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2. Cost savings: The oil and gas industry is still a significant component of all major world economies. According to some estimates, the 2021 global market size of oil and gas production was $2.2 trillion⁴ and was expected to increase by nearly 10% in 2022.
But the nature of the industry is changing. Consumers are demanding more environmentally-friendly energy options, and industry players must reduce their carbon footprint. As a result, even though the market for oil and gas is still enormous, it’s half the size it was in revenue just a decade ago.
Utilities now need to innovate to save costs — and digital transformation has a significant role to play. PlantStream’s CAD software is a powerful digital tool in the engineer’s arsenal that can help utilities save money by reducing the time to plan and construct infrastructure, and avoiding expensive construction errors.

3. Environmental rules and regulations: In many countries, utilities now face strict environmental regulations. Many also have to contend with the logistical impact of climate change. For example, California’s hotter summers have resulted in more wildfires in the last two decades than ever before. Consequently, it’s becoming increasingly important for utilities to consider how the conditions that make these wildfires more common and dangerous — like drought and hot, dry air — affect their infrastructure designs. Companies need to do careful planning to ensure they don’t contribute to or become victims of these new environmental conditions.

Additionally, utilities are being asked to reduce their greenhouse gas emissions. One way of doing this is to make processes more efficient and reduce electricity waste. For example, utilities can use PlantStream’s CAD technology to increase precision piping details design, making the process of designing an environmentally-friendly infrastructure smoother. The ability to create advanced blueprints can also help engineers determine how to anticipate and manage adverse events like wildfires, which can cost utilities millions of dollars⁵.

4. Competition: Many oil and gas companies face a host of financial challenges. There’s the emphasis on a switch to alternative energy, requiring many companies to pivot from their standard energy and production mix. Then there are the environmental targets they must meet, which can be costly. At the same time, customers are demanding lower energy prices. Utilities set on staying competitive and offering consumers competitive energy rates must look for ways to become more advanced while also cutting costs. Technologies such as PlantStream’s software make it easier to achieve these goals. By reducing labor costs, utilities can invest in offering customers lower rates and other benefits.