Energy Transition Growth Opportunities for Oil and Gas (O&G) Service Companies, 2023

Energy Transition Growth Opportunities for Oil and Gas (O&G) Service Companies, 2023

Transformative Mega Trends and Decarbonization Goals Drive Corporate Strategies Toward Sustainability

Energy transition, which refers to the shift from fossil fuel-based systems to zero-carbon solutions, is a complex process for the global energy industry, including suppliers and users. Timelines for eliminating carbon from energy systems vary by region, but most goals—including the Paris Agreement—focus on achieving net zero by the second half of the 21st century.

O&G service and solution companies are at the forefront of change and driving innovation to bring new decarbonization solutions to markets worldwide. The O&G industry has a major negative environmental impact because of its production and use of fossil fuels and the high volume of carbon emissions produced from daily activities. The industry is under pressure to transform by finding ways to address global energy demand growth while reducing its environmental toll.

In this report, Frost & Sullivan studies the innovations and strategies of major O&G service companies around six key pillars of the energy transition: automation; renewable energy; hydrogen production; carbon capture, utilization, and storage; process electrification; and emissions management. We assess the global energy transition in the following regions: the Americas, Europe, the Middle East and Africa, Asia-Pacific, and the Rest of the World. The study period is 2020–2030, and the forecast period is 2023–2030, using 2022 as the base year.