Since the downturn of the oil and gas sector there are signs that the energy industry is going through a ‘transition period’ moving further away from traditional energy sources and exploring alternative energy markets. Whilst some businesses are continuing to focus on their specific markets, others are adapting to these changes to ensure they can deliver within both their focus sectors and any new, emerging markets.
Established in 2010, Pangea Resourcing has years of experience within energy industry, particularly within the oil and gas market. Since the decline of the oil industry Pangea has spread its specialism by developing a dedicated team to renewable energy and recently introduced power generation as a further focus sector.
For a business to continue to succeed within the energy industry they need to be capable of making this transition into emerging energy industries and being reactive to both emerging and ‘re-emerging’ markets.
Using Pangea Resourcing as case study this article highlights the significance of the power and renewables markets and how vital they are to the future of our energy supply.
Growing Energy Demand
Population growth and the developing economy are essentially the key drivers behind the increased demand for energy. The world’s population is expected to increase by nearly1.5 billion people to reach 8.8 billion by 2035. Over the same period GDP is expected to more than double.
The global economy and population continue to expand rapidly and as a result the demand for energy resources will also continue to grow. Growth in energy will be somewhat curbed by improvements in energy technology and energy efficiency. However it is likely that more energy will be required to satisfy this continued growth in population and the demand for higher standard of living worldwide.
Global GDP is expected to more than double
Energy Industry Outlook
The fuel mix is continuing to change dramatically and whilst fossil fuels remain the dominant source of energy we have seen a sharp decline in global coal consumption and a continued increase in renewable energy development projects worldwide.
The oil industry looks set for another tough year but many specialists are still confident the industry will gradually improve and still see the oil industry as a vital sector to provide the energy the world needs to prosper and develop.
Whilst Pangea Resourcing are continuing to work in the oil and gas industry with the confidence the industry will continue to improve there is an obvious trend to suggest that renewables and power generation are the focus sectors. As a result Pangea Resourcing continues to diversify and adapt to the ever changing energy industry.
Pangea Resourcing has recently introduced power generation as a new focus sector. More than half of the increase in global energy consumption is used for power generation as the long-run trend towards global electrification continues.
Power generation is the main sector where all fuels compete and so it plays a major role in the evolution of the global fuel mix, with renewables and gas gaining share relative to coal. Hydro and nuclear generation are also set to grow steadily with a strong increase in Asia, particularly within China.
Pangea Resourcing is proud to be supporting and providing personnel to a vital sector for the future energy demand.
Renewable Energy Growth
Renewable energy has grown rapidly over the last 20 years. The EU continues to lead the way in the use of renewable power. However, in terms of volume growth to 2035 the EU is surpassed by the US, and China adds more than the EU and US combined. The rapid growth in renewables is supported by the expected pace of cost reductions: the costs of onshore wind and utility-scale solar PV are likely to fall by around 25% and 40% over the next 20 years. Due to the growth and project continued development of renewables Pangea Resourcing have created a team that work specifically on renewable energy jobs.
The demand for energy is likely to continue to rise to power the increased levels of activity and support a growing global economy. However we have seen over the last few years how the fuel mix is changing significantly. The coal industry has declined whilst the renewables industry continues to thrive. The oil and gas industry has gone through a struggled period but is now showing signs of stabilising and potentially growing.
The outlook and overall commitment to reducing carbon emissions is initiating further support for alternative energy sources, improved energy efficiency and reduced reliance on traditional fossil fuels.
For energy companies to continue to succeed they need to be capable of supporting the wider demands of the energy industry. Companies such as Pangea Resourcing have shown the capability of growing in relation to the energy industry and emerging markets and through these changes will be capable of continuing to support the industry for the future.
Find out more on Pangea Resourcing and their latest energy opportunities here.