Oil and Gas Asset Integrity Management Services Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The oil and gas asset integrity management services market is expected to register a CAGR of about 7.74% during the forecast period, 2022-2027, reaching a value of USD 30 billion by 2027 from USD 17.81 billion in 2020. With the COVID-19 outbreak globally, in 2020, the oil and gas industry was severely impacted on account of the drop in crude oil prices due to lower oil demand in regions like Asia-Pacific. With restrictions and lockdowns imposed, a drop in fuel demand was witnessed majorly in sectors like transportation and aviation. Factors such as maturing assets in the oil and gas industry and rising investments in gas infrastructure are expected to drive the market during the forecast period. However, the high volatility of oil and gas prices is expected to hinder the market growth during the forecast period.
Key HighlightsThe global oil and gas asset integrity management services market is moderately fragmented. Some of the major companies include Aker Solutions ASA, Bureau Veritas SA, Fluor Corporation, Oceaneering International Inc., and Technip FMC PLC.
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