The steady shift to renewable energy sources and the global drive for environmental sustainability have created new diversification avenues for oil and gas companies. They must embrace the shift and expand their scope with alternative energy sources. This will allow them to offer complementary options and increase business resilience.
The time is right to explore and innovate. Reports suggest that the future outlook for the oil and gas industry is highly promising. From recent laggardness, the oil and gas market is pegged to grow a CAGR of 11.1% to be valued at $10,376.28 billion by 2026. This will understandably have a ripple effect on subset markets like oil field equipment, which is forecasted to see steady growth at a CAGR of 2.8% to be worth $142.6 billion by the end of 2027.
L&T Technology Services’ (LTTS) next-generation technology-enabled oil field equipment and decades of experience in engineering leadership caters to every aspect of oil and gas exploration, extraction, refining, and distribution – from evaluation to abandonment. Our rich portfolio of oil and gas equipment and upstream product engineering services is what makes us a preferred choice of industry leaders.
