Petroleum Africa
Find us on: 
Friday, June 17, 2022
The maintenance, modification and operations (MMO) market for the renewable and low-carbon energy industries is set to soar by the end of the decade and approach $250 billion, presenting ample opportunities for operators to reap rewards from the energy transition. The oil and gas industry has dominated the MMO sector, but that is set to change as green energy sources increasingly account for a greater percentage of the world’s energy mix.
Rystad Energy research shows that annual MMO spending, including in oil and gas, will surpass $600 billion in 2030, up from $367 billion in 2019, before the Covid-19 pandemic disrupted the industry. Out of that spending, the MMO market for renewables and low-carbon energy is set to almost quadruple from $63 billion in 2019 to $244 billion in 2030.
In 2019, global MMO spending was dominated by the fossil fuel industries, with 82% of total expenditure originating from the oil and gas industry. By 2030, that total will drop to only 60% as renewables and low-carbon energy sources pick up steam and take an increasingly large slice of the pie.
“With the rapid adoption of renewable and low-carbon energy infrastructure expected by the end of the decade, there will be ample opportunities for MMO players to take advantage. The suppliers who can adapt quickly and service the maintenance needs of these growing industries will be in pole position to seize a significant portion of this expenditure towards 2030,” says Ulrik Eriksen, energy services analyst with Rystad Energy.
For the full press release including graphics, visit Rystad energy here.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
