| Study Period | 2019 - 2030 |
| Market Size (2025) | USD 58.80 Billion |
| Market Size (2030) | USD 84.37 Billion |
| CAGR (2025 - 2030) | 7.49 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Oil & Gas Engineering Services Market Analysis
The Oil & Gas Engineering Services Market size is estimated at USD 58.80 billion in 2025, and is expected to reach USD 84.37 billion by 2030, at a CAGR of 7.49% during the forecast period (2025-2030).
The rise in the adoption of various automation technologies in the Oil and Gas sector is the prime factor enhancing the engineering services market exponentially.
- Due to the industry's dynamic nature, the need to increase productivity and efficiency, uptime, and return on assets is rising. At the same time, minimizing costs is estimated to drive the adoption of engineering services in the industry.
- Moreover, the oil and gas industry faces challenges like rising penetration of renewable energy, strict carbon footprint regulations, electric vehicles, and various new hydrocarbon sources. Hence, the companies are adopting various strategic Industry 4.0 strategies to overcome these challenges.
- Advanced application of technologies, such as machine learning, analytics, and many others, is expected to help and assist oil and gas companies in analyzing big data sets and provide meaningful insights. Hence, the engineering services adoption within the industry is anticipated to rise during the forecast period.
- Also, the market is witnessing various strategic collaborations amongst the players, acting as a lucrative path toward expansion. For instance, in April 2023, Energy company BlueNord, also known as Noreco Oil Denmark AS or Noreco, and engineering and contracting company Semco Maritime AS entered into a strategic partnership agreement to jointly identify, explore, and investigate opportunities in the oil and gas space.
- However, the growing operational and compliance-related challenges and the fluctuations in the oil and gas prices, as well as other macroeconomic changes within the industry, could be a significant concern limiting the overall market's growth throughout the forecast period.
Oil & Gas Engineering Services Market Trends
Downstream Segment to Exhibit Significant Growth
- The Downstream section of the Oil and Gas Industry involves the operations that primarily occur after the construction phase until the point of sale. Certain downstream operations comprise processing, refining, transportation, and selling petroleum products. The rising demand for safe and reliable operations while reducing the total cost of operations is anticipated to drive the industry's overall adoption of downstream oil and gas services.
- Downstream oil and gas services play a very significant role in enhancing the total refining process while impacting the marketability and desirability of the finished product. The downstream supply chain includes noteworthy operations such as marketing by-products, effective database management, and effective management of distribution.
- Moreover, key downstream oil and gas services comprise asset integrity management, petroleum testing, industrial technical inspection, refining and distribution, hazardous location equipment testing, and database software solutions. It also includes Enterprise Asset Management (EAM) solutions that address core Asset Information Management as well as applications involving Plant Asset Maintenance Management.
- According to BP International Limited, BP's downstream business segment has generated a total revenue of around USD 188.6 billion in 2022.
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North America Expected to Dominate the Market
- North America is anticipated to dominate the Oil and Gas Engineering Services Market, especially due to the rising number of oil and gas projects in countries such as Canada and the United States. According to the January 2023 Short-Term Energy Outlook by the US Energy Information Administration, it is forecasted that the overall crude oil creation in the United States would average 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, thereby surpassing the earlier record of 12.3 million b/d set in 2019.
- The region is also seeing a large number of strategic collaborations as a lucrative way to grab the opportunities offered by the oil and gas industry within the region. For instance, in March 2023, the US Department of Energy (DOE) awarded a sum of around USD 165 million "Geothermal Energy from Oil and Gas Demonstrated Engineering" grant to a consortium formed by Project Innerspace, Society of Petroleum Engineers International, and Geothermal Rising. The cross-industry collaboration that is formed by the consortium would engage with oil and gas professionals, geothermal startups, and other stakeholders to create consensus around strategies and opportunities for geothermal innovation.
- In October last year, India and the US declared the creation of a new energy task force, especially to facilitate the extensive integration of renewable energy, which is mainly required to support the transition to clean energy. The declaration would elevate the India-US partnership's strength in the vital energy sector to a whole new level, which came following a bilateral meeting between the Union Minister of Petroleum and Natural Gas Hardeep Singh Puri and US Energy Secretary Jennifer Granholm.
- Also, Canada is one of the significant oil and gas producers worldwide, as the industry plays a crucial role in the country's overall economy. According to the Canadian Association of Petroleum Producers, it is forecasted that the oil and natural gas investment in upstream production will hit a sum of around CAD 40.0 billion (USD 29.73 billion) in 2023, surpassing the pre-COVID investment levels. That represents around CAD 4.0 billion (USD 2.97 Billion), or 11%, more in the additional spending across Canada's economy than the prior year.
- In October 2022, Fluor Corporation was given a reimbursable front-end engineering and detailed engineering, design, and procurement services contract for Imperial as the company progresses and intends to build a world-class renewable diesel complex at its Strathcona refinery near Edmonton, Alberta, Canada. The new complex is anticipated to be the most significant renewable diesel production facility in Canada and would produce around 20,000 barrels of renewable diesel per day, especially from locally sourced feedstocks.
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Oil & Gas Engineering Services Industry Overview
The Oil and Gas Engineering Services Market is anticipated to be semi-consolidated, primarily due to the presence of several worldwide players, along with the emergence of new market participants. The market players, such as Toyo Engineering Corporation, Stress Engineering Services Inc., and Element Materials Technology, are targeting to form various strategic collaborations and partnerships with various oil and gas companies globally to enhance the overall adoption of engineering services within the industry.
In June 2023, Clariant Oil Services introduced PHASETREAT WET to provide more efficient and sustainable solutions for the oil and gas industry’s demulsification needs. Designed to overcome challenges inherent in traditional oil production processes – most notably, meeting stricter environmental requirements for oil and water separation – the novel solution would help and assist operators in simplifying logistics, minimizing operational costs, and mitigating safety risks.
In January 2023, the CEO of the National Oil Corporation of Libya (NOC), Farhat Bengdara, and Eni CEO Claudio Descalzi agreed on the development of “Structures A&E,” a strategic project. It is mainly aimed at maximizing gas production, especially to supply the Libyan domestic market and to ensure export to Europe. “Structures A&E” is primarily the first major project in the country since early 2000. It comprises the development of two gas fields, namely Structures “E” and “A,” located in the contractual area D, offshore Libya.
Oil & Gas Engineering Services Market Leaders
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Stress Engineering Services Inc.
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Toyo Engineering Corporation
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Element Materials Technology
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L&T Technology Services Limited
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Arseal Technologies
- *Disclaimer: Major Players sorted in no particular order
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Oil & Gas Engineering Services Market News
- March 2024 - Genesis has been selected to provide Offshore Systems Engineering Services for the Northern Endurance Partnership part of the East Coast Cluster in the UK, These projects are actively bringing together communities, business, and academia to deliver the carbon capture and storage (CCS) infrastructure needed to decarbonise this key industrial heartland of the UK.
- March 2024 - Genesis and Beicip has announced the collobration, to support clients in unlocking added value during field development planning phase. The collaboration will focus both on respective traditional businesses and on underpinning the growing demand for sustainable projects incorporating subsurface and infrastructure master planning excellence. This non-exclusive partnership is in response to the growing need to offer holistic (reservoir to point of sales) integrated solutions to optimize the economics and accelerate the overall delivery.
Oil & Gas Engineering Services Industry Segmentation
When it is discovered, oil and gas engineers become involved in the process of extracting such resources from reservoirs, where they often work with experts like geophysicists to get a better understanding of what underlies rock formation, determine which drilling techniques are most efficient as well as monitoring daily operations.
The scope of the study involves oil and gas-based engineering service providers that provide asset and automation-based services throughout the whole oil and gas supply chain, ranging from design to operation, as well as maintenance-based services.
The oil and gas engineering services market is segmented by type (downstream, midstream, and upstream) and geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The report offers the market size in value terms in USD for all the above mentioned segments.
| By Type | Downstream |
| Midstream | |
| Upstream | |
| By Geography | North America |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
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Oil & Gas Engineering Services Market Research Faqs
How big is the Oil & Gas Engineering Services Market?
The Oil & Gas Engineering Services Market size is expected to reach USD 58.80 billion in 2025 and grow at a CAGR of 7.49% to reach USD 84.37 billion by 2030.
What is the current Oil & Gas Engineering Services Market size?
In 2025, the Oil & Gas Engineering Services Market size is expected to reach USD 58.80 billion.
Who are the key players in Oil & Gas Engineering Services Market?
Stress Engineering Services Inc., Toyo Engineering Corporation, Element Materials Technology, L&T Technology Services Limited and Arseal Technologies are the major companies operating in the Oil & Gas Engineering Services Market.
Which is the fastest growing region in Oil & Gas Engineering Services Market?
Middle-East and Africa is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Oil & Gas Engineering Services Market?
In 2025, the North America accounts for the largest market share in Oil & Gas Engineering Services Market.
What years does this Oil & Gas Engineering Services Market cover, and what was the market size in 2024?
In 2024, the Oil & Gas Engineering Services Market size was estimated at USD 54.40 billion. The report covers the Oil & Gas Engineering Services Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Oil & Gas Engineering Services Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Oil & Gas Engineering Services Industry Report
Statistics for the 2025 Oil & Gas Engineering Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oil & Gas Engineering Services analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
