Discover Top 10 Oil and Gas Industry Trends in 2024

Curious how technologies enhance oil and gas operations & reduce environmental impact? Dive into our research on 2000+ startups & gain data-driven insights into top oil and gas industry trends & tech-driven solutions, including AI-based IRM, drilling and production optimization, predictive maintenance & more!

Emerging oil and gas industry trends are reshaping the sector, making it more efficient, safer, and smarter. Companies are increasingly focusing on digitization and automation to solve complex sub-surface engineering challenges. The use of AI algorithms is enhancing oilfield productivity, while the integration of advanced robotics and data management is streamlining processes and reducing the need for human labor. Additionally, the industry is adapting to global energy shifts, with a growing emphasis on sustainable practices and investments in alternative energy sources.

This report was published in February 2021 and updated in January 2024.

Innovation Map outlines the Top 10 Oil and Gas Trends & 20 Promising Startups

For this in-depth research on the Top Oil and Gas Industry Trends and startups, we analyzed a sample of 2000+ global startups & scaleups. This data-driven research provides innovation intelligence that helps you improve strategic decision-making by giving you an overview of emerging technologies in the oil & gas industry. In the Oil and& Gas Innovation Map below, you get a comprehensive overview of the innovation trends & startups that impact your company.

What are the Technology Trends in Oil and Gas (2024)?

  1. Internet of Things
  2. Artificial Intelligence
  3. Big Data & Analytics
  4. Robotics & Automation
  5. 3D Modeling & Visualization
  6. Cloud Computing
  7. Augmented & Virtual Reality
  8. Manufacturing Execution Systems
  9. Predictive Maintenance
  10. Blockchain

These insights are derived by working with our Big Data & Artificial Intelligence-powered StartUs Insights Discovery Platform, covering 3 790 000+ startups & scaleups globally. As the world’s largest resource for data on emerging companies, the SaaS platform enables you to identify relevant technologies and industry trends quickly & exhaustively.

 

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Tree Map reveals the Impact of the Top 10 Oil & Gas Industry Trends

The Tree Map below illustrates the impact of the top 10 oil and gas trends in 2024. The Internet of Things (IoT) and artificial intelligence form the largest oil & gas industry trends. Big data analytics, cloud technology, predictive maintenance, and manufacturing execution systems enable vital data management and analysis tools that significantly improve overall operational efficiency.

Further, AI enables robotic applications in oil rigs and refines oil well imaging processes. Oil and gas startups also develop blockchain solutions that offer visibility and transparency across the entire oil & gas value chain. Finally, augmented and virtual reality technologies improve worker safety and enable remote operations and virtual training.

 

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Global Startup Heat Map covers 2086 Oil and Gas Startups & Scaleups

The Global Startup Heat Map below highlights the global distribution of the 2086 exemplary startups and scaleups that we analyzed for this research. Created through the StartUs Insights Discovery Platform, the Heat Map reveals that Europe & the US are home to most of these companies while we also observe increased activity in India as well as Singapore.

Below, you get to meet 20 out of these 2086 promising oil and gas startups & scaleups as well as the solutions they develop. These innovations in the oil & gas industry are hand-picked based on criteria such as founding year, location, and funding raised. Depending on your specific needs, your top picks might look entirely different.

 

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Interested to explore all 2000+ oil and gas startups & scaleups?

 

Top 10 Oil & Gas Industry Trends in 2024

1. Internet of Things (IoT)

In the oil and gas industry, IoT is enhancing production efficiency, optimizing equipment, ensuring worker safety, and enabling remote area monitoring. Sensors in wells, blowout preventers, and choke valves facilitate real-time data collection.

This data helps startups quickly identify and address equipment issues, aiding field engineers in proactive responses. IoT solutions are reducing maintenance costs and providing detailed insights into equipment and processes. The global IoT in the oil and gas market is expected to reach USD 43 billion by 2024, growing at a CAGR of about 22% from 2019 to 2024.

Sensital provides a Real-Time Monitoring Platform

Australian startup Sensital provides solutions to extract maximum value out of the IoT ecosystems for many industries. The startup offers its IoT platform iBOTics that automates control, remotely monitors, and initiates maintenance tickets.

This also improves the safety, reliability, and efficiency of the wells, pipelines, and industrial equipment. iBOTics also helps oil & gas operators minimize the overall operating expense (OPEX) and maximize the return on investment (ROI).

Zyfra builds an Industrial IoT Platform

Zyfra is a Finnish startup that implements industrial digital solutions for the oil & gas industry through its proprietary cloud-based IIoT platform. The startup’s IIoT products for upstream oil & gas include their field development platform Geonaft. The platform supports precision drilling, production scheduling, artificial lift, and predictive maintenance, among others. Zyfra’s IIoT solutions further provide real-time insights for O&G startups, improving efficiency and worker safety.

2. Artificial Intelligence (AI)

The industry is leveraging AI and data science to enhance operations across upstream, midstream, and downstream sectors. AI-enabled platforms provide valuable insights through predictive, prescriptive, and cognitive analytics, aiding decision-making.

This technology assists petroleum engineers and managers in discovering and implementing innovative exploration and production strategies to boost ROI. The AI in oil and gas market is estimated to be valued at USD 3.5 billion in 2024 and is expected to reach USD 13 billion by 2034, reflecting its growing impact on the industry.

DeepsinAI offers AI-based Digital Oilfield Services

Serbian startup DeepsinAI uses machine learning to optimize workforce operations for oil and gas companies. Its platform makes it easy for clients to integrate AI into their existing systems to streamline processes and gain useful insights. The startup’s comprehensive services and new digital oilfield solutions work to bring AI into underserved industries and regions.

Rovula offers AI Robotic for Subsea Inspection, Repair & Maintenance

Thailand-based startup Rovula offers an end-to-end platform that uses AI and robotics for subsea inspection, repair and maintenance (IRM). It offers three main products and services – Nautilus, a robotic technology for repairing damaged underwater pipelines; Xplorer, an AI-enabled autonomous underwater vehicle for pipeline inspections; and Xspector, a customizable cloud-based data management platform.

3. Big Data & Analytics

The oil and gas industry generates vast amounts of unstructured data daily. Big data platforms enable data analysts to extract insights from production and performance data, aiding engineers in optimizing production and ensuring reservoir safety.

Historical data enhances the training and testing of AI-driven algorithms and models. Utilizing big data analytics, the industry is deriving more value from daily decisions, leading to reduced operational costs and lower carbon emissions.

Welligence offers Data-as-a-Service (DaaS)

Welligence is a US-based startup offering big data and AI solutions for the oil & gas industry. The startup’s AI platform provides engineers with data analytics dashboards, visualization tools, production forecasts, and valuation models.

Welligence’s platform extends to a subscription-based Data-as-a-Service (DaaS) that integrates with data from any source. Broadly, the platform empowers engineers and energy operators to make better strategies at an asset or a company level.

Phoenix RDS provides Drilling Optimization

British startup Phoenix RDS leverages big data & analytics for waterflood, production, and drilling optimization. In addition to reservoir modeling algorithms, Phoenix RDS also offers optimization workflows for enhanced oil recovery (EOR). These allow oil & gas asset operators to increase reservoir sweep efficiency and reduce injection volume requirements. This, in turn, enables oil companies to reduce costs and increase asset value.

4. Robotics & Automation

In response to the hazardous and complex environments of oil and gas operations, the industry is increasingly adopting robotics and automation. These technologies enhance workplace safety and operational speed. Robots are employed for inspection, surveying, and industrial automation in oil rigs and refineries, accelerating operations and reducing the need for manual labor.

This shift not only increases efficiency but also minimizes human error. As a result, the global market for robotics and automation in oil and gas was valued at USD 16.5 billion in 2022 and is projected to reach USD 24.7 billion by 2030.

Sensia offers Process Automation

US-based startup Sensia offers intelligent automation solutions to reduce interaction time between detection, diagnosis, and resolution for oil & gas companies. The startup’s connected technology platform enables oil & gas digitization and automation.

Sensia’s oil & gas production, transportation, storage, and processing solutions also provide greater operational efficiency, safety, and asset productivity. Using the solutions, petro-technical experts and process engineers plan optimal production schedules and reduce equipment downtime.

EXRobotics builds Robot-as-a-Service (RaaS) Solutions

Dutch startup EXRobotics builds various kinds of robots that work in rugged industrial sites and harsh environments. The startup’s robots include First Responder for incidents involving explosive gas, Emissions Detector to battle fugitive emissions, Co-Operator for remote facilities, and Investigator for data collection. For the oil & gas industry, EXRobotics offers a cloud-based RaaS platform. The platform allows industrial operators to increase operational efficiency, and safety, and reduce costs.

5. 3D Modeling & Visualization

3D modeling and high-quality visualizations are crucial in realistically representing subsurface reservoirs and oil & gas equipment. These tools, combined with historical production data, simulate production and injection phases, aiding in risk prediction for reservoir safety. Oil & gas engineers use this data for optimizing production and operational planning.

3D modeling and visualization not only lower costs and reduce risks but also enhance performance for oil & gas assets. The industry increasingly relies on these technologies for efficient exploration and production, leading to more informed decision-making and improved asset management.

O&G Cloud enables Reservoir Simulation

O&G Cloud is a Singapore-based startup providing upstream oil & gas companies with a cloud-based platform called XXSim. The platform features thermal, black oil, and compositional reservoir simulation modules.

Along with the platform, XXSim also offers tools that convert simulation files from external simulators. Using the XXSim cloud computing platform, reservoir engineers predict reservoir performance and suggest necessary inputs to maximize production from a reservoir.

Maillance provides Production Optimization

French startup Maillance offers its cloud-native solution oilfield.ai to automate reservoir modeling and visualization and make real-time decisions. The startup’s product combines geoscience, physics, and AI-based analytics.

Oilfield.ai finds applications in production optimization, field development, and reservoir management. Petroleum and reservoir engineers use the platform to train reproducible models that predict reserve estimates and optimize production.

 

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6. Cloud Computing

Cloud computing, which stores and processes data on remote servers, is advancing the oil and gas industry by freeing up local memory and computing capacities. This technology is particularly beneficial for handling the vast amounts of data generated daily in the industry.

By leveraging cloud technology and software applications, the industry is enhancing efficiency, security, and scalability, and facilitating digital transformation. Cloud-native tools, including various ‘as-a-service’ platforms, enable advanced analytics, visual dashboards, and remote access to real-time insights.

inerG offers Petroleum Asset Management

US-based startup inerG offers tools to enable end-to-end petroleum asset management and well data analytics. The startup’s tools combine economic, production, and operational data into a single application. It identifies operational changes that improve efficiencies and reduce overall costs for O&G companies.

In addition, the startup offers inergDiligence, cloud-based software for the economic evaluation of oil & gas reserves. The diligence software improves the accuracy of acquisition and divestiture (A&D) evaluation, integration, and oil & gas asset management.

Engage enables Digital Field Management

Engage is a US-based startup building ENGAGE, a cloud-native digital field management platform. The platform provides real-time tracking, predictive scheduling, and data analytics-based reporting. The ENGAGE platform integrates production data, IoT devices, and accounting software to provide transparency into oilfield operations.

The solution also utilizes predictive algorithms to automate jobs based on predetermined criteria. Moreover, it allows oil & gas operators and vendors to save time, increase productivity, and reduce costs.

7. Augmented & Virtual Reality

Immersive technologies like augmented reality (AR), virtual reality (VR), mixed reality (MR), and extended reality (XR) are transforming the oil and gas industry. These technologies enhance efficiency and reduce errors by providing real-time information about equipment and tools.

Exploration and production companies utilize these solutions for remote monitoring, downhole imaging, and virtual training. Additionally, oil and gas startups are blending real and virtual environments to facilitate human-machine interactions through wearables and smartphone alerts. This integration of immersive tech is simplifying training and operational processes in the industry.

Previse Studio offers VR Communication

Indian startup Previse Studio offers VR solutions for manufacturing and original equipment manufacturers (OEMs) in the process industries. The startup provides VR and AR for visual communication by simulating a real environment for users during greenfield, brownfield, and revamping projects.

The solution supports plant construction and maintenance, as well as worker training and safety improvements. Operations and maintenance personnel use the startup’s VR studio to conduct plant walk-throughs, check plant construction progress or plant operations, and enable predictive maintenance.

RealWear provides Industrial Wearables

RealWear is a US-based startup providing hands-free industrial head-mounted wearable headsets. The startup’s headsets feature remote mentoring, document navigation, and IIoT visualization, in addition to digital workflow solutions. For the oil & gas industry, Realwear’s proprietary HMT is useful for drilling and completion engineers to visualize and collaborate during well-testing operations.

HMT also finds applications for process engineers to communicate with each other while scanning pump types. In addition to headsets, the startup also offers earbuds, bump caps, and hard hat clips, also powered by AR/VR.

8. Manufacturing Execution Systems (MES)

Manufacturing Execution Systems (MES) integrate manufacturing facilities, operational technologies like SCADA and computing systems to control production processes in the oil and gas industry. Given the complexity of oil and gas equipment manufacturing, MES provides an intelligent framework for integrated control systems.

It facilitates efficient monitoring and management of continuous operational processes, ensuring faster, safer, and more reliable production. The global market for MES is projected to expand from USD 14.9 billion in 2024 to USD 23.0 billion by 2029, growing at a CAGR of 9.2% between 2024 and 2029.

Cognate-Gnosis offers Operations Optimization

Australian startup Cognate-Gnosis offers MES solutions for any industrial operations company, including oil & gas, mining, and utilities. The startup’s MES consultation helps oil & gas equipment manufacturers utilize real-time production data to optimize operations, increase efficiencies, reduce wastages, and increase overall equipment efficiency (OEE). In addition, the startup also offers IIoT solutions for enabling predictive analytics, as well as employee training and network security.

WellSentinel offers a Passive Well Integrity Monitoring Solution

WellSentinel is a UK-based startup developing a passive solution for remote subsea well integrity monitoring without the need for active power or communication. It works by detecting leaked gas or fluid using a specialized gathering system and proprietary triggers.

Once a trigger is degraded, an individually coded alert beacon is released to the surface to send a signal via satellite. This provides continuous monitoring to reduce the risks and costs of vessel-based inspection.

9. Predictive Maintenance

Predictive maintenance in the oil and gas industry involves collecting sensor data from field installations and integrating it with machine learning algorithms. This approach allows engineers to swiftly evaluate equipment conditions and schedule maintenance proactively.

Predictive operations, enhanced by software platforms, offer detailed visualizations of parts, aiding operators in foreseeing potential failures. Applicable across upstream, midstream, and downstream operations, these solutions bolster safety, prolong equipment lifespan, and cut down operational and maintenance costs.

Novity offers an Asset Health Check Solution for Predictive Maintenance

US-based startup Novity offers predictive insights into oil & gas asset health. Its expertise spans a wide range of equipment, including compressors, pumps, and motors. By leveraging Novity’s advanced prognostics, operators ensure the optimal performance and longevity of assets.

Novity also supports operators looking to strike a balance between operational efficiency and sustainable practices. Novity’s solution covers eliminating downtime and predictive maintenance for midstream and downstream oil and gas.

Datall facilitates Plant-wide Condition Monitoring Solutions

Iran-based startup Datall is a startup that develops predictive maintenance and condition monitoring solutions to help businesses prevent unplanned downtime and increase machine uptime. Its product, Gubras, monitors rotating equipment holistically and improves productivity, efficiency, and reliability. The startup enables plant-wide condition monitoring which allows plant managers to create highly efficient maintenance schedules. Gubras also integrates with third-party systems to help plants of all sizes and ages.

10. Blockchain

Blockchain enhances security and transparency through smart contracts for documents and operations. Distributed ledgers are used to verify contractors and employees and maintain these contracts. Blockchain enables automation in invoicing, post-trade settlements, and joint venture accounting.

Additionally, it’s instrumental in hydrocarbon fleet tracking, trading, retail B2C, and intragroup billing. The adoption of blockchain in the industry is seen as a significant technological breakthrough, offering a promising platform for future developments and investments.

Solar Oil Project revives Old Oil Wells using Solar Pumps and Tokenization

Solar Oil Project is a US-based startup addressing the problem of abandoned oil wells by installing solar-powered pumps to efficiently revive old wells. The process occurs transparently on the blockchain using smart contracts. Token holders can stake tokens to fund specific well revitalization projects and receive rewards in the form of SOPX tokens representing barrels of oil.

If successful at scale, the project could help clean up hundreds of thousands of abandoned wells while providing an innovative investment opportunity for token holders over decades.

Blockgemini offers Oil Demand Forecasting

Blockgemini is a US-based startup offering transparent and secure business solutions for complex oil & gas processes. The startup utilizes Blockchain, AI, and IoT to enable the full digital transformation of the oil & gas industry. This includes planning, warehousing, and transportation, as well as forecasting and demand pricing.

In this way, the cloud-based platform enables oil & gas companies to digitally share and coordinate plans, based on forecasts, and make decisions to improve their business. The solution also increases overall operational efficiency by providing transparency into various oil & gas processes.

Discover all Oil & Gas Trends, Technologies & Startups

Drones and predictive maintenance have simplified the inspection of offshore rigs and onshore equipment. Additionally, digital twins, which create a convergence between physical and virtual realms, empower engineers to oversee remote assets effectively. The adoption of these advanced technologies equips oil and gas operators and companies to tackle current challenges and adapt to future developments.

The oil & gas trends and startups outlined in this report only scratch the surface of trends that we identified during our data-driven innovation & startup scouting process. Identifying new opportunities & technologies to implement into your business goes a long way in gaining a competitive advantage.

 

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