Players in the oil and gas industry are constantly pressurized to reduce cost and risks associated with new investments.
The global oil and gas industry has witnessed several disruptions owing to the shift in customer and societal sentiment towards sustainable energy sources. With such factors on the rise, companies in the natural gas segment are increasingly diversifying into alternative market segments and are adopting newer business models to establish themselves and gain a stronger foothold.
Technology adoption has positively impacted the bottom line of companies operating in the natural gas sector. Hence, the need to go digital is clear among major players in the industry and they are increasingly relying upon IoT, big data, AI, artificial, and machine learning algorithms to improve their processes.
Like any other industrial segments, the natural gas segment faces several challenges arising due to a large number of retirements of experienced employees. To overcome such challenges, players in the natural gas sector will have to adopt new approaches to improve operational efficiency and enhance knowledge transfer for the workforce.
The Business Challenge[spacer height=”10px”]
- The client: A natural gas equipment manufacturing company
To improve their bottom line by enhancing service offerings, the client – a leading natural gas equipment manufacturer – approached Infiniti to engage in a market assessment study. The client wanted to understand the distribution and operation of companies in the natural gas segment. Their primary objective was to evaluate the viability to roll out compressed natural gas to the public transport sector as an alternative to petrol. Also, with the help of market assessment, the natural gas client wanted to gauge the market size in terms of volume.
How Can Market Assessment Help Understand the Oil and Gas Industry?[spacer height=”10px”]
In today’s rapidly changing market, crucial business issues are converging with repercussions felt across multiple industrial segments. This makes it necessary for organizations to identify and analyze market trends, opportunities, and challenges that impact their business strategies. Our market assessment experts help you determine the growth potential and viability for newer subsegments in the oil and gas industry.
Summary of our market assessment engagement
Client Journey[spacer height=”10px”]
The solutions offered by Infiniti’s market assessment experts helped the natural gas equipment manufacturer to gauge market feasibility. It also helped the client to identify their key weaknesses and strengths in order to enhance the value of services being offered.
Furthermore, to help the client identify the right distribution channels, the market assessment experts at Infiniti conducted a detailed market survey to help them gain a better understanding of the market. The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the oil and gas industry.
Solution Benefits and the Business Impact[spacer height=”10px”]
Infiniti’s market assessment experts helped the natural gas equipment manufacturer to identify well-defined metrics for long-term success. Also, with the help of our solutions, the client was able to identify major growth opportunities in the CNG sector. Marketing assessment also helped the natural gas client to enhance their product and service offerings.
The Future[spacer height=”10px”]
The boom of the sustainable energy segment has increased the demand for low-carbon energy, leading to a rise in demand for natural gas as a power generation fuel. Indeed, this sector is growing quickly when compared with oil and coal as a result of which there will be an increase in demand for skilled workforce and innovate ways in which it is extracted, refined, and exported throughout the next few years.