Renewable energy is making its mark in the Oil & Gas sector, with companies like BP, Honeywell, Dow Inc, and TECHNIP ENERGIES FRANCE leading the way. These companies have developed innovative technologies through recent patents, offering improved processes for hydrocarbon production, gas separations, bioethanol processing, lithium production, and hydrogen generation. With a focus on efficiency, cost-effectiveness, and sustainability, these advancements are set to enhance operations in the industry. Additionally, there has been a notable increase in renewable energy-related deals and job postings, indicating the growing importance of renewable energy in the Oil & Gas industry. The impact of renewable energy extends beyond the oil & gas sector, influencing various industries. GlobalData’s renewable energy market report provides comprehensive analysis of the renewable energy 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 34% decline in the number of renewable energy-related patent applications in Q2 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 12% compared with Q2 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 Q2 2024, the number of renewable energy-related deals in the oil & gas industry grew by 130% compared with Q2 2023. On a quarterly basis, the number of deals in Q2 2024 compared to the previous quarter, remained flat.
Impact on hiring
In terms of new job posting, in Q2 2024, the oil & gas industry experienced a 13% drop compared with the previous quarter. On an annual basis, job postings also grew by 6%. Notably, Architecture and Engineering Occupations, with a share of 19%, emerged as the top renewable energy-related job roles within the oil & gas industry in Q2 2024, with new job postings drop by 9% quarter-on-quarter. Management Occupations came in second with a share of 8% in Q2 2024, with new job postings dropping by 25% over the previous quarter. The other prominent renewable energy roles include Business and Financial Operations Occupations with a 7% share in Q2 2024, and Installation, Maintenance, and Repair Occupations with a 6% share of new job postings.
Worley, McDermott International, SBM Offshore, Suburban Propane, and MFA Oil 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, the UK, Australia, India and Canada also maintain significant positions in renewable energy adoption within the oil & gas industry.
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.
