Oil & Gas Outlook 2024: Industry Data & Innovation Insights

The oil & gas industry is coming to a crossroads, between becoming renewable energy leaders and continuing fossil fuel production. The sector is driven by new technologies and high energy demand. This report explores key market data as well as the impact of innovation on companies worldwide.

The 2024 Oil & Gas Outlook gives a detailed view of changes in the sector with global economic uncertainty and a growing focus on the environment. This report analyzes the latest trends, tech advancements, and regulatory updates that shape the industry. It points out key areas like investment plans, better production methods, and steps toward sustainability. In addition, it shares insights on companies’ management of current obstacles and usage of new opportunities.

This oil & gas industry report serves as a reference for stakeholders, investors, policymakers, and economic analysts providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.

StartUs Insights Oil & Gas Outlook 2024

Oil&Gas-Industry-Report-HeatMap-StartUs-Insights-noresize

Executive Summary: Oil & Gas Report 2024

This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 3500+ oil & gas startups developing innovative solutions to present five examples from emerging oil & gas industry trends.

  • Industry Growth Overview: The oil & gas market outlook shows an industry that experienced a downturn (4.49% decline) in 2023, yet remains a massive global sector with over 131000 companies.
  • Manpower & Employment Growth: The industry added about 778200 new employees last year, taking the total global workforce to more than 18.4 million.
  • Patents & Grants: Innovation reflects with over 196810 patents filed and 12770 grants awarded.
  • Global Footprint: Significant activities concentrate in key regions including the US, India, UK, Canada, and Germany, with major city hubs being Houston, Dubai, Mumbai, Calgary, and London.
  • Investment Landscape: The industry sees financial engagement with the closure of over 20140 funding rounds and an average investment value of USD 115.1 million per round.
  • Top Investors: Major contributors including Encap Flatrock Midstream, European Investment Bank, Warburg Pincus, and more have collectively invested over USD 28 billion.
  • Startup Ecosystem: Five innovative startup features include Oceanlux Technologies (carbon capture), CleanConnect.ai (AI-based safety and efficiency), IDROGENA (clean hydrogen transition), Ai Exploration (water cut measurement), and Solumar (air and gas filtering solution).
  • Recommendations for Stakeholders: Investors should consider the long-term viability of oil and gas companies and potentially look at renewable energy investments. Oil companies should assess their environmental impact, social responsibility, and governance practices. As governments incentivize clean production methods to reduce emissions and meet safety standards, the industry should hedge against a potential decline in demand for fossil fuels.

Explore the Data-driven Oil & Gas Industry Outlook for 2024

The oil and gas industry outlook for 2024 uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. The heatmap shows critical data points and trends within our extensive database, that span numerous companies and startups. It includes over 131810 companies, including 3500+ startups. The industry experienced a slight contraction in growth by -0.67% over the last year.

Moreover, the database records more than 196810 patents and the issuance of 12770 grants. The global manpower involved in these companies stands at 18.4 million individuals. It experienced an increase of 778200 employees in the past year, indicating a healthy employment trend within the industry.

In addition, the heatmap features the top 5 country hubs (USA, India, UK, Canada, Germany) and top 5 city hubs (Houston, Dubai, Mumbai, Calgary, London), highlighting the places with concentrated startup activity. This geographic distribution provides insights into regional market dynamics and potential areas of opportunity.

What data is used to create this oil and gas report?

Based on the data provided by our Discovery Platform, we observe that the oil & gas industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.

  • News Coverage & Publications: The oil & gas industry has been featured in over 27800 publications in the last year.
  • Funding Rounds: Our database shows funding rounds of more than 20140 in the oil & gas sector.
  • Manpower: The industry employs more than 18.4 million workers globally and added over 778200 new employees in the past year.
  • Patents: With over 196000 patents, the industry showcases its focus on innovation and technological advancement.
  • Grants: The sector received more than 12770 grants, highlighting its capacity to secure funding for research and development.
  • Yearly Global Search Growth: The sector demonstrated a yearly global search growth of 6.3%.
  • and more. Book a demo to explore all data points used to create this oil & gas report.

A Snapshot of the Global Oil & Gas Industry

The oil & gas report provides an extensive overview of key metrics and trends that define the current landscape and forecast future potential within the sector. The industry includes a workforce of 18.4 million individuals globally. Over the past year, it experienced an increase in employment with 778200 new jobs created. Our database currently includes over 131810 companies within this industry. It presents the diverse opportunities for various stakeholders, from entrepreneurs to investors.

Explore the Funding Landscape of the Oil & Gas Industry

The average investment per funding round stands at USD 115 million to highlight the financial engagement of this industry. The sector closed more than 20140 funding rounds, reflecting a market with substantial capital flow and investment activity.

With over 8100 investors participating, the industry attracts financial backers looking to capitalize on its growth and innovation. Over 9380 companies received investment, illustrating the entrepreneurial activity.

Who is Investing in Oil & Gas?

The data presented highlights the financial contributions made by the top investors in the industry, with a combined investment value exceeding USD 28 billion.

  • Encap Flatrock Midstream invested USD 6.4 billion across 17 companies.
  • The European Investment Bank follows closely, investing USD 4.4 billion in 18 companies.
  • Warburg Pincus committed USD 3.9 billion to 19 companies.
  • EnCap Investments matches this engagement level with investments in 19 companies but at USD 3.8 billion.
  • Apollo, although involved with fewer companies, totals 8 companies with an investment of USD 2.8 billion.
  • GIC dispersed USD 2.6 billion across 12 companies.
  • Goldman Sachs maintains its presence by investing USD 2.5 billion in 11 companies.
  • The African Export Import Bank allocated USD 2.1 billion to 4 companies.
  • and more. Book a demo to explore all investment data in the oil & gas industry

Here are the top trends in the oil and gas industry, including the firmographic insights:

  • Hydrogen production grows in the sector with an annual trend growth rate of 22.64%. The industry comprises 986 companies and employs over 105800 individuals. The past year alone saw the addition of 6900 new employees.
  • Bioremediation involves 608 companies and employs 33700 individuals. This sector saw an increase in its workforce, with 1700 new employees joining last year. The annual trend growth rate stands at 5.63%.
  • Carbon Capture and Storage (CCS) includes 833 companies actively involved. Further, the sector experienced an influx of 9300 new employees last year with an annual trend growth rate of 8.30%.

5 Top Examples from 3500+ Innovative Oil & Gas Startups

The five innovative startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a platform demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.

OceanLux Technologies provides Carbon Capture Solutions

Indian startup OceanLux Technologies uses an ocean-aliment carbon capture approach to harness the ocean’s natural ecosystems. The method enhances the growth of phytoplankton and other marine life which act as carbon capturers from offshore rigs and platforms. These pull CO2 from the atmosphere and store it in the deep ocean. The company offers a sustainable and cost-effective solution to mitigate carbon emissions and protect the oceans.

CleanConnect.ai offers AI-based Safety and Efficiency

US-based startup CleanConnect.ai uses energy AI and computer vision to optimize operations and reduce costs. Its Autonomous365 Visual Automation Suite platform enables hyper-automation to monitor every event. This platform detects flame, smoke, PPE, and autonomous gate guards. Further, it provides an access facility stream of oil & gas sites for oversight and operational needs. It also streamlines operations with sensory insights including gas leak detection and tank level monitoring with real-time updates.

IDROGENA accelerates Clean Hydrogen Transition

Italian startup IDROGENA provides low-cost, ultra-clean, and energy-efficient hydrogen while capturing carbon into the solid state. The company’s process puts methane molecules under intense electric heat in an oxygen-free environment. It splits the components of the molecules into hydrogen gas and solid-state carbon. This process works without water and eliminates methane. It requires less energy compared to the electrolysis process and deploys across the natural gas network to compensate for the lack of hydrogen infrastructure.

Ai Exploration develops Water Cut Measurement Solutions

UK-based startup Ai Exploration develops Poseidon, a water cut measurement meter. This device utilizes optical technology in water content measurement across varying flow conditions, including 2 and 3-phase flows. The Poseidon meter features multiple sensing points to ensure consistent measurement accuracy, even in quasi-stratified flow regimes. Also, it includes an optical arrangement to prevent blockages and maintain clarity. Automated diagnostics within the sensor promptly alert operators to any optical issues, providing constant measurement reliability. The meter performs across different conditions, unaffected by salinity, hydrate inhibitors, or changing gas volume fractions.

Solumar offers Air and Gas Filtering Solution

Bulgarian startup Solumar develops an advanced air purification technology system using aero and fluid dynamics, water atomization, and low-energy plasma vortexes. The system features a compact design with three integrated modules. The system’s module 1 captures mechanical particles, ranging from ePM1 to coarse, using high-pressure atomized water treated by a magnetic activator and ozonation. Module 2 monitors and purifies water for reuse, and dehumidifies the air. Module 3 uses proprietary technology and low-energy plasma vortexes to capture, store, or break down CO2 and volatile organic compounds into harmless atoms. This system eliminates pollutants from the air and reduces emissions cost-effectively.

Looking for Comprehensive Insights into Oil & Gas Trends, Startups, or Technologies?

The 2024 Oil & Gas Outlook shows that the sector faces considerable existential challenges while remaining competitive to exploit new renewables opportunities. Companies that adapt to the dynamic and growing energy landscape and invest in renewable integration and carbon management will lead the market. Book a platform demo to explore all 3500+ startups and scaleups, as well as all industry data impacting oil & gas companies.

 

Download the Oil & Gas Report!
We’ll deliver it straight to your inbox!



    Protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    Looking for specific oil & gas industry data?



      Protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

      StartUs Insights logo

      Discover our Free Oil & Gas Report 22 pages

      DOWNLOAD
      Discover the latest Oil & Gas Trends!
      We'll deliver our free report straight to your inbox!



        Protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

        Free Resources
        Discover the latest Oil & Gas Trends!
        We'll deliver our free report straight to your inbox!



          Protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

          Discover the latest Energy Trends!
          We'll deliver our free report straight to your inbox!



            Protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

            Discover the latest Manufacturing Trends!
            We'll deliver our free report straight to your inbox!



              Protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

              Discover the latest Utility Trends!
              We'll deliver our free report straight to your inbox!



                Protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.