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Passive Electronic Components Market In The Oil & Gas Industry Market Trends

Statistics for the 2023 & 2024 Passive Electronic Components Market In The Oil & Gas Industry market trends, created by Mordor Intelligence™ Industry Reports. Passive Electronic Components Market In The Oil & Gas Industry trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of Passive Electronic Components Industry In The Oil & Gas Industry

Increasing Invesment in Oil & Gas Industry

  • The passive electronic component market witnessed high demand in the oil & gas industry during the forecast period. The growth is attributed to increasing investments by oil & gas companies, regional governments, and other industry players to meet the growing demand.
  • In August 2022, Santos, an Australian-based company, announced to invest USD 1.3 billion into developing a major oil field on Alaska's North Slope. The company has also acquired Oil Search of Papua New Guinea to advance the project. The company aims to produce 80,000 barrels of oil daily and is expected to begin flowing in 2026.
  • According to IBEF, in March 2022, the Board of Oil India approved an investment of USD 839.49 million for the Numaligarhpetrochemical project. Further, in March 2022, the Board of IOCL approved plans to invest USD 932.6 million) For developing the City Gas Distribution (CGD) network in 9 geographical areas (GAs).
  • Further, in December 2022, Gazprom, a Russian company, announced the production of 412.6 billion cubic meters of natural gas increase compared to the previous month, which was recorded at 376.9 billion cubic meters.
  • Additionally, the industry has many ongoing and upcoming projects, with huge investments toward expanding production. For instance, the West Path Delivery 2023 project is expected to add about 40 km of new natural gas pipeline to the existing 25,000-km NGTL system, which ships gas across the U.S. and Canadian markets. Such projects are expected to continue during the forecast period, fueling the demand for passive electronic components.
  • Moreover, several industry players are also investing in the oil & gas industry to gain a competitive edge in the market. For instance, in March 2022, Sinopec, a China Petroleum & Chemical Corporation, announced investing 81.5 billion yen in upstream exploitation, crude oil bases in Tahe and Shunbei, and natural gas fields in Sichuan province and the Inner Mongolia region.
Passive Electronic Components Market in the Oil & Gas Industry - Average Annual Upstream Oil Investment

MEA Region to Hold a Significant Market Share

  • The Middle East region is one of the most significant regions for the world's oil & gas sector. The country's economy primarily depends on the oil and gas sector for revenues. The oil and gas sector has been undergoing many innovations, such as automation and IoT. Therefore, such trends are expected to create considerable demand for inductors in the region, owing to the incorporation of automation technologies.
  • According to International Trade Administration, Saudi Arabia possesses around 17% of the world's petroleum reserves and ranks among the largest exporters of petroleum and ranks second largest proven oil reserves in the world. Strong success in the oil & gas industry resulted in the country's economic development.
  • Saudi Arabia has witnessed an increase in interest and opportunities for the renewable segment and investing heavily in technologies to produce hydrogen environmentally, including green hydrogen and blue hydrogen. For instance, the country has taken several initiatives focused on the environment, such as the Middle East Green Initiative and Saudi Green Initiative, which further aim to become net carbon neutral by 2060. Such regional initiatives will create high demand for passive electronic components during the projected timeline.
  • The UAE's oil and natural gas reserves have grown, according to the Abu Dhabi National Oil Company, which has unveiled a USD 127 billion capital investment plan for 2022-2026. According to the state-owned firm, natural resource reserves have increased by 16 trillion standard cubic feet of natural gas and 4 billion stock tank barrels of oil, bringing the total to 111 billion stand 289 trillion scf.
  • The MEA region's oil and gas industry remains the most active and optimistic sector and is likely to continue to play a leading role. The industry also includes the most significant export and investment opportunities for foreign countries over the past years.
  • Furthermore, the increase in the upcoming large-scale oil & gas development and infrastructure projects across the MEA region will drive the demand for passive electronic components in the oil & gas industry.
Passive Electronic Components Market In The Oil & Gas Industry: Oil Production in Middle East Region, In Million Barrels Per Day, 2021- 2050*

Passive Electronic Components Market In The Oil & Gas Industry Report Snapshots

Passive Electronic Components Market in the Oil & Gas Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)