Rystad Energy predicts the global market for oil and gas contractors will reach $1 trillion by 2025. Energy suppliers will expand into other areas, including geothermal, hydrogen, offshore wind, and carbon capture, utilization, and storage.
- Jan 30, 2023, 3:00 PM CST
Energy suppliers will expand into other areas, including geothermal, hydrogen, offshore wind, and carbon capture, utilization, and storage. Despite the risk that another downturn cycle in oil and gas may occur after 2025, oilfield service suppliers should be able to balance out the downturn by branching out into other parts of the wider energy market – and in so doing, expanding the overall target market for contractors. The key for suppliers is to continue chasing obvious opportunities within geothermal energy, hydrogen, offshore wind, and carbon capture, utilization and storage.
While we expect the next seven years to provide a strong market for energy services, companies still have to improve their economics to make it a feast. Luckily, overall utilization is improving rapidly as suppliers are careful not to overinvest in more capacity as rigs, vessels, plants, and other units in the supply chain are affected by natural wear and tear.
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