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Lux forecasts upstream oil and gas spending on health, safety and environment to grow from $35B today to $56B by 2030

Lux Research forecasts that, with regulatory scrutiny of increasingly demanding oil and gas projects set to rise, spending on health, safety and environment (HSE) will grow from $35 billion today to $56 billion by 2030.

Development of the unconventional hydrocarbon reserves in challenging environments such as the geological basins in the Arctic Ocean and the oil sands in Canada is on the increase. Many of unconventional reserves targeted for development are situated in environmentally sensitive zones, complicating production and transport. This, Lux notes in its report, creates opportunities for technology providers that can mitigate risk and enable the crisis-free growth.

Technology developers best positioned to capitalize on this growth in the upstream HSE space include developers of oil spill remediation technologies; leak detection systems; and environmentally friendly chemicals.

Out of a sample of 21 technology providers, first-movers focused on leak containment and pipeline leak detection are the best positioned for growth, Lux says. Envirovault, AdOil, Synodon, Kimtron, Opgal, and Creaform 3D, are all touting deployable technologies that assist maintenance personnel. Envirovault and AdOil focus on the capture of small leaks from wellheads, pumps, and valves, while Synodon and Creaform 3D offer innovative pipeline leak detection tools. Kimtron and Opgal also compete in the leak detection space but do not have first-mover advantage in this market, and do not offer the same utility as the offerings by Creaform 3D and Synodon.

Lux Innovation Grid positioning 21 HSE companies. Click to enlarge.


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