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Oil & Gas Engineering Services Market Overview:
The Oil & Gas Engineering Services Market size is driven by steadily growing oil & gas exploration with a healthy CAGR of ~4.50% during the forecast period of 2023 to 2032.
Market Research Future Insights
According to MRFR analysis, the global Oil & Gas Engineering Services Market is expected to register a CAGR of ~4.50% from 2023 to 2032 and hold a value of over USD 1698.3 Billion by 2032.
The Oil & Gas Engineering Services market refers to the global industry that provides specialized engineering solutions and services to the oil and gas sector. These services encompass various stages of the oil and gas value chain, including exploration, drilling, production, refining, and distribution. They involve engineering design, project management, procurement, construction, and maintenance activities.
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Covid-19 Impact on Oil & Gas Engineering Services Market
Operational Halts and Delays: Lockdowns, travel restrictions, and safety measures led to operational halts and delays in ongoing projects. Many field activities, such as maintenance, construction, and inspections, were put on hold, affecting project timelines and revenue streams.
Demand Fluctuations: The sharp decrease in global oil demand, attributed to reduced travel, industrial activity, and economic slowdown, created an oversupply situation. This resulted in plummeting oil prices, leading to reduced capital expenditure by oil and gas companies.
Supply Chain Disruptions: Restrictions on international trade and transportation hindered the supply of essential equipment and materials required for projects. This impacted project execution and raised concerns about potential cost overruns.
Remote Work Challenges: Transitioning to remote work posed challenges for engineering firms, especially those heavily reliant on physical presence for tasks like site visits and hands-on inspections.
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Regional Analysis
North America is a major market, driven by shale gas and tight oil production, with a focus on engineering services for drilling and production optimization. Europe, with its mature oil and gas industry, requires engineering services for asset management, decommissioning, and renewable energy projects. The Middle East and Africa region, abundant in oil and gas reserves, presents opportunities for engineering services in exploration, field development, and infrastructure projects.
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Asia-Pacific, with its growing energy demand, requires engineering services for both conventional and renewable energy projects. The regional growth of the Oil & Gas Engineering Services market is influenced by factors such as government policies, investment climate, technological advancements, and the shift towards sustainable energy sources.
Market Segmentation
The Global Oil & Gas Engineering Services market has been segmented into type
Based on Type: Downstream, Midstream and Upstream
Key Players
Some of the market key players are Stress Engineering Services Inc., Toyo Engineering Corporation, Element Materials Technology, L&T Technology Services Limited, Arseal Technologies, Citec Group Oy Ab, WSP Global Inc., Wood PLC, Tetra Tech, Inc., Mannvit Consulting Engineers, QuEST Global Services Pte. Ltd., M&H, Hatch Ltd., and Lloyd’s Register Group Services Limited.
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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
