Oil and Gas Refinery Maintenance Services Market Share

APAC Market Analysis

The Asia Pacific oil and gas refinery maintenance services market will encounter the most growth during the anticipated period and will have a lion’s share in the market will almost 41% revenue share. This growth in the oil and gas refinery maintenance services market will be found due to the increasing refining capacity in this region. To illustrate, China’s refining capacity is projected to increase by almost 25.6 million mt/year in 2022, primarily because of PetroChina's latest Guangdong Petrochemical with a potential of 20 million mt/year and Sinopec Hainan Petrochemical's 5 million mt/year growth, which are to be submitted this year. China is focusing on capping the country's basic refining potential at 1 billion mt/year, or 20 million b/d, by 2025 while increasing implementation rates of its refining facilities to above 80%, in line with the national carbon peaking action strategy declared by the State Council in October.

North American Market Statistics

North America region will also encounter massive growth in the oil and gas refinery maintenance services market and will hold the second largest position in the world. This growth can be noticed primarily because of this region’s significant oil refinery potential. In 2021, oil refinery capacity in the United States was estimated to be roughly 17.9 million barrels per day, while the real refinery throughput was 17.5 million barrels of oil daily. The North American country has persistently managed a significant oil refinery potential worldwide. The most general mode of conveyance for their domestic crude oil refining was through pipelines. In 2020, 2.8 billion barrels of crude oil were conveyed by pipelines to refineries across the United States. Chevron, a multinational energy organization with headquarters in California, had a crude oil refining potential that tackled 1.8 billion barrels of crude oil daily across the world.