Maintenance Services is Expected to Dominate the Global Oil & Gas Refinery MRO Services Market
A
key factor shaping the oil and gas refinery maintenance services market growth
is the emergence of intelligent refineries.
According
to TechSci Research report, “Global Oil & Gas Refinery MRO Services Market
- Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Oil & Gas
Refinery MRO Services is anticipated to project robust growth in the forecast
period with a CAGR of 2.80% through 2028. With refineries focusing on bringing
in higher efficiencies in fuel production, the onus is on ensuring
well-maintained facilities. This in turn is expected to increase the importance
of turnaround maintenance (TAM) services for refineries. Furthermore, the
market is expected to witness an increase in the time between shutdown,
turnaround and outage (STO) events from 3-5 years to 8-10 years, driven by
improved life of assets due to effective maintenance services. Refining margins
have been depreciating over the years, bringing down profits. Additionally,
refineries are increasingly focused on reducing both their capital and
operational expenditures. Therefore, in order to lower the operating expenses
in the long term, refineries are focusing on improving asset reliability both
from the equipment and process point of view.
The
demand for inventory management is expected to be fueled largely by end-use
industries such as process industries that continuous operations of critical
applications. This coupled with the supply uncertainties experiences (of late)
for key spare parts for critical applications, has the potential to disrupt
plant uptime.
Optimizing
lifecycle cost is driving the need to focus on solution-based services. MRO
service providers are redefining MRO services, by integrating big data,
analytics, and cloud capabilities to devise solution-based services. MRO
services being a mature market, the service providers are largely
differentiated by price and product ranges.
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However,
the success of MRO services providers in the future will require an integrated
approach that focuses on consistent performance and reliability. With end users
increasingly looking at optimizing an efficient operational expenditure
strategy and cutting down their capital expenditures, their focus is on
enhancing core competencies. This in turn is fueling the need for reliable
partners to outsource non-core competencies. This is a major driver for
outcome-based service models.
Continuation
of COVID-19 induced economic slowdown is expected to have a significant impact
on the capacity utilization of refineries. It may result in shutdown of these
facilities, which in turn will reduce their maintenance related spend and lead
to increased outsourcing of non-core competencies. However, increasing adoption
of asset management solutions by MRO services will drive asset lifecycle
extensions and in reduce the frequency of maintenance, repair, and upgrades.
This is expected to lower MRO service revenues. Considering the greater focus
of end users on integrated solutions-based approaches, MRO services will
witness further consolidation with the market leaders acquiring specialized
maintenance service providers and, technology based-asset management service
providers, in a bid to increase their relative market shares and improve
margins.
Key
market players in the Global Oil & Gas Refinery MRO Services Market include:
- Schlumberger
Limited
- Halliburton
Company
- Weatherford
International
- Baker
Hughes
- National
Oilwell Varco
- Swell
Packers Plus Energy Services Inc
- TAM
International
- NCS
Multistage
- Rubicon
Oilfield International
- Omega
Completion Technology
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“In
addition to these major acquisitions, there have been a number of smaller
investments in the global oil and gas refinery MRO services market in recent
years. For example, in 2021, Honeywell invested USD 100 million in Uptime
Technologies, a startup that provides predictive maintenance solutions for
industrial equipment. These investments are a sign of the growing importance of
MRO services in the oil and gas industry. Refineries are increasingly relying
on MRO service providers to help them maintain, repair, and overhaul their
equipment efficiently and effectively. This is essential for refineries to
operate safely and profitably. Optimizing the supply chain is crucial for MRO
services providers. This includes streamlining the procurement of spare parts,
optimizing inventory management, and ensuring timely delivery of critical
components. Supply chain optimization reduces lead times, minimizes
disruptions, and enhances operational efficiency. Many refineries are
outsourcing their MRO activities to specialized service providers. Outsourcing
allows refineries to focus on their core operations while leveraging the
expertise of MRO specialists. This trend has led to the growth of strategic
partnerships between refineries and service providers, fostering collaboration
and innovation.
”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm. Oil & Gas
Refinery MRO Services Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast Segmented By End-use
(Industrial (Bio-filtration, Hot Gas Filtration), Residential, Commercial), By
Product (Water Filter, Air Filter), By Region, By Competition 2018-2028 has evaluated the future growth
potential of Global Oil & Gas Refinery MRO Services Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global Oil & Gas Refinery MRO
Services Market.
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