Global Oil and Gas Industry Outlook and Growth Opportunities, 2024

Description

Transformative Megatrends Drive Oil and Gas Companies to Digitize and Implement Decarbonization Initiatives

The global energy industry is undergoing an unprecedented transition, bringing exciting new growth opportunities to the oil and gas (O&G) industry. However, shifting to a net-zero future for carbon emissions means many companies struggle with pricing, energy security, and industry disruption.

As the industry moves to meet decarbonization and sustainability goals, Frost & Sullivan has identified five key pillars of opportunity for the energy transition: Carbon Capture, Utilization, and Storage (CCUS); Emissions Management; Automation, Autonomy, and Augmentation; Upstream Electrification; and Future Fuels. Meanwhile, the main challenge of today's O&G industry is balancing the transition to net zero while meeting the current demand for fossil fuels as efficiently and sustainably as possible.

The competitive landscape for the future O&G industry is also changing, driven by innovation, market transformation, ambitious sustainability goals, and disruptive business models.

Notably, the study offers stakeholders insights and opportunities they can leverage in the dynamic O&G space over the next decade.

Research Highlights

This analysis provides a detailed evaluation of the main transformational trends and growth opportunities we expect to see shaping the O&G industry throughout 2024. The study period is 2023–2035, with 2023 as the base year and 2024–2035 as the forecast period. Regions covered include:

North America: United States, Canada, and Mexico
Latin America: Brazil, Venezuela, Argentina, and Colombia
Europe: United Kingdom, France, Germany, Norway, Netherlands, and Belgium
Russia and Commonwealth of Independent States: Russia and Kazakhstan
Asia-Pacific: India, China, Malaysia, Singapore, Australia, and Japan
Middle East and Africa: Saudi Arabia, United Arab Emirates, Oman, Qatar, Kuwait, Nigeria, Algeria, Egypt, Mozambique, Libya, and Angola

We cover three areas:

Upstream: O&G, automation, digitalization, electrification
Midstream: Liquid natural gas
Decarbonization: Emissions management, hydrogen, CCUS

Product Code: KA1F-14

Analysis Highlights

The 2023 Oil and Gas Industry: Forecast vs. Actual
Historical Analytics: Global O&G Industry Upstream Capital Expenditure (CAPEX)
Top Predictions for 2024

Strategic Imperatives

Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the O&G Industry
Growth Opportunities Fuel the Growth Pipeline EngineTM

Growth Environment

Research Scope
What Does the Global O&G Outlook Cover?
2023 Highlights of the Global O&G Industry
2023 O&G Key Performance Indicators (KPIs): Actual
2024 O&G KPIs: Forecast
Trends and Events in Historical Prices for West Texas Intermediate (WTI) and Brent
Global Average Rig Count vs Benchmark Crude Oil Prices

O&G Trends, 2024

O&G Industry Trends
Trend 1: CCUS an Important Equation in Decarbonization
Trend 1: Global CCUS Project Type and Status
Trend 1: CCUS Landscape in the Americas
Trend 1: CCUS Landscape in Europe
Trend 1: CCUS Landscape in APAC
Trend 1: CCUS Landscape in MEA
Trend 1: Direct Air Carbon Capture (DACC)
Trend 1: Endgame Scenarios for Profitable DACC Implementation
Trend 1: CCUS Growth Opportunity Areas
Trend 2: Role of LNG in the Energy Spectrum
Progress on Developing Lower-emission LNG Technologies
Trend 3: O&G Electrification as a Decarbonization Pathway
Trend 4: Growth of the Hydrogen Economy
Trend 5: O&G Automation
Trend 6: Emissions Management
Trend 7: Alternative Fuels-A Catalyst to Decarbonize Hard-to-abate Industries
Trend 8: The Role of Drilling Automation in Upstream Operations
Trend 8: Drilling Automation

O&G Upstream Segment Outlook, 2024

Top 8 Upstream O&G Predictions for 2024
Global Oil Production Forecast
Natural Gas Production Forecast
O&G Upstream CAPEX Investments

Regional Predictions, 2024

North America
LATAM
Europe
MEA
APAC
Russia and CIS

Growth Opportunity Universe

Growth Opportunity 1: Increased DER and BESS Integration to Drive Electrification Technology Adoption
Growth Opportunity 2: AI as a Tool to Achieve Sustainability
Growth Opportunity 3: DACC with CO2 Used for SAF
Growth Opportunity 4: Negative-emission Technologies for Achieving the Net-zero Target
Growth Opportunity 5: Modularization of CCUS Plants for Small Industries with Fewer CO2 Emissions
Growth Opportunity 6: CCUS Clusters and Hubs for Integrating Different Industrial Clusters
Growth Opportunity 7: Floating Storage Regasification Units (FSRUs) for Rapid LNG Supply in Europe
Growth Opportunity 8: Blending Blue Hydrogen in Existing NG Pipelines
Growth Opportunity 9: Robotics for Subsea Automation
Growth Opportunity 10: IoT for Boosting Efficiency and Accuracy

Conclusions

Conclusions and Future Outlook

Best Practices Recognition

Best Practices Recognition

Frost Radar

Frost Radar

Next Steps

Benefits and Impacts of Growth Opportunities
Next Steps
Take the Next Step
List of Exhibits
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