Renewable Energy in Oil and Gas – Thematic Intelligence

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Published: March 03, 2023 Report Code: GDOG-TR-S070-TH

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Renewable Energy in Oil and Gas Market Overview

Global power generation is shifting to renewable sources at the expense of fossil fuels. Oil and gas players have pledged considerable investments in renewable energy projects and will improve their rankings over the decade. Renewable energy accounted for around 31% of the global energy mix in 2022. The bulk of this renewable energy is obtained from hydropower. Besides, the deployment of wind and solar power is gaining momentum in the recent years. This growth has largely come at the expense of coal—a high-carbon-emitting fossil fuel. Meanwhile, the other two major fossil fuel crude oil and natural gas, saw their collective share of the global energy mix fall from around 26% to 23% by 2022.

The renewable energy in oil and gas thematic intelligence report highlights the growing importance of renewable energy in the global energy mix and reviews involvement of oil and gas players in this space. It provides an overview of the competitive positions held by oil and gas players in the renewable energy theme. The report identifies the various trends influencing the renewable energy theme. It alludes to technologies that have evolved to exploit the harvested renewable energy. Furthermore, the report analyses the solar, wind power, and biopower value chains and identifies top players across different segments of the value chains.

Page Count 62
Key Trends Oil And Gas Trends, Technology Trends, Macroeconomic Trends, and Regulatory Trends
Key Value Chain Components Equipment Manufacturers, Engineering, Procurement, And Construction Companies, and Utilities
Key Oil and Gas Companies BP, Eni, Equinor, Repsol, Saudi Aramco, Shell, Sinopec, and TotalEnergies
Key EPC Companies ABB, Bechtel, Petrofac, Saipem, Wood Plc, and Worley

Power Generation from Renewable Energy Sources 2011-2030

Power Generation from Renewable Energy Sources 2011-2030

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Renewable Energy Sources

The key renewable energy sources are solar power, wind power, hydropower, geothermal power, tidal power, and biofuels. The energy transition has gained global momentum due to increased awareness regarding the impact of emissions from fossil fuel-based sources on climate change. Several governments and business entities are therefore relying on renewables for their energy transition efforts and achieving net-zero targets. Even when renewable power does not generate emissions, its productivity is linked to resource availability and intensity, which can vary depending on location.

Solar Power:  Solar energy formed about 15.7% of the total renewable power generated in 2022. Solar energy is abundantly available, especially across the equatorial, tropical, and subtropical regions. This energy can be harnessed to generate electrical energy which can be utilized locally or connected to a power grid for fulfilling electricity demands. The most prominent methods to harness solar energy are solar photovoltaic (PV), solar thermal, and solar concentrator photovoltaics.

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Renewable Energy in Oil and Gas Industry Trends

The key trends shaping the renewable energy theme over the next 12 to 24 months are classified into oil and gas trends, technology trends, macroeconomic trends, and regulatory trends.

Oil and gas trends: Fears of climate change, decarbonization of operations and oil price volatility calls for energy transition, offshore wind attracting the attention of oil and gas companies, biofuels pursued as an alternative to conventional fuels, hydrogen being a promising energy store, and wider adoption of solar and wind power due to falling costs are some of the key oil and gas trends shaping the renewable energy theme.

Technology trends: The main technology trends impacting the renewable energy in oil and gas industry are advancements in solar technology driving down costs, advancements in wind power increasing efficiency, digitalization to streamline energy transition, and energy storage demands are synonymous with renewable energy adoption.

Macroeconomic trends: The key macroeconomic trends shaping the renewable energy theme are efforts to meet energy demand from India, China to lead the solar power generation, Ukraine conflict underscores the need for energy security, EU renewable energy policy taking shape, and US renewable energy policy will influence energy markets.

Regulatory trends: The regulatory support for biofuels and wind projects are some of the key regulatory trends likely to influence the renewable energy for oil and gas industry.

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Renewable Energy in Oil and Gas Industry Analysis

Transitioning to renewable energy seems like a logical path for oil majors due to growing pressures to decarbonize. The oil and gas industry can leverage its decade-long expertise in offshore operations, refining, retailing, and other such operations to strongly position itself in the renewables energy market. Although, 60% of the global power mix comes from fossil fuels, several countries are taking steps to decarbonize their economies, the global power generation shares are expected to realign with the fall of fossil fuels. The power produced by renewable energy sources is expected to surpass the power produced by fossil fuels by 2034. Total global power generation was 25.6PWh in 2020 and it is expected to reach 34.9PWh in 2030 at a 10-year CAGR of more than 3%.

The renewable energy in oil and gas thematic intelligence report also covers:

  • M&A trends
  • Venture financing trends
  • Patent trends
  • Company filing trends
  • Hiring trends

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Renewable Energy in Oil and Gas Industry Value Chain Insights

The key components in the renewable energy value chain are equipment manufacturers, engineering, procurement, and construction companies, and utilities.

Equipment manufacturers: The first step in the renewable power value chain is equipment manufacturing. In the solar power value chain, this entails solar PV cells and associated equipment, such as mounting platforms and inverters. In wind power, the value chain critical equipment includes rotor blades of turbines and associated equipment, such as tower and electrical generators. Biopower equipment mainly constitutes steam turbine components and associated equipment.

Renewable Energy in Oil and Gas Industry Value Chain Analysis

Renewable Energy in Oil and Gas Industry Value Chain Analysis

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Renewable Energy in Oil and Gas Companies

Leading oil and gas companies have gradually pivoted their business portfolio with increasing renewable energy investments. Solar and wind energy have been the primary options in this transition for the oil and gas players, as the technology was well-established but not very widespread. Over time, oil and gas companies’ investments in developing biopower capacities have also increased.

Oil and gas companies: Some of the major oil and gas companies are BP, Eni, Equinor, Repsol, Saudi Aramco, Shell, Sinopec, and TotalEnergies among others.

EPC companies: Some of the key EPC companies covered in this report are ABB, Bechtel, Petrofac, Saipem, Wood Plc, and Worley among others.

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Integrated Oil and Gas Sector Scorecard

Integrated Oil and Gas Sector Scorecard

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Reasons to Buy

  • To understand the purview of renewable energy theme within GlobalData’s Energy Transition Framework.

  • Identify the key industry, technology, macroeconomic, and regulatory trends impacting the renewable energy theme.

  • Overview of technologies used to harness renewable energy.

  • Understand the renewable energy value chain and the key players in it.

  • Includes a snapshot of industry signals such as deals, patents, hirings, and company fillings related to renewable energy theme.

  • Identify and benchmark key oil and gas companies; and oilfield and services companies based on their competitive positioning in the renewable energy theme.

Table of Contents

  • 1 Executive Summary

  • 2 Players

  • 3 Technology Briefing

    • 3.1 Our energy transition framework

    • 3.2 Renewable energy sources

  • 4 Trends

    • 4.1 Oil and gas trends

    • 4.2 Technology trends

    • 4.3 Macroeconomic trends

    • 4.4 Regulatory trends

  • 5 Industry Analysis

    • 5.1 60% of the global power mix comes from fossil fuels

    • 5.2 Oil companies are strengthening their renewable energy portfolio

    • 5.3 Technologies beyond renewable sources

    • 5.4 Renewable energy contracting activity among oil majors

    • 5.5 Timeline

  • 6 Signals

    • 6.1 M&A trends

    • 6.2 Venture financing trends

    • 6.3 Patent trends

    • 6.4 Company filings trends

    • 6.5 Hiring trends

  • 7 Value Chain

    • 7.1 Equipment manufacturers

    • 7.2 Engineering, procurement, and construction companies

    • 7.3 Utilities

  • 8 Companies

    • 8.1 Oil and gas companies

    • 8.2 EPC companies

  • 9 Sector Scorecards

    • 9.1 Integrated oil and gas sector scorecard

  • 10 Glossary

  • 11 Further Reading

  • 12 Our Thematic Research Methodology

  • 13 About GlobalData

  • 14 Contact Us

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