Virtual Events are Bringing New Possibilities for Oil, Gas & Petroleum Companies

11-14-21 -

With unpredictable changes in the global climate and the evolving post-COVID-19 world, the energy sector is rapidly reshaping its dynamics. The difference between renewable energy and fossil fuels have given rise to a whole new challenge for the entire industry. It is also noticeable that market-leading companies have actively participated in virtual exhibitions and online trade fairs to find new business opportunities.

According to a recently published article “The autonomous plant: Entering a new digital era” by McKinsey & Company, it is evident that energy companies have struggled a lot in the past few years. Along with that, the COVID-19 pandemic has further toughened the pitch for the industry as well as the end-users. In a world, where the majority of the population lives in urban areas, it was indeed quite difficult for everyone to deal effectively with the situation.

Due to strict lockdowns, the energy industry has faced significant losses. From manufacturing and production to traveling and many other key verticals, energy companies experienced a considerable decrease in their sales on a global level.

Whether we talk about the demand for modern-day technology, better management systems, and human resources or the prices, availability, and customer preferences, Oil, Gas, and Petroleum Companies are striving at their best to come up with better approaches and strategic moves to run their operations smoothly and profitably.

When we think about the energy sector, gasoline comes first in everyone’s mind but a comprehensive range of products are made, supplied, and consumed in the world. The report highlights that eliminating fossil-fuel dependency is the biggest and most in-demand requirement for the companies because there is huge societal criticism as well as new government regulations in many countries.

Another article “The impact of decarbonization on the gas and LNG industry” by McKinsey & Company sheds light on the global impact that emerged as a result of the decarbonization of the industry. According to the article, the energy mix is rapidly shifting across industries, and companies are now required to devise strategic approaches that can help them to survive in the long run.

The article stated, “An increasing number of countries and companies are pledging to become carbon neutral by 2050.”

With each passing day, it is gaining more and more importance. There is an urgent need to reduce the consumption of fossil fuels and switch to renewable energy alternatives. Depending upon the diverse requirements, saying that the entire world will quit using fossil fuels seems pretty impossible. As a result, energy companies, industry experts, and critics have tried their best to collaborate through virtual events, exhibitions, and conferences.

Believe it or not, but the pivotal role of online trade fairs and virtual exhibitions has allowed the industry stakeholders to deal effectively with the tough competition and pressure. These events have brought easy and remote access for everyone to conveniently connect and gather at a single place. From sharing knowledge and information to analyzing the current industry insights, research, and development, virtual events have outperformed all other alternatives.

A recent report “Oil and Gas Global Industry Guide - Market Summary, Competitive Analysis and Forecast to 2025” by Research And Markets concludes some noticeable insights. On top of all, it has been concluded that market consumption of petroleum products diminished by -0.2% from 2016 to 2020. This highlights the instant impact created by COVID-19 and the demand for renewable energy in the world.

Another key highlight is that the global oil and gas market value decreased by 40.1% in 2020.

This surprising fact shows that a decrease in demand is capable of leaving a catastrophic effect on oil, gas, and petroleum companies globally. To tackle the situation, industry stakeholders devised strategic approaches and made the most out of virtual events to stay connected. This gave an instant boost to knowledge sharing, research, development, and business matchmaking opportunities.

Even after recovering from the pandemic or beginning to retain the lost market, the majority of petroleum companies continued to collaborate through virtual events. Now online exhibitions and virtual trade fairs have become the most effective and efficient medium to overcome distances, costs, and many other important barriers.

The companies can reduce the huge costs that they usually spend on conventional events as well as save the additional time that was required to plan and organize the event. Now several online exhibition planners and organizers provide state-of-the-art online fair platforms that are highly advanced and convenient for everyone.

Online fair platforms are backed by the industry’s most advanced technology and are dedicated to providing a seamless experience to both the exhibitors and the audience. From selling products and offering services to introducing new ideas and development, the petroleum industry gains huge benefits from participating in virtual events.

There is an urgent need to research, develop, and fuel the process of reinvention to come up with better and profitable solutions.

While we move into 2022, it can be easily observed that the oil and petroleum industry has reshaped its dynamics and striving to discover newer possibilities to fuel the world. The majority of oil and gas companies are struggling to shape the future with all-new and in-depth research.

An online webinar “2020 Deloitte Power & Utilities Conference” by Deloitte highlights the growing demand for research and development in detail. According to the experts, the dramatic technological transformation is not only needed to outrun the pandemic but to create newer and eco-friendly energy sources for the end-users.

So, it is an era when oil, gas, and petroleum companies are trying to progress aggressively. From enterprise resource planning, cloud computing, and AI to virtual events, exhibitions, and online trade shows, manufacturers need to rapidly evolve and adequately address the various concerns raised regarding global warming due to the use of fossil fuels.

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