Renewable energy is making its mark in the oil & gas sector, with companies like BP, Honeywell and Dow Inc leading with innovative patents for better efficiency, cost-effectiveness, and sustainability, enhancing industry operations. The increase in renewable energy-related deals and job postings highlights its growing importance and broader impact across industries. GlobalData’s renewable energy market report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the oil & gas industry regarding renewable energy. It provides an overview of recent developments in renewable energy-related deals, talent acquisition, and patent filings within the oil & gas industry.
The industry experienced a 27% decline in the number of renewable energy-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of renewable energy-related patent applications in the oil & gas industry witnessed a drop of 21% compared with Q1 2023.
Strategic deal trends in renewable energy in oil & gas industry
Oil & Gas companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in renewable energy. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of renewable energy in the oil & gas industry.
In Q1 2024, the number of renewable energy-related deals in the oil & gas industry grew by 100% compared with Q1 2023. On a quarterly basis, there was 33% increase in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the oil & gas industry experienced a 70% growth compared with the previous quarter. On an annual basis, job postings also grew by 13%. Notably, Architecture and Engineering Occupations, with a share of 18%, emerged as the top renewable energy-related job roles within the oil & gas industry in Q1 2024, with new job postings rising by 109% quarter-on-quarter. Management Occupations came in second with a share of 10% in Q1 2024, with new job postings rising by 53% over the previous quarter. The other prominent renewable energy roles include Business and Financial Operations Occupations with a 7% share in Q1 2024, and Installation, Maintenance, and Repair Occupations with a 6% share of new job postings.
Worley, Suburban Propane, McDermott International, MFA Oil, and SBM Offshore are among the top companies leading in renewable energy hiring within the oil & gas industry.
Countries driving adoption of renewable energy in oil & gas industry
The US is the leading country in renewable energy adoption within the oil & gas industry, boasting the highest number of renewable energy-related patents, jobs, and deals. Meanwhile, Canada, India, Australia and Norway also maintain significant positions in renewable energy adoption within the oil & gas industry.
In conclusion, the oil & gas industry's growing investments and job growth in renewable energy underscore its commitment to sustainable advancements, despite a decline in patent applications. The US leads in this transition, with significant contributions from other key countries.
To further understand GlobalData's analysis on renewable energy in the oil & gas industry, buy the report here.
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GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
