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The oil and gas refinery maintenance services market size is estimated to grow at a CAGR of 4.48% between 2022 and 2027. The market size is forecast to increase by USD 886.75 million. The growth of the market depends on several factors such as the surging demand for refined fuel, the increasing number of aging refineries, and the stringent emission standards.
This oil and gas refinery maintenance services market report extensively covers market segmentation by end-user (small-scale refinery, medium-scale refinery, and large-scale refinery), type (turnaround, maintenance, and repair), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the oil and gas refinery maintenance services market growth is the stringent emission standards. There is a growing concern regarding global warming and its hazardous consequences which has forced several governing bodies to take corrective actions to restrict global pollution levels through agreements and alliances.
Moreover, several governments have enforced strict regulations that mandate the required cuts in emission levels so that refineries have to minimize emissions by reducing capacity, enhancing energy efficiency, or buying credits on the CO2 market. Therefore, there is an increasing focus on replacing old and less efficient equipment and machinery with newer ones which fuels the maintenance services. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the oil and gas refinery maintenance services market growth is the emergence of intelligent refineries. The intelligent/smart refinery can be referred to as a facility where technologies like artificial intelligence (AI) and humans combine for the best possible outcomes. The main advantage of smart refineries is that they enable near-real-time informed decision-making, which is based on past and present business and process data, offering the capability to predict near-future productivity.
Moreover, there is an increasing adoption of predictive maintenance technology which gathers data from different sensors installed with the equipment and machinery used in refineries. These data can be leveraged to gain insights and predict expected maintenance time, which, in turn, prevents unplanned halt and breakdown time. Hence, such factors are expected to drive market growth during the forecast period.
The presence of health, safety, and environment (HSE) regulations is one of the key challenges hindering the oil and gas refinery maintenance services market growth. HSE regulations comprise a broad range of guidelines and standards that govern the health, safety, and environmental practices in the oil and gas industry. Some of the key aspects included in the HSE regulations include equipment safety, worker protection, emergency response, waste management, emissions control, and more.
Moreover, there is an increasing focus on compliance with these HSE regulations as it is important to avoid accidents, reduce environmental impact, and ensure the well-being of employees and the surrounding communities. However, In order to ensure compliance with HSE regulations often needs investments in safety equipment, training, emergency response systems, and environmental controls. Additionally, stringent safety standards can result in longer planning and execution times for maintenance activities, leading to potential downtime. Hence, such factors will hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Oil and Gas Refinery Maintenance Services Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AECOM: The company offers oil and gas refinery maintenance services such as maintenance program management and pipeline maintenance.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The small-scale refinery segment is estimated to witness significant growth during the forecast period. Oil and gas refinery maintenance services comprise a broad range of activities performed on refineries of various sizes, including small-scale refineries segment. It is essential for all refineries to have maintenance to ensure their operation safety, reliability, and efficiency irrespective of their size. Some of the main aspects of maintenance services include routine inspections, repairs, replacements, and upgrades to keep equipment and processes running smoothly.
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The small-scale refinery segment was the largest segment and was valued at USD 1,404.14 million in 2017. As small-scale refineries have lower processing capacities and more limited resources, their maintenance needs, and approaches might vary when compared to larger facilities, but both of them share a common goal of achieving excellence. As a result, there is an increasing scope for combined workforce training, environmental initiatives, and safety practices. The main advantage of small-scale refineries is that they are agile and adaptable. Hence, several factors such as long-term sustainability, adaptability, and flexibility are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the global oil and gas refinery maintenance services in APAC is due to the high refining capacities in several countries such as India, China, South Korea, and Japan. Additionally, some of these countries are included in the top 10 highest crude oil and gas importing countries across the globe.
Additionally, factors such as growing demand for petrochemical products due to the increasing parc vehicles and rising demand from the industrial sector is expected to increase the refining capacity in APAC. Furthermore, there is an increasing focus on capacity expansion by several refinery operators across APAC due to the increase in the demand for petrochemical products. Hence, such factors are expected to drive the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global oil and gas refinery maintenance services market witnessed a significant slowdown due to the halt in industrial production and transportation activities, which severely affected major industries, including oil and gas refinery maintenance services in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of activities in the oil and gas sector. Such factors are expected to drive the market during the forecast period.
The oil and gas refinery maintenance services market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Oil And Gas Refinery Maintenance Services Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.48% |
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Market growth 2023-2027 |
USD 886.75 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.0 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 41% |
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Key countries |
US, Saudi Arabia, China, India, and Russia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AECOM, Aegion Corp, APTIM, Chiyoda Corp., CIC Group Inc, Envent Corp., Fluor Corp., Intertek Group Plc, KBR Inc., Matrix Service Co., MedEuropa Refining Group, Pioneer Industrial Corp., Saipem S.p.A., STI Group, Turner Industries Group, and Zachry Brands 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 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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