Market Research: Oil & gas engineering services market size to ‎reach $1.7 trillion by 2032‎

A report issued by Market Research Future revealed that the engineering services market in the global oil and gas industry is expected to reach $1.69 trillion between 2022 and 2032, recording a compound annual growth rate of 4.5%, compared to $1.14 trillion in 2022.

According to Al-Anbaa, Globe Newswire quoted the report as saying that the acceleration of the growth of the engineering services market in oil and gas projects is due to the huge demand for hydrocarbons and the construction of new pipelines.

The site said that the numerous reports related to engineering services in this sector share predictions and estimates related to the increasing revenue share of the market, indicating that this industry has recorded great progress over the past years.

The list of leaders and prominent players in the global oil and gas engineering services market includes major players such as M&H, Lloyds and Toyo Engineering, Larsen & Toubro, and others.

The report said that the global oil and gas engineering services industry has taken impressive steps recently, noting that the main aspects that cause a boom in market performance are represented by the expansion of the manufacturing sector and rapid urbanization, not to mention the increasing use in many end-use sectors, rapid population growth, huge demand for energy, expansion of the global transportation system, and the intensive use of natural gas by end users, as well as the initiatives taken by governments, agencies and commercial companies.

However, the report said that some aspects may restrain the performance of the market, and it can be said that the main aspect that limits the development of the market is the high associated costs.

The elements of the engineering services report for the oil and gas sector include an estimate of the market size during the forecast period between 2023 and 2032, and it is estimated that imports in this market will reach $1698.3 billion, with the base year being 2022.

Some of the most important aspects covered in the report are the type, region and key market opportunities that are steadily growing in the field of oil and gas exploration, key market dynamics are industrialization, rapid urbanization, growing oil and gas trade creating the need for construction of new pipelines and huge demand for hydrocarbons.

It is known that the global health risks of the spread of the Corona epidemic had a clear impact on most of the industry’s operations in the past few years. The health emergency also affected industry operations and greatly affected public health in approximately 225 countries. Of course, the oil and gas engineering services industry has not been an exception to this, as disruptions to supply chains and partial or complete closures around different regions around the world have led to many disruptions in market operations. However, in view of the rapid recovery of the global economy, the market is expected to achieve significant development during the study period. In addition to this, many government agencies and major players in the market are collaborating and thus offering solutions such as innovations, R&D through excellent financing that will positively influence the global Oil and Gas Engineering Services market during the time frame of the study period.

Among all types, the downstream category has secured a leading position in the global oil and gas engineering services market in 2022. Point-of-production to point-of-sale operations are involved in the downstream segment of the oil and gas industry. Downstream operations include transportation, refining and marketing of petroleum products. The industry’s dependence on downstream oil and gas services is expected to be driven by the increasing demand for reliable and safe operations while reducing the total cost of operations.