OIL AND GAS ASSET INTEGRITY MANAGEMENT SERVICES MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Oil & Gas Asset Integrity Management Services Market Analysis:

The oil and gas asset integrity management services market is projected to exhibit a Compound Annual Growth Rate (CAGR) of approximately 7.74% during the forecast period of 2022–2027, with an estimated value of USD 30 billion by 2027, up from USD 17.81 billion in 2020. The COVID-19 pandemic had a significant impact on the oil and gas industry in 2020, resulting in a decline in crude oil prices due to reduced demand in regions such as Asia-Pacific. The transportation and aviation sectors experienced a significant drop in fuel demand due to restrictions and lockdowns. The market is expected to be driven by factors such as the aging assets in the oil and gas industry and increased investments in gas infrastructure. However, the market growth is expected to be hindered by the high volatility of oil and gas prices during the forecast period.

During the forecast period, the downstream sector is expected to dominate the oil and gas asset integrity management services market. The aging oil and gas infrastructure in the Asia-Pacific region is expected to create business opportunities for companies involved in asset integrity management services. North America is expected to remain a dominant market due to the aging infrastructure, particularly in the upstream and midstream sectors.

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