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The oil and gas engineering services market share is expected to increase by USD 4.38 billion from 2021 to 2026, at a CAGR of 7.2%.
This oil and gas engineering services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers oil and gas engineering services market segmentation by type (downstream, midstream, and upstream) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The oil & gas engineering services market report also offers information on several market vendors, including Arseal, Creaform Inc., Element Materials Technology Group Ltd., Hatch Ltd., John Wood Group PLC, L and T Technology Services Ltd., LeMar Industries Inc, Lloyds Register Group Services Ltd., M and H, Mannvit, Quest Global Services Pte. Ltd., Raveon Technologies, Rockwell Automation Inc., Sentiec Oyj, Stantec Inc., Stress Engineering Services Inc., Tetra Tech Inc., Toyo Engineering Corp., TRC Companies Inc., and WSP Global Inc. among others.
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The increase in oil and gas E&P activities is notably driving the oil and gas engineering services market growth, although factors such as competition from alternative energy sources may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the oil and gas engineering services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Oil and Gas Engineering Services Market Driver
The increase in oil and gas E&P activities is one of the key drivers supporting the oil and gas engineering services market growth. E&P is an upstream oil and gas activity that has undergone several improvements with recent technological advancements. In addition, unconventional oil and gas E&P activities have become an alternative to conventional production, and the major unconventional oil and gas reserves have been identified in the US, Canada, China, and Argentina. Significantly, several countries are planning to start production from offshore oil and gas fields. For instance, Norway has planned to expand its offshore oil E&P activities, with its Johan Sverdrup and Johan Castberg oil and gas fields expected to start production by the end of 2022. Therefore, an increase in E&P activities by large oil and gas companies in both conventional and unconventional oil and gas production will have a positive impact on the growth of the market during the forecast period.
Key Oil and Gas Engineering Services Market Trend
Rising investments in the shale industry is one of the key oil and gas engineering services market trends contributing to the market growth. Primarily, the shale industry is experiencing high investments, especially in the US, with financiers investing significantly to help producers increase their output. For instance, Chevron is likely to increase its investment in the US shale industry by around $4.3 billion, and a majority of the investment share will be in the Permian basin of Texas and New Mexico. Therefore, such rising investments in the shale industry are likely to boost the demand for oil and gas upstream equipment, which is anticipated to foster the growth of the market in the coming years.
Key Oil and Gas Engineering Services Market Challenge
Competition from alternative energy sources is one of the factors hampering the oil and gas engineering services market growth. Renewable energy sources are clean and inexhaustive, less carbon-intensive, and more sustainable. There is increasing adoption of renewable energy driven by the initiatives undertaken in countries across the world to mitigate greenhouse gas emissions. In view of this, many countries are shifting from conventional fuels to renewables to reduce the emissions of hazardous gases such as CO2, CO, and NO2 that affect the environment adversely. Such shifts are expected to hamper the market growth during the forecast period.
This oil & gas engineering services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global oil and gas engineering services market as a part of the global oil and gas refining and marketing market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the oil and gas engineering services market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the oil and gas engineering services market encompasses successful business strategies deployed by the key vendors. The oil & gas engineering services market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The oil and gas engineering services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the oil and gas engineering services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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40% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the oil and gas engineering services market in North America. Market growth in this region will be slower than the growth of the market in APAC.
An increase in the number of oil and gas projects will facilitate the oil and gas engineering services market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 negatively impacted the oil and gas industry in North America, especially in the US, in 2020. However, lockdown restrictions were lifted in many countries of the region in 2021 because of large-scale vaccination drives. This led to the resumption of oil and gas E and P activities in North America, which, in turn, is expected to fuel the growth of the regional market during the forecast period.
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The oil & gas engineering services market share growth by the downstream segment will be significant during the forecast period. In 2021, the downstream segment was the largest and fastest-growing segment of the global oil and gas engineering services market. Moreover, the rising requirement for safe and durable operations while decreasing the overall cost of operations is likely to increase the adoption of downstream oil and gas services by vendors of oil and gas engineering services during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the oil and gas engineering services market size and actionable market insights on post COVID-19 impact on each segment.
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Oil and Gas Engineering Services Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 7.2% |
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Market growth 2022-2026 |
$ 4.38 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
8.31 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 40% |
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Key consumer countries |
US, Canada, China, India, and Russia |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Arseal, Creaform Inc., Element Materials Technology Group Ltd., Hatch Ltd., John Wood Group PLC, L and T Technology Services Ltd., LeMar Industries Inc, Lloyds Register Group Services Ltd., M and H, Mannvit, Quest Global Services Pte. Ltd., Raveon Technologies, Rockwell Automation Inc., Sentiec Oyj, Stantec Inc., Stress Engineering Services Inc., Tetra Tech Inc., Toyo Engineering Corp., TRC Companies Inc., and WSP Global Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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