Market Size of Oil and Gas Asset Integrity Management Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.74 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil & Gas Asset Integrity Management Services Market Analysis
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.
- The downstream sector is expected to dominate the oil and gas asset integrity management services market during the forecast period.
- The aging oil and gas infrastructure in the Asia-Pacific region is expected to create business opportunities for the companies involved in the asset integrity management services market soon.
- North America is expected to continue to be a dominant market, due to the aging infrastructure, mainly in the upstream and midstream sectors.
