Energy & Power Market Research Report
The energy and power sector comprises the supply and production of energy. It includes various organizations engaged in the development and exploration of gas and oil reserves, refining, and oil & gas drilling. It also contains a few companies working for integrated power utilities, such as coal and
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The energy and power sector comprises the supply and production of energy. It includes various organizations engaged in the development and exploration of gas and oil reserves, refining, and oil & gas drilling. It also contains a few companies working for integrated power utilities, such as coal and renewable energy. During periods of oil and gas price hikes, producers tend to perform well. But, when the price drops, oil refiners are benefitted as they can produce petroleum products at a very low cost.
At the same time, the industry is prone to political events as these often result in wild fluctuations and volatility in oil prices. Nowadays, the electrification of transportation and the high demand for renewable energy are boosting the convergence of the industry. Oil and gas companies are also participating in the electricity value chain at a fast pace.
Businesses, utilities, and states across the globe were looking forward to decarbonization plans in 2020, despite the outbreak of the COVID-19 pandemic. The U.S. showcased a high demand for clean energy even though there was no direct incentive for the development of green infrastructures due to the pandemic. The U.S. Energy Information Administration (EIA) states that the consumption of electricity is set to surge by 1.3% in 2021. It had fallen by 3.9% in 2020. This industry would soon expand into advanced technologies with the help of governmental funds. Green hydrogen production is anticipated to undergo commercialization in the near future as the demand is increasing rapidly.
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