Petroleum Refinery Service Market Scope
Growth in refining capacity in major regions, such as Asia-Pacific, is the leading region to drive the demand for petroleum products in the coming years. However, the oil refining service market is restrained by a lack of investments in the oil and gas sector, delayed commissioning projects, acquisition of lands, and increasing adoption of electric vehicles in developing countries worldwide. Furthermore, the expansion of downstream infrastructure is the main factor driving the market during the forecast period. Geographically, Some of the major African countries, such as Nigeria and Algeria, are planning to convert themselves into regional hubs for refineries in the forecast years. This factor, in turn, is expected to create huge opportunities for the international and domestic Petroleum Refinery Service to tap into the African market in the future and many more countries.
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|Key Companies Profiled||Intertek Group plc (United Kingdom), Baker Hughes Company (United States), Cleansing Service Group Limited (United Kingdom), Shell (United Kingdom), API (United States), Azbil Corporation (Japan), Indian Oil Corporation Ltd (India), Chiyoda Corporation (India), Marathon Petroleum Corporation (United States), CVR Energy Inc (United States), Valero Energy Corp (United States), ALFA LAVAL (Sweden), ADAMS RESOURCES & ENERGY, INC (United States), Halliburton (United States) and Others|
A large number of major and local companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The Major players are exploring the new regions through expansions and acquisitions to avail a competitive advantage through combined synergies. A large number of Several companies are operating in the market to provide customers with better offers with various features & unique offerings. The Petroleum Refinery Service market is a partially fragmented market with the presence of several market players and local player
Intertek Group plc (United Kingdom), Baker Hughes Company (United States), Cleansing Service Group Limited (United Kingdom), Shell (United Kingdom), API (United States), Azbil Corporation (Japan), Indian Oil Corporation Ltd (India), Chiyoda Corporation (India), Marathon Petroleum Corporation (United States), CVR Energy Inc (United States), Valero Energy Corp (United States), ALFA LAVAL (Sweden), ADAMS RESOURCES & ENERGY, INC (United States), Halliburton (United States) and Others are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Petroleum Refinery Service market , by Application (Transportation, Aviation, Marine Bunker, Agriculture and Others) and Region with country level break-up.
On the basis of geography, the market of Petroleum Refinery Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesOn April 2021, oil India Limited has completed its acquisition of numaligarh refinery. The main advantage of this acquisition will boost the production of petroleum in the forecast period
On December 2020 India launched its first remote monitoring system for various oil Refineries. This technology advanced in the Petroleum Refinery Service will be beneficial for smooth refining in the forecast period
- Rapid demand for internet penetration will increasingly be used for research, design, control and operation, maintenance, information handling, supply chain management, marketing execution, and distribution for monitoring Petroleum Refinery Service
- Increasing global demand for petroleum Refinery Services with a large amount of investment toward construction, expansion & upgrading of refineries to fulfill the growing petroleum product demand and reduce the dependence on imported refined petroleum products is the main factor driving the market growth
- A major factor that is boosting a refinery’s profitability and improving operational safety is to keep operating units running and available for service. So this is the key factor that is propelling the market growth
- The infrastructure of the petroleum industry requires continuous maintenance is the second factor that is creating a negative impact on Petroleum Refinery Services and Petroleum Refinery Services contributor significant to greenhouse gas emissions.
- The cost of raw material and the rising cost of the blending process is the main factor which is hampering the market growth over the forecast period
Key Target AudienceRegulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments /Council, Raw Material Supplier and End-use Industry