Oil and Gas Refinery Maintenance Services Market size is expected to reach USD 887 Million by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of oil and gas refinery maintenance services crossed around USD 490 Million. The primary reason for the expansion of the market can be attributed to the increasing demand for refined fuel across the world. The generation expansion of refined oil materials was pushed by OECD countries (+5%) like the United States (+5.2%), the EU (+5.4%, mainly in Italy, France, Germany, and Spain), the UK (+12%), South Korea (+7%) and Japan (+6%). It also rose in Saudi Arabia (+9.3%), India (+4.8%), and Latin America (+8.2%, comprising +7.2% in Brazil and +14% in Mexico).
Another reason that will help to grow the oil and gas refinery maintenance services market is the increasing number of offshore reserves and their activities. In a Sustainable Development Scenario, in which the globe gets on track to have its climate, air quality, and energy avail objectives, the offset of offshore activity transformation, but the total level stays significant. By the 2030s, offshore investment in this case – recently strongly weighted towards oil – is deeply divided into three roughly equal parts as oil and (to a lesser compass) gas output expansion is lower than in our primary case, while offshore electricity production increases twice as quick and gives 4% of international power production by 2040. Tapping the world’s massive offshore resources will be essential to match future energy requirements, but the dynamics of offshore energy are transforming quickly. The shale revolution is asking fresh questions for investment in offshore oil and gas. And, policy support and technology growth are encouraging major cost cutbacks for the next wave of offshore wind projects.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
∼4% |
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Base Year Market Size (2023) |
∼USD 490 Million |
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Forecast Year Market Size (2036) |
∼USD 887 Million |
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Regional Scope |
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End-user (Small-scale refinery, Medium-scale refinery, Large-scale refinery)
Oil and gas refinery maintenance services market from the medium-scale refinery segment will have rapid growth and will hold the largest revenue share by the end of 2036 owing to the increasing number of medium-scale refineries across the world with a revenue share of almost 43%. In 2021 and 2022, the average dealing rate of refinery assets—as analyzed by both the number of refineries and capability—demonstrated powerful recovery, with 25 refineries transforming ownership, depicting 2.5 million barrels per day of capability. Projected expansion in post-pandemic international crude distillation capability through 2027 is collected to reinforce demand for high-execution catalysts to reconcile consequently capacity expansion for middle-scale refining techniques focused on meeting requirements for higher-value specialty materials according to a low-carbon future.
Product Type (Downstream, Midstream, And Upstream)
The downstream segment is poised to account for 40% share of the global oil and gas refinery maintenance services market by 2036. This growth will be encountered mainly because of the increasing revenue generation of the downstream refineries worldwide. For instance, BP's downstream business segment produced a profit of 188.6 billion USD in 2022. In 2020, BP's downstream profit declined by 35 percent from the earlier year, as the coronavirus epidemic massively limited transportation fuel requirements, specifically inside the aviation industry. BP is an internationally functioning oil and gas organization, headquartered in London, United Kingdom. The better part of BP's functioning profit was produced through its downstream division.
Our in-depth analysis of the global oil and gas refinery maintenance services market includes the following segments:
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End-User |
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Maintenance Type |
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Product Type |
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APAC Market Analysis
The Asia Pacific oil and gas refinery maintenance services market will encounter the most growth during the anticipated period and will have a lion’s share in the market will almost 41% revenue share. This growth in the oil and gas refinery maintenance services market will be found due to the increasing refining capacity in this region. To illustrate, China’s refining capacity is projected to increase by almost 25.6 million mt/year in 2022, primarily because of PetroChina's latest Guangdong Petrochemical with a potential of 20 million mt/year and Sinopec Hainan Petrochemical's 5 million mt/year growth, which are to be submitted this year. China is focusing on capping the country's basic refining potential at 1 billion mt/year, or 20 million b/d, by 2025 while increasing implementation rates of its refining facilities to above 80%, in line with the national carbon peaking action strategy declared by the State Council in October.
North American Market Statistics
North America region will also encounter massive growth in the oil and gas refinery maintenance services market and will hold the second largest position in the world. This growth can be noticed primarily because of this region’s significant oil refinery potential. In 2021, oil refinery capacity in the United States was estimated to be roughly 17.9 million barrels per day, while the real refinery throughput was 17.5 million barrels of oil daily. The North American country has persistently managed a significant oil refinery potential worldwide. The most general mode of conveyance for their domestic crude oil refining was through pipelines. In 2020, 2.8 billion barrels of crude oil were conveyed by pipelines to refineries across the United States. Chevron, a multinational energy organization with headquarters in California, had a crude oil refining potential that tackled 1.8 billion barrels of crude oil daily across the world.
Author Credits: Payel Roy, Dhruv Bhatia
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