Energy & Power Market Research Report
The energy and power sector plays a pivotal role in the supply and generation of energy, encompassing a diverse range of activities. It involves organizations engaged in the exploration and development of oil and gas reserves, the refining of petrole
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um, and oil and gas drilling. Additionally, the se ctor includes entities dedicated to integrated power utilities, spanning coal and renewable energy sources. This industry's performance is notably influenced by fluctuations in oil and gas prices. When these prices rise, producers tend to thrive, while during price declines, oil refiners benefit from the ability to produce petroleum products at a lower cost. The energy and power sector is inherently susceptible to political events, often resulting in significant fluctuations and volatility in oil prices. In contemporary times, the industry is witnessing a growing convergence, driven by the electrification of transportation and surging demand for renewable energy sources. Oil and gas companies are rapidly diversifying into the electricity value chain. Despite the challenges posed by the COVID-19 pandemic, businesses, utilities, and governments worldwide have continued to pursue decarbonization plans. Notably, the United States has demonstrated a notable demand for clean energy, even in the absence of direct incentives for green infrastructure development due to the pandemic. According to the U.S. Energy Information Administration (EIA), electricity consumption is expected to rise by 1.3% in 2021, following a 3.9% decline in 2020. The industry is poised to expand into advanced technologies with the support of government funding, and there is growing anticipation for the commercialization of green hydrogen production as demand for cleaner energy sources continues to surge. Proficient Market Insights is dedicated to assisting a diverse clientele in achieving success by providing valuable insights for informed decision-making. Our comprehensive reports on the energy and
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