Global Oil and Gas Industry Outlook and Growth Opportunities, 2024

Global Oil and Gas Industry Outlook and Growth Opportunities, 2024

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