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Refinery Service & Maintenance Market Shares, Company Analysis And Forecast To 2025

Press Release   •   Jan 22, 2018 04:50 EST

Refinery service and maintenance can be defined as a set of activities undertaken to keep refineries in good operational condition while compensating for normal wear and tear. It includes servicing and maintenance of refinery parts such as reactors, columns, pipes, heat exchangers, electrical units, rotary equipment, and instrumentation. It is usually carried-out by companies that construct refineries as part of their contracts with refinery owners.

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The global refinery service and maintenance market is primarily driven by the rise in demand for processed fuels and the subsequent increase in the number and capacity of refineries. Maintenance and service are basic requirements of all products and in this case, refineries. However, in the past few years, this aspect has become more crucial owing to rigid environment regulation imposed by governments. This is another major factor driving the global refinery service and maintenance market. On the other hand, fluctuating oil prices have resulted in a fall in the profits of refineries, which has in turn led them to defer refinery maintenance activities. This is one of the major inhibitors of the global refinery service and maintenance market. The market is highly competitive in nature and results in a spiraling cost of providing the service. This is the case because companies try to provide more options and better service products. This has in turn affected the profit margins of service providers, thereby inhibiting the market.

The global refinery service and maintenance market can be trifurcated based on type, refinery size, and region. In terms of type, the refinery service and maintenance market can be bifurcated into turnaround and maintenance. Maintenance is the routine servicing of refineries carried-out at regular intervals. Turnaround is composed of repairs during and/or at the completion of a process cycle. It includes replacement of a component or equipment.

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In terms of refinery size, the refinery service and maintenance market can be classified as small-scale, medium-scale, and large-scale. Classification is derived from the production capacity of refineries; with small-scale refineries are classified as those under 100,000 bbl/d capacity, medium-scale refineries include those ranging between 100,001 bbl/d and 200,000 bbl/d capacity, and large-scale refineries are those refineries having more than 200,001 bbl/d capacity.

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