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DBMR Oil, Gas & Energy Market Access Report

The oil & gas sector has been witnessing new developments as most players are increasing spending towards incorporating new technologies to enhance the production output of crude oil and natural gas.


Industrial Automation
Conventional Power Generation

The buyers prefer conventional power generation sources from coal, petroleum, and natural gas because of their low cost and easily accessible through extensive distribution networks of power suppliers. Upscaling power requirements from various sectors, including household, fertilizers, and petrochemicals, particularly from emerging economies in Asia-Pacific and the Middle East and Africa, is expected to remain favorable for the industry. Furthermore, various regulatory bodies including European Commission and Federal Energy Regulatory Commission (FERC) have implemented supportive policies which have prompted the power generation and distribution companies to increase spending on the inclusion of smart devices and emphasizing on improvement in energy efficiency.

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Upstream Oil & Gas

Over the past few years, the upstream oil & gas industry has been increasingly spending on various technologies, including directional drilling, produced water treatment, and enhanced oil recovery, which aims to increase the production output of crude oil natural gas. Furthermore, the growing energy demand and depletion of conventional gas reserves prompted the scope of E&P in unconventional sources such as shale gas, tight gas, gas hydrates, and coal bed methane.

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Smart Grids

Over the past few years, the governments of various countries have been launching new initiatives aimed at the deployment of smart grids and increasing awareness of energy conventions. For instance, in November 2021, the prime ministers of India and the U.K. launched an initiative under the name Green Grids Initiative – One Sun, One World, One Grid. This initiative will build an infrastructure that will include the generation of various sources of renewable energy and continental grids. Furthermore, the infrastructure will consist of smart grids that connect a million solar panels, charging stations for electric vehicles, and microgrids in rural areas.

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Energy Storage

Rising adoption of lithium-ion batteries in the renewable energy industry coupled with shifting inclination towards low-carbon fuel economy on a global level is projected to expand the scope of battery energy storage systems. Furthermore, rise in the number of data centers and a growing number of rural electrification projects, particularly in developing economies, including China and India is expected to open up new avenues for energy storage systems in the near future.

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Clean & Renewable Energy

Growing energy consumption and increasing concerns about reducing greenhouse gas emissions are projected to promote renewable energy utility. As a result, renewable energy generated from solar, wind, and hydroelectricity has gained momentum. It has been well accepted by the buyers of end-use segments, namely the chemical and fertilizer sectors. Furthermore, depleting fossil fuel resources on a global level paved the way for the authorities and energy agencies to launch new policies which will promote new investments in renewable energy sources, including solar power.

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Downstream Oil & Gas

Rising concern towards pipeline safety coupled with the increasing number of new regulations aimed at ensuring secure transportation of oil and gas is projected to promote the scope of pipeline infrastructure in the oil & gas sector. Furthermore, crude oil-producing companies' increasing spending on forward integration to invest in more value-added products from refined distilled products and petrochemicals is expected to open investment in the downstream oil & gas sector in the next few years.

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Energy Transmission & Distribution

The growing adoption of smart devices and increasing spending on advanced automation and controls systems are expected to remain the key trends in the energy transmission and distribution segment. Furthermore, supportive policies aimed at increasing the energy output from alternative sources including solar, wind, hydroelectricity, and tide by governments such as the U.S., U.K., Germany, China, Japan, and India is expected to open new avenues for the players operating in energy transmission and distribution

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Drilling Services

Over the past few years, digitalization has been seen as one of the key technologies that can reduce operational costs and ensure the smoothing of various internal processes. In December 2021, Maersk Drilling launched a subsidiary under Horizon 56 Branch to digitalize offshore drilling processes. The subsidiary is an extension of Maresk Drilling inhouse “RigFlow solution,” which standardize and digitalizes the core various parameters, including real-time exchange of information between power firms, onshore planning units, offshore drilling teams who are operating the rig, and the supporting service companies in the operations

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Well Intervention

Well intervention services use monitoring pressure and temperature at the reservoir. In addition, these services are used to transport fluids and gases, stimulate the well, and make it ready for production through enhancing the flow of hydrocarbons. Development of new oilfields on a global level due to the introduction of new technologies to increase the output of crude oil or natural gas is expected to promote the utility of well intervention services. Furthermore, growing spending on E&P in the deep state and ultra-deep sea in the North Sea, Gulf of Mexico, South China Sea, and the Persian Gulf is projected to increase the scope of well intervention services.

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Pumps Motors, Engines & Gensets

Growing demand for reliable and uninterrupted power supply from manufacturing, construction, oil & gas, residential sectors is expected to promote the utility of equipment, namely, pump motors, engines, and generator sets. Over the past few years, the customers have been interested in purchasing those power generators that can operate in standby power and minimize purchase and installation expenditures incurred. In May 2020, Caterpillar Inc. introduced Cat GC diesel generator sets, a new line of standby power solutions configured with features that offer exceptional customer value by delivering performance with minimized purchasing and installation costs.

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Drilling Equipment

Some of the key drilling equipment includes drill pipes, drill bits, logging tools, downhole tools, drilling fluids, and rotary hoses. The drilling equipment manufacturing companies have been designing specialty equipment and consumables capable of improved longevity and enhanced durability. For instance, in October 2020, Haliburton Company launched a new drill bit product under the brand name, Crush & Shear Hybrid Drill Bit. The product is designed based on new technology, which combines the efficiency of polycrystalline diamond compact (PDC) cutters with torque-reducing features of rolling elements. These drilling equipment are capable of increasing drilling efficiency and maximizing bit stability

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Top Trends for Oil, Gas & Energy for 2024

Over the past few years, geothermal energy has been deployed in those areas where relatively shallow drilling is required. Some of the companies have been showing interest in innovating new technologies to unlock the potential of geothermal energy through deep drilling. For instance, in April 2023, GA Drilling developed a new deep drilling tool under the brand name ANCHORBIT, which is helpful in limiting the deep geothermal drilling cost by doubling the drilling speed and extending the drillbit lifetime in hard formations. This drilling tool will help in penetrating the crystalline rock at high penetration rates with a depth exceeding 5 km (3 miles). The company claims that this tool will improve drilling economics and ensure the economic feasibility of geothermal projects in the near future.

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Liquefied natural gas (LNG) has emerged as an energy source on a global level due to its extensive scope as compared to piped natural gas, along with a positive outlook towards E&P spending for unconventional sources such as shale gas in the U.S., Russia, and China. Therefore, the upstream companies are executing the steps by enhancing productivity through enhancing the large-scale natural gas liquefaction output. For instance, in June 2023, Russia-based natural gas producer PAO NOVATEK, obtained a patent for proprietary technology under the name Arctic Mix, which is aimed for large-scale natural gas liquefaction by the use of mixed refrigerants. This process will be implemented in the company’s in-house large-scale projects on gravity-based structures with a production capacity of more than 6 mmtpa per LNG train. The incorporation of mixed refrigerants in the process will help ensure better energy efficiency with the involvement of a limited number of equipment.

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Over the past few years, the oil and gas industry has been shifting towards ensuring net-zero emissions along with prospecting alternative methods to ensure energy security. As a result, oilfield service companies have been increasing spending towards investment in sustainable projects. For instance, in August 2022, Baker Hughes launched a new fast all-electric tieback solution at Offshore Northern Seas 2022 in Norway. This solution is capable of delivering cost efficiency through optimized architecture, reduced topside footprint, and providing environmental benefits for subsea operations. The company will be combining its in-house technology, named electric control systems, and innovative tieback technology to deliver a reduction in capital expenditure (CapEx) costs by more than 15% as compared to traditional electro-hydraulic multiplexed (EH-Mux) systems.

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The operators in the oil and gas industry have been facing the issues of aging assets and reservoirs to efficiently and effectively clean produced water so that it meets strict regulatory standards before it can be discharged back into the sea. For instance, in January 2024, Adaptive Process Solutions (APS) introduced a new product under the brand name APS’ Microbubble Infusion Unit (MiFU), which is capable of processing in a range of 1000 and 100 000 barrels of water per day and it can be removed by more than 90% of oil and contaminants from produced water without the requirement for downstream filtration. The company has claimed that its in-house microbubble technology has been designed as a retrofittable add-on to existing water treatment systems. It is configured to achieve optimum removal efficiency for each client, and it provides limited adaptation without the requirements of shutdowns.

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