Key Market Trends

Oil and Gas Industry to Witness Significant Growth

• Hydrocarbon is one of the crucial factors in economies which fuels the globalization and industrialization. According to Bharat Petroleum, oil and gas contribute over 50% share in global energy consumption. In spite of the worldwide thrust for the use of renewable energies, oil and is estimated to be the dominating energy source for at least two decades ahead as stated in the report by IEA.
• As the developing countries are experiencing growth; particularly in transport, heating and cooling energy requirements are expected to witness the consistent increase which is expected to be dominated by the oil and natural gas.
• According to the US Environmental Protection Agency, the US greenhouse gas emission from the industry sector accounted for 22.2% in 2017, of the total greenhouse gas emissions. Greenhouse gas emissions from industry primarily arrive from burning fossil fuels for energy, as well as greenhouse gas emissions from  chemical reactions necessary to produce goods from raw materials. Also, in the year 2018, the carbon emission grew by 2%, representing the highest growth in the last seven years.
• The oil and gas companies are adopting the carbon management systems for monitoring the carbon emission in the form of green and gases and also towards managing energy consumption. The trend of adoption in the industry is expected to continue in the forecast period.

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Middle East & Africa Region is Expected to Grow Significantly

• All the major countries in the MENA region have allocated substantial outlays for the development of solar or wind-based renewable energy projects. The Gulf Cooperation Council (GCC) countries figure prominently being generating over 4200 metric ton of carbon dioxide. Increasing the share of renewable energy is being seen as a solution towards reducing CO2 emissions and maintaining the fragile environmental balance in this region.
• Energy consumption in the MENA region has proliferated over the last few decades, partly due to the high economic growth and the marked increase of urbanization. According to MOSPI India, the growth in production of natural gas from 2016 to 2017 was the highest in the Middle East (3.6%), followed by the Asia-Pacific (3.2%), Europe & Eurasia (0.5%).
• Regional consumption of electricity is estimated to grow at an annual rate of 8% over the forecast period. Therefore, regional governments and public organizations have initiated several proactive steps over the last few years to increase the renewable energy infrastructure and cut down on greenhouse gas emissions.
• Currently, the MENA region is shifting its focus towards renewables as a means of diversifying its mix of power generation. The region has an attractive market for renewables due to the abundant availability of solar, wind resources, and nuclear power. Between 2018 and 2022, Arab Petroleum Investment Corporation (APICORP) estimates that MENA power capacity is expected to expand by an average of 6.4% per year, corresponding to additional capacity of 117 gigawatts (GW) to meet increases in demand.
• The rising focus of government towards reducing the carbon emission, the companies in the region have started adopting carbon management systems a have excellent growth opportunity for the market in the region.

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