The global refinery service and maintenance market is projected to see a rise in its growth owing to the increase in the demand for processed fuels and the resultant rise in the capacity and count of refineries. Transparency Market Research (TMR) prognosticates in a report titled “Refinery Service & Maintenance Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025” that strict environmental regulations obligated by governments could be a major factor encouraging growth. Refineries acknowledge maintenance and service as their basic requirements. In the recent years, this aspect has become significant for the growth of the market.

According to the researchers composing the report, the world refinery service and maintenance market could be segregated as per refinery size and type. On the basis of size of refinery, there could be important segments such as large-scale, medium-scale, and small-scale that are worth studying about. This classification of the market is expected to have resulted from the production capacity of refineries. With a numerical perspective in mind, large-scale refineries could be those boasting of a capacity of more than a 200,001 bbl/d. The capacity of medium-scale refineries could run from a 100,001 bbl/d to 200,000 bbl/d. Small-scale refineries have a capacity of below 100,000 bbl/d.

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With respect to a segmentation by type, the world refinery service and maintenance market could be classified into maintenance and turnaround. Turnaround involves the replacement of equipment or a component. It includes repairs at or/and during the close of a process cycle. Maintenance, on the other hand, is performed at regular intervals and includes the standard servicing of refineries.

Market analysts are of the viewpoint that tight quality and environmental regulations could increase the importance of maintenance repair overhaul (MRO) services in the coming years. Besides this, fuels and the subsequent capacity expansions are envisioned to welcome a growing demand in the near future. There could be better prospects available for maintenance services providers due to the growing age of current refineries which calls for higher maintenance. Moreover, stringent refining rules could translate into more MRO dollars as the industry is one of the most regulated ones across the globe.

By region, the international refinery service and maintenance market is foreseen to witness the ascendancy of the Middle East and Africa (MEA) and Asia Pacific (APAC) in the coming years. Both the regions secured a key share of the market in 2016. APAC could testify the faster growth of the market in developing countries such as Japan, India, and China. These countries are prophesied to provide a boost to the oil and gas refinery MRO services market on account of their status ideal for refining. This could be because of their inexpensive resources and geographical proximity to oil-producing nations. Nonetheless, there could be other regions such as Europe, Latin America, and North America expected to contribute to the growth of the market.

Some of the prominent names of the worldwide refinery service and maintenance market could be Ramboll Group A/S, KIEL Industrial Services AG, General Electric Plc., Clariant International Ltd., and Intertek Group Plc. The swelling demand for refinery maintenance services is forecast to open the door for more players having core engineering competency. The maintenance services sector could receive forward integration by engineering, procurement, and construction (EPC) organizations fostered due to the environment created.