Global Overview of the Energy Industry

May 2022

The energy industry recovered in 2021, given the rapidly increasing crude oil and natural gas prices, and lifting lockdown measures. Reopening global economies allowed for increasing mobility and industrial and commercial activities, stimulating demand for energy products. The year also brought increased focus on developing the industry’s sustainability goals. The global demand for fossil fuels is set to continue expanding over the medium-term outlook, driven by the expanding economies in Asia P

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Key Findings

Digitalisation and modernisation

Digitalisation improves manufacturers’ operational costs, efficiency, workplace safety and continuity of operations in case of large disruptions such as global pandemic in 2020.

Decarbonisation efforts and renewable focus

As climate change and sustainability in manufacturing is an increasingly important topic in global economies, large market players have to find ways to reduce their emissions and adapt to the changing environment. Stricter environmental policies and emission goals are not only pushing oil, gas and coal producers to invest in technological advances but also distribute their investments towards renewable energy.

Focus on infrastructure

With rising global fossil fuel consumption, investment in new infrastructural channels and the upkeep of existing supply networks is essential in order to avoid future backlogs.

A shift towards hydrogen

Hydrogen is a growing topic in discussions on how to reduce emissions from energy consumption, and it could be produced from natural gas. Nevertheless, there’s a long way to scale production output to significantly affect the energy industry as it is.

 

 

Scope
Examining four trends shaping the energy industry
Key trends impacting the industry in 2022
Energy industry recovers after the pandemic shocks
Production value to fully recover in 2022
China and the US continue to dominate global industry
P rofit margins recover in light of rising demand and growing fossil fuel prices
Exports on steep recovery with rising global demand for energy
China and India to continue leading global energy imports growth
Asia Pacific to remain the largest energy market in the World
Rising fossil fuel prices are driving energy industry revenue growth
Energy prices set for decline in second half of 2022
Chinese energy companies lead the global market
Total number of companies on the rise with recovering demand
Industry concentration to increase with tightening environmental regulations
China, the US and Brazil to drive future production value growth
Most major producers will have reached pre-pandemic production revenues by 2022-2023
Key future trends shaping the global industry
China: Industry reaches pre-pandemic turnover revenues in 2021
Lockdowns in 2022 to negatively affect energy market development
USA: Energy industry set for robust turnover increase
Large domestic market demand to continue supporting industry revenues
Russia: Strict trade sanctions to severely hit industry revenues in 2022
Invasion of Ukraine to reshape Russia’s export future
Iran: Industry vulnerable to global political landscape
Hope for future lifting of sanctions increases investment in production output
Saudi Arabia: Resilient to COVID-19 shocks
Saudi Arabia continues to invest in Asian market refining to secure future crude oil buyers
Canada: Industry to continue on steep recovery path over the outlook period
New pipeline projects to secure future export growth
India: Industry set for consistent growth
Demand for refined petroleum to be supported by swift growth in road transport
Brazil: Industry remains resilient to COVID-19 shock
Brazil to amp up exploration and production
Australia: Industry slow to recover
Uncertain coal future and shrinking refining dampens Australian energy industry prospects
South Korea: Industry remains resilient to COVID-19 shock
Despite high prices, South Korea increases crude oil purchases to meet export demand
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