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Surveyed in January and February 2024, nearly three-quarters of the global industry (73% of more than 1,300 senior energy professionals) expressed confidence in the industry's growth trajectory for 2024, a figure that has remained steady at around 74% since 2022.

  • Optimism in electrical power and renewables has dipped, from 87% to 76% and 87% to 78% respectively, highlighting how conditions have grown more challenging in both sectors.
  • The oil and gas sector has seen a rise in confidence, climbing from 58% in 2022 to 68% in 2024.

(Source: DNV, 2024, Transforming through uncertainty)

Surveyed in January and February 2024, 62% of the energy sector view global political uncertainty as the primary threat to success over the coming year.  

  • Political risk has risen to become the leading barrier to growth according to professionals from across the energy industry, rising from the 13th barrier in 2022 and 6th in 2023.

The prospect of continued policy upheaval is of particular concern in the Americas: 

  • 71% of Latin American and 67% of North American energy professionals highlight political issues as a major threat to the success of their organization in 2024.

(Source: DNV, 2024, Transforming through uncertainty)

Surveyed in January and February 2024, 66% of renewables respondents in our survey of more than 1200 energy professionals say that rising costs are threatening the viability of many of their renewable energy projects, products, or services.

  • 71% from across the energy industry believe supply chain issues are slowing down the energy transition.
  • 56% of professionals in the renewables sector believe they will reach their revenue targets in 2024, down from 75% in 2022.

(Source: DNV, 2024, Transforming through uncertainty)

Surveyed in January and February 2024, only 33% of professionals in the energy industry believe that net zero targets in the country/territory where they live are realistic and achievable.

  • Only 24% of North American respondents believe that net zero targets are realistic and achievable.
  • 62% of respondents across all industries and regions believe that financial costs are the greatest barrier to reaching the goals of the Paris Agreement.

(Source: DNV, 2024, Transforming through uncertainty)

The industry is set to increase investment in digitalization more than any other area of investment but is feeling more vulnerable than ever to cyber attacks.

  • 59% of respondents expect to increase their investment in digitalization in the year ahead – more than any other area of investment.
  • Resistance to change is the leading barrier to greater digitalization in the industry with cybersecurity risk taking second place.
  • 48% of respondents from across the industry believe their part of the energy sector is currently more vulnerable to cyber attacks, up from 41% in 2023.

(Source: DNV, 2024, Transforming through uncertainty)

93% of respondents who identified as digital leaders agree that advanced use of data is changing the way their organization works, compared to 58% of digital laggards.

(Source: DNV, 2024, Leading a data-driven transition)

Surveyed in January and February 2024, 69% of respondents who identify as digital leaders will use AI-driven applications in their operations in the year ahead – an indication of how AI is becoming an indispensable building block in the energy industry.

(Source: DNV, 2024, Leading a data-driven transition)

Digital leaders stand out from the rest by placing digitalization at the centre of their organization’s strategy. 90% of respondents who identify as digital leaders said that digitalization is central to their organization’s strategy, compared to only 39% of laggards.

(Source: DNV, 2024, Leading a data-driven transition)

Digital leaders said the factors that contribute most to their organization’s strengths in digitalization are a culture of innovation (44%), clear vision and goals (38%), and strong leadership buy-in (31%).

(Source: DNV, 2024, Leading a data-driven transition)

51% of respondents believe changes in energy/climate policy could have an adverse impact on their organization’s strategy in the year ahead.

(Source: DNV, 2024, Framework of the future)

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