OIL & GAS ENGINEERING SERVICES MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Oil & Gas Engineering Services Market Analysis:

The Oil & Gas Engineering Services Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of approximately 7.1% during the projected period. The primary driving force behind the adoption of engineering services in the Oil & Gas industry is the significant uptake of automation technologies.
Given the dynamic nature of the industry, the need to optimize efficiency and productivity, maximize uptime and return on assets, and minimize costs is expected to fuel the adoption of engineering services in the sector. Additionally, the oil & gas industry faces several challenges, including declining oil prices, increasing penetration of renewable energy, electric vehicles, strict carbon footprint regulations, and new hydrocarbon sources. Consequently, companies are implementing strategic Industry 4.0 strategies to overcome these challenges.
The application of advanced technologies such as analytics, machine learning, and others is expected to aid oil and gas companies in analyzing large data sets and providing meaningful insights. Therefore, the adoption of engineering services in the industry is expected to increase during the forecast period.
The market is witnessing strategic collaborations among players as a lucrative path towards expansion. For example, Equinor, a Norwegian energy firm, has awarded a contract to the Italian oilfield service company, Saipem, to provide engineering services globally. The agreement encompasses feasibility and conceptual studies, front-end engineering and design (FEED) work, detailed engineering and follow-on work, and R&D support. Through this partnership, Saipem will assist Equinor with its upcoming energy-related projects in the offshore, onshore, and floating wind sectors.

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