Growth Opportunities for the Electrification of Oil & Gas Operations

Growth Opportunities for the Electrification of Oil & Gas Operations

Decarbonization and Net Zero Goals will Stimulate Renewable Energy Investment and Process Electrification

RELEASE DATE
03-Oct-2022
REGION
Global
Research Code: K7B8-01-00-00-00
SKU: EG02267-GL-MT_26962
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$2,450.00
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Description

Alongside major trends such as carbon capture, hydrogen production and usage, and energy efficiency, the electrification of oil and gas (O&G) operations using renewable energy sources will be a major area of opportunity for decades to come.

Globally, governments are looking for solutions across sectors to mitigate climate change and support decarbonization, and the O&G industry holds the biggest opportunities. The route to decarbonization requires supportive regulatory frameworks that mandate energy efficiency and emission reduction measures across all sectors. To achieve a low-carbon future, significant economic investment in renewables; hydrogen; bioenergy; carbon capture, storage, and utilization (CCUS); and electrification are required.

Despite the significant potential to reduce carbon emissions, the electrification of O&G operations remains nascent. However, innovation among suppliers and supporting policies and regulatory frameworks from governments will boost adoption.

Most electrification technologies are commercially available, yet the high capital costs associated with replacing existing fossil fuel-based infrastructure, high electricity prices, lack of government incentives, and poor awareness are significant barriers to O&G electrification. But these restraints are changing as decarbonization goals become more urgent and a period of growth for electrification looms.

This Frost & Sullivan study explores electrification in the transition to decarbonization of upstream O&G operations. It examines the key enablers of electrification and opportunities segmented by renewable energy (wind and solar) technology and platform (onshore and offshore) type. A comprehensive analysis of existing electrification technologies across these sectors is included.

Key Issues Addressed

  • What role will electrification play in the energy transition and decarbonization of O&G operations?
  • What needs to happen in the O&G industry to enable large-scale electrification?
  • What can O&G companies do to reduce their scope 2 emissions?
  • What technological developments are needed to achieve this electric transition?
  • What will be the most attractive growth opportunities?

Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Oil & Gas (O&G) Electrification Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Scope of Analysis

Segmentation

Value Chain

Key Competitors

Industrial Electrification Enablers

Electrification: An Introduction

Electrification: The Key Benefits

Electrification: Enabling the Growth of Hybrid Energy Systems

Carbon Emissions, Scope and Definitions

Carbon Emissions, Reduction Strategies

Global O&G Sector, Carbon Emissions

Global O&G Sector, Reported Scope 2 Carbon Emissions

Key Benefits of Upstream Oil & Gas Electrification

Ways to Electrify the Upstream O&G Sector

Oil & Gas Electrification Technologies

Key Strategies to Accelerate Oil & Gas Electrification

Oil & Gas Electrification: Development Roadmap

Growth Metrics

Growth Drivers

Growth Restraints

Competitive Environment

Revenue Share

Pillars for Oil & Gas Electrification

Solar Energy

Wind Energy

Energy Storage

Drilling Technologies

Forecast Assumptions

Capacity Forecast

Forecast Analysis

Oil & Gas Investments in Renewable Energy by Source

Oil & Gas Electrification: Focus on Solar Energy

Oil & Gas Electrification: Focus on Solar Energy (continued)

Oil & Gas Electrification: Focus on Solar Energy (continued)

Oil & Gas Electrification: Focus on Wind Energy

Oil & Gas Electrification: Focus on Wind Energy (continued)

Oil & Gas Electrification: Focus on Wind Energy (continued)

Investments in Renewable Energy by Type of Platform

Oil & Gas Electrification: Focus on Onshore Platforms

Oil & Gas Electrification: Focus on Onshore Platforms (continued)

Oil & Gas Electrification: Focus on Offshore Platforms

Oil & Gas Electrification: Focus on Offshore Platforms (continued)

Microgrid Technologies

Solar Lead Crystal Batteries

Floating Wind Turbines

Power from Shore

Highlights of Key Players

Highlights of Key Players (continued)

Growth Opportunity 1: Floating Solar Energy

Growth Opportunity 1: Floating Solar Energy (continued)

Growth Opportunity 2: Power Conversion Technologies

Growth Opportunity 2: Power Conversion Technologies (continued)

Growth Opportunity 3: Subsea Electrification

Growth Opportunity 3: Subsea Electrification (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

Legal Disclaimer

Alongside major trends such as carbon capture, hydrogen production and usage, and energy efficiency, the electrification of oil and gas (O&G) operations using renewable energy sources will be a major area of opportunity for decades to come. Globally, governments are looking for solutions across sectors to mitigate climate change and support decarbonization, and the O&G industry holds the biggest opportunities. The route to decarbonization requires supportive regulatory frameworks that mandate energy efficiency and emission reduction measures across all sectors. To achieve a low-carbon future, significant economic investment in renewables; hydrogen; bioenergy; carbon capture, storage, and utilization (CCUS); and electrification are required. Despite the significant potential to reduce carbon emissions, the electrification of O&G operations remains nascent. However, innovation among suppliers and supporting policies and regulatory frameworks from governments will boost adoption. Most electrification technologies are commercially available, yet the high capital costs associated with replacing existing fossil fuel-based infrastructure, high electricity prices, lack of government incentives, and poor awareness are significant barriers to O&G electrification. But these restraints are changing as decarbonization goals become more urgent and a period of growth for electrification looms. This Frost & Sullivan study explores electrification in the transition to decarbonization of upstream O&G operations. It examines the key enablers of electrification and opportunities segmented by renewable energy (wind and solar) technology and platform (onshore and offshore) type. A comprehensive analysis of existing electrification technologies across these sectors is included.--BEGIN PROMO--

Key Issues Addressed

  • What role will electrification play in the energy transition and decarbonization of O&G operations
  • What needs to happen in the O&G industry to enable large-scale electrification
  • What can O&G companies do to reduce their scope 2 emissions
  • What technological developments are needed to achieve this electric transition
  • What will be the most attractive growth opportunities
More Information
Author Agustina DeSarriera
Industries Energy
No Index No
Is Prebook No
Podcast No
WIP Number K7B8-01-00-00-00