.1.11.1 Agreement
- 3.9.1.11.2 Electrification Plan
- 3.9.1.11.3 Collaboration
- 3.9.1.12 Havfram
- 3.9.1.13 Nexans
- 3.9.1.13.1 Agreement
- 3.9.1.13.2 Installation/supply
- 3.9.1.14 Equinor ASA
- 3.9.1.14.1 Alliance
- 3.9.1.14.2 Contract
- 3.9.1.15 ZTT
- 3.9.1.15.1 Installation/supply
- 3.9.1.15.2 Acquisition
- 3.9.1.16 Prysmian Group
- 3.9.1.16.1 Acquisition
- 3.9.1.16.2 Project
- 3.9.1.17 CNOOC Limited
- 3.9.1.17.1 Installation/supply
- 3.9.1.17.2 Joint venture
- 3.9.1.18 Other strategies
- 3.10 PESTEL Analysis
Chapter 4 Oil & Gas Electrification Market, By Technology
- 4.1 Oil & gas electrification market share by technology, 2021 & 2030
- 4.2 Offshore wind
- 4.2.1 Global market from offshore wind, 2018 - 2030
- 4.2.2 Global market from offshore wind, by region, 2018 - 2030
- 4.3 Underground cables
- 4.3.1 Global market from underground cables, 2018 - 2030
- 4.3.2 Global market from underground cables, by region, 2018 - 2030
- 4.4 Solar
- 4.4.1 Global market from solar, 2018 - 2030
- 4.4.2 Global market from solar, by region, 2018 - 2030
- 4.5 Others
- 4.5.1 Global market from others, 2018 - 2030
- 4.5.2 Global market from others, by region, 2018 - 2030
Chapter 5 Oil & Gas Electrification Market, By Application
- 5.1 Oil & gas electrification market share by application, 2021 & 2030
- 5.2 LNG/FLNG
- 5.2.1 Global market from LNG/FLNG, 2018 - 2030
- 5.2.2 Global market from LNG/FLNG, by region, 2018 - 2030
- 5.3 Offshore platform electrification
- 5.3.1 Global market from offshore platform electrification, 2018 - 2030
- 5.3.2 Global market from offshore platform electrification, by region, 2018 - 2030
- 5.4 Refinery
- 5.4.1 Global market from refinery, 2018 - 2030
- 5.4.2 Global market from refinery, by region, 2018 - 2030
- 5.5 Others
- 5.5.1 Global market from others, 2018 - 2030
- 5.5.2 Global market from others, by region, 2018 - 2030
Chapter 6 Oil & Gas Electrification Market, By Region
- 6.1 Oil & gas electrification market share by region, 2021 & 2030
- 6.2 North America
- 6.2.1 North America market, 2018 - 2030
- 6.2.2 North America market by technology, 2018 - 2030
- 6.2.3 North America market by application, 2018 - 2030
- 6.2.4 U.S.
- 6.2.4.1 U.S. market, 2018 - 2030
- 6.2.4.2 U.S. market by technology, 2018 - 2030
- 6.2.4.3 U.S. market by application, 2018 - 2030
- 6.2.5 Canada
- 6.2.5.1 Canada market, 2018 - 2030
- 6.2.5.2 Canada market by technology, 2018 - 2030
- 6.2.5.3 Canada market by application, 2018 - 2030
- 6.3 Europe
- 6.3.1 Europe market, 2018 - 2030
- 6.3.2 Europe market by technology, 2018 - 2030
- 6.3.3 Europe market by application, 2018 - 2030
- 6.3.4 Norway
- 6.3.4.1 Norway market, 2018 - 2030
- 6.3.4.2 Norway market by technology, 2018 - 2030
- 6.3.4.3 Norway market by application, 2018 - 2030
- 6.3.5 UK
- 6.3.5.1 UK market, 2018 - 2030
- 6.3.5.2 UK market by technology, 2018 - 2030
- 6.3.5.3 UK market by application, 2018 - 2030
- 6.3.6 Netherlands
- 6.3.6.1 Netherlands market, 2018 - 2030
- 6.3.6.2 Netherlands market by technology, 2018 - 2030
- 6.3.6.3 Netherlands market by application, 2018 - 2030
- 6.3.7 Denmark
- 6.3.7.1 Denmark market, 2018 - 2030
- 6.3.7.2 Denmark market by technology, 2018 - 2030
- 6.3.7.3 Denmark market by application, 2018 - 2030
- 6.4 Asia Pacific
- 6.4.1 Asia Pacific market, 2018 - 2030
- 6.4.2 Asia Pacific market by technology, 2018 - 2030
- 6.4.3 Asia Pacific market by application, 2018 - 2030
- 6.4.4 China
- 6.4.4.1 China market, 2018 - 2030
- 6.4.4.2 China market by technology, 2018 - 2030
- 6.4.4.3 China market by application, 2018 - 2030
- 6.4.5 Japan
- 6.4.5.1 Japan market, 2018 - 2030
- 6.4.5.2 Japan market by technology, 2018 - 2030
- 6.4.5.3 Japan market by application, 2018 - 2030
- 6.4.6 South Korea
- 6.4.6.1 South Korea market, 2018 - 2030
- 6.4.6.2 South Korea market by technology, 2018 - 2030
- 6.4.6.3 South Korea market by application, 2018 - 2030
- 6.4.7 Vietnam
- 6.4.7.1 Vietnam market, 2018 - 2030
- 6.4.7.2 Vietnam market by technology, 2018 - 2030
- 6.4.7.3 Vietnam market by application, 2018 - 2030
- 6.5 Middle East & Africa
- 6.5.1 Middle East & Africa market, 2018 - 2030
- 6.5.2 Middle East & Africa market by technology, 2018 - 2030
- 6.5.3 Middle East & Africa market by application, 2018 - 2030
- 6.5.4 Saudi Arabia
- 6.5.4.1 Saudi Arabia market, 2018 - 2030
- 6.5.4.2 Saudi Arabia market by technology, 2018 - 2030
- 6.5.4.3 Saudi Arabia market by application, 2018 - 2030
- 6.5.5 UAE
- 6.5.5.1 UAE market, 2018 - 2030
- 6.5.5.2 UAE market by technology, 2018 - 2030
- 6.5.5.3 UAE market by application, 2018 - 2030
- 6.5.6 Qatar
- 6.5.6.1 Qatar market, 2018 - 2030
- 6.5.6.2 Qatar market by technology, 2018 - 2030
- 6.5.6.3 Qatar market by application, 2018 - 2030
- 6.5.7 Oman
- 6.5.7.1 Oman market, 2018 - 2030
- 6.5.7.2 Oman market by technology, 2018 - 2030
- 6.5.7.3 Oman market by application, 2018 - 2030
- 6.6 Latin America
- 6.6.1 Latin America market, 2018 - 2030
- 6.6.2 Latin America market by technology, 2018 - 2030
- 6.6.3 Latin America market by application, 2018 - 2030
- 6.6.4 Brazil
- 6.6.4.1 Brazil market, 2018 - 2030
- 6.6.4.2 Brazil market by technology, 2018 - 2030
- 6.6.4.3 Brazil market by application, 2018 - 2030
- 6.6.5 Mexico
- 6.6.5.1 Mexico market, 2018 - 2030
- 6.6.5.2 Mexico market by technology, 2018 - 2030
- 6.6.5.3 Mexico market by application, 2018 - 2030
Chapter 7 Company Profiles
- 7.1 Cerulean Winds Ltd
- 7.1.1 Business Overview
- 7.1.2 Product Landscape
- 7.1.3 Strategic Outlook
- 7.1.4 SWOT Analysis
- 7.2 Havfram
- 7.2.1 Business Overview
- 7.2.2 Financial Data
- 7.2.3 Product Landscape
- 7.2.4 Strategic Outlook
- 7.2.5 SWOT Analysis
- 7.3 ABB
- 7.3.1 Business Overview
- 7.3.2 Financial Data
- 7.3.3 Product Landscape
- 7.3.4 Strategic Outlook
- 7.3.5 SWOT Analysis
- 7.4 Nexans
- 7.4.1 Business Overview
- 7.4.2 Financial Data
- 7.4.3 Product Landscape
- 7.4.4 Strategic Outlook
- 7.4.5 SWOT Analysis
- 7.5 Equinor ASA
- 7.5.1 Business Overview
- 7.5.2 Financial Data
- 7.5.3 Product Landscape
- 7.5.4 Strategic Outlook
- 7.5.5 SWOT Analysis
- 7.6 Siemens
- 7.6.1 Business Overview
- 7.6.2 Financial Data
- 7.6.3 Product Landscape
- 7.6.4 Strategic Outlook
- 7.6.5 SWOT Analysis
- 7.7 General Electric
- 7.7.1 Business Overview
- 7.7.2 Financial Data
- 7.7.3 Product Landscape
- 7.7.4 Strategic Outlook
- 7.7.5 SWOT Analysis
- 7.8 Aker Solutions
- 7.8.1 Business Overview
- 7.8.2 Financial Data
- 7.8.3 Product Landscape
- 7.8.4 Strategic Outlook
- 7.8.5 SWOT Analysis
- 7.9 Prysmian S.p.A.
- 7.9.1 Business Overview
- 7.9.2 Financial Data
- 7.9.3 Product Landscape
- 7.9.4 Strategic Outlook
- 7.9.5 SWOT Analysis
- 7.10 Norddeutsche Seekabelwerke GmbH
- 7.10.1 Business Overview
- 7.10.2 Financial Data
- 7.10.3 Product Landscape
- 7.10.4 SWOT Analysis
- 7.11 Southwire Company, LLC
- 7.11.1 Business Overview
- 7.11.2 Financial Data
- 7.11.3 Product Landscape
- 7.11.4 SWOT Analysis
- 7.12 LS Cable & System Ltd.
- 7.12.1 Business Overview
- 7.12.2 Financial Data
- 7.12.3 Product Landscape
- 7.12.4 SWOT Analysis
- 7.13 ZTT
- 7.13.1 Business Overview
- 7.13.2 Financial Data
- 7.13.3 Product Landscape
- 7.13.4 Strategic Outlook
- 7.13.5 SWOT Analysis
- 7.14 NKT A/S
- 7.14.1 Business Overview
- 7.14.2 Financial Data
- 7.14.3 Product Landscape
- 7.14.4 Strategic Outlook
- 7.14.5 SWOT Analysis
- 7.15 Shell
- 7.15.1 Business Overview
- 7.15.2 Financial Data
- 7.15.3 Product Landscape
- 7.15.4 Strategic Outlook
- 7.15.5 SWOT Analysis
- 7.16 BP Plc
- 7.16.1 Business Overview
- 7.16.2 Financial Data
- 7.16.3 Product Landscape
- 7.16.4 Strategic Outlook
- 7.16.5 SWOT Analysis
- 7.17 Exxon Mobil Corporation
- 7.17.1 Business Overview
- 7.17.2 Financial Data
- 7.17.3 Product Landscape
- 7.17.4 Strategic Outlook
- 7.17.5 SWOT Analysis
- 7.18 TotalEnergies
- 7.18.1 Business Overview
- 7.18.2 Financial Data
- 7.18.3 Product Landscape
- 7.18.4 Strategic Outlook
- 7.18.5 SWOT Analysis
- 7.19 Saudi Arabian Oil Co.
- 7.19.1 Business Overview
- 7.19.2 Financial Data
- 7.19.3 Product Landscape
- 7.19.4 Strategic Outlook
- 7.19.5 SWOT Analysis
- 7.20 Chevron Corporation
- 7.20.1 Business Overview
- 7.20.2 Financial Data
- 7.20.3 Product Landscape
- 7.20.4 Strategic Outlook
- 7.20.5 SWOT Analysis
- 7.21 Marathon Oil Company
- 7.21.1 Business Overview
- 7.21.2 Financial Data
- 7.21.3 Product Landscape
- 7.21.4 SWOT Analysis
- 7.22 Abu Dhabi National Oil Company (ADNOC)
- 7.22.1 Business Overview
- 7.22.2 Financial Data
- 7.22.3 Product Landscape
- 7.22.4 Strategic Outlook
- 7.22.5 SWOT Analysis
- 7.23 China National Offshore Oil Corporation (CNOOC)
- 7.23.1 Business Overview
- 7.23.2 Financial Data
- 7.23.3 Product Landscape
- 7.23.4 Strategic Outlook
- 7.23.5 SWOT Analysis
- 7.24 China National Petroleum Corporation (CNPC)
- 7.24.1 Business Overview
- 7.24.2 Financial Data
- 7.24.3 Product Landscape
- 7.24.4 Strategic Outlook
- 7.24.5 SWOT Analysis
- 7.25 Devon Energy Corporation
- 7.25.1 Business Overview
- 7.25.2 Financial Data
- 7.25.3 Product Landscape
- 7.25.4 Strategic Outlook
- 7.25.5 SWOT Analysis
- 7.26 Valero Marketing and Supply Company
- 7.26.1 Business Overview
- 7.26.2 Financial Data
- 7.26.3 Product landscape
- 7.26.4 Strategic Outlook
- 7.26.5 SWOT Analysis
- 7.27 Oil and Natural Gas Corporation Limited (ONGC)
- 7.27.1 Business Overview
- 7.27.2 Financial Data
- 7.27.3 Product Landscape
- 7.27.4 Strategic Outlook
- 7.27.5 SWOT Analysis
- 7.28 Petroliam Nasional Berhad (PETRONAS)
- 7.28.1 Business Overview
- 7.28.2 Financial Data
- 7.28.3 Product Landscape
- 7.28.4 SWOT Analysis
- 7.29 ConocoPhillips Company
- 7.29.1 Business overview
- 7.29.2 Financial data
- 7.29.3 Product landscape
- 7.29.4 Strategic outlook
- 7.29.5 SWOT analysis
- 7.30 Schlumberger Limited
- 7.30.1 Business overview
- 7.30.2 Financial data
- 7.30.3 Product landscape
- 7.30.4 Strategic outlook
- 7.30.5 SWOT analysis