Blog Information
- Posted By : Sam Walter
- Posted On : Dec 05, 2024
- Views : 9
- Category : General
- Description : The market is driven by various factors including rising energy security concerns, fluctuating global oil prices, regulatory changes, investment in renewable energy, and the need for infrastructure upgrades, alongside efforts to decarbonize and meet net-zero targets.
- Location : United Kingdom
Overview
United Kingdom Oil and Gas Market 2024-2032
According to IMARC Group's report titled "United Kingdom Oil and Gas Market Report by Type (Upstream, Midstream, Downstream), Application (Offshore, Onshore), and Region 2024-2032", the report presents a thorough review featuring the market share, growth, share, trends, and research of the industry.
How Big is the United Kingdom Oil and Gas Industry ?
The United Kingdom oil and gas market size was valued USD 577 Million in 2023. By 2032, this figure is projected to reach around USD 678 Million, with a compound annual growth rate (CAGR) of 1.80% over the forecast period (2024-2032).United Kingdom Oil and Gas Market Trends:
The market in the region of the uk is driven by the changing government incentives for the carbon capture and the storage (CCS) technologies that are fundamental to ensuring continued investment within the sector. The growth in the market is further supported by the inelastic demand for natural gas that is a key input in electricity production. There is also improvement in the operational efficiency of the sector with the advent of newer technologies such as digital oilfields and automation.In addition, improving crude prices have increased the profitability of the sector thus attracting foreign investments. Also, the market in the region is being boosted by infrastructure expansion for liquefied natural gas (LNG) imports. The threats to energy security in the uk are making oil and gas resources more strategically relevant to the country. The low-emission extraction policy incentives have also ensured that the sector remains relevant even in this low emission scenario.
For an in-depth analysis, you can refer free sample copy of the report: https://www.imarcgroup.com/united-kingdom-oil-gas-market/requestsample
United Kingdom Oil and Gas Market Scope and Growth Analysis:
The market is expanding because of foreign investments and the country’s continued focus on offshore drilling projects that ensure the country remains an important player in the European energy field. Also, as the energy infrastructure continues to develop more in terms of capacity of LNG import terminals and storage, market coverage for the domestic and regional demand is increasing. And as a result of the implementation of these advanced technologies operational transparency and efficiency gains are being achieved, for example artificial intelligence, blockchain, etc.
Moreover, the focus on switching to greener energy sources is in turn making oil and gas companies focus on developing renewables projects and carbon neutral technologies. In addition, the UK’s strategic location allows it to function as a linchpin for energy trading between Europe and the rest of the world. It appears such developments will ensure that the oil and gas market in the UK continues to grow as it has a number of diversification opportunities while at the same time technological improvement will enable unique developments in the market.
We explore the factors propelling the United Kingdom oil and gas market growth, including technological advancements, consumer behaviors, and regulatory changes.
United Kingdom Oil and Gas Market News:
- In June 2024, Shell announced its agreement to acquire Pavilion Energy, a global LNG trader, from Temasek, Singapore's government investment arm. This acquisition will bolster Shell's LNG offtake and supply portfolio, adding Pavilion's contracted supply of around 6.5 million tonnes per annum of LNG. Additionally, Pavilion Energy provides Shell with long-term regasification capacity in the UK, Singapore, and Spain, along with LNG bunkering services. This deal enhances Shell's standing in the LNG market and broadens its access to crucial gas markets in Asia and Europe.
United Kingdom Oil and Gas Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest United Kingdom oil and gas market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
Type Insights:
- Upstream
- Midstream
- Downstream
Application Insights:- Offshore
- Onshore
Regional Insights:- London
- South East
- North West
- East of England
- South West
- Scotland
- West Midlands
- Yorkshire and The Humber
- East Midlands
- Others
Top Players Analysis:The report provides a detailed analysis of the competitive environment. It covers various aspects such as market structure, positioning of key players, top strategies for success, a competitive dashboard, and a company evaluation quadrant. Furthermore, the report includes comprehensive profiles of all major companies.
Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=24514&flag=C
Other Key Points Covered in the Report:
- COVID-19 Impact on the Market
- Porter's Five Forces Analysis
- Strategic Recommendations
- Market Dynamics
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
- Top Winning Strategies
- Recent Industry News
- Key Technological Trends & Development
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.Contact US:
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United States: +1-631-791-1145- In June 2024, Shell announced its agreement to acquire Pavilion Energy, a global LNG trader, from Temasek, Singapore's government investment arm. This acquisition will bolster Shell's LNG offtake and supply portfolio, adding Pavilion's contracted supply of around 6.5 million tonnes per annum of LNG. Additionally, Pavilion Energy provides Shell with long-term regasification capacity in the UK, Singapore, and Spain, along with LNG bunkering services. This deal enhances Shell's standing in the LNG market and broadens its access to crucial gas markets in Asia and Europe.