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.
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.
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.
In terms of region, the global refinery service and maintenance market can be segmented into North America, Latin America, Middle East & Africa, Europe, and Asia Pacific. In 2016, Asia Pacific and Middle East & Africa cumulatively accounted for a key share of the market.
Key player operating in the global refinery service and maintenance market include Intertek Group Plc., Clariant International Ltd., General Electric Plc., KIEL Industrial Services AG, Ramboll Group A/S, Arcum Group of Companies, OWS Technical Services, ABB Group, Aker Solutions, CH2M HILL, and Saipem S.p.A.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.