Published Date : Sep 12, 2016
Albany, NY, Sep 12, 2016: MarketResearchReports.biz now features a new report, titled “Global Process Plant Equipment Market in Downstream Oil and Gas Industry 2016-2020.” The report provides insights into the competitive landscape and trends influencing the demand for process plant equipment in the downstream oil and gas industry. It presents a comprehensive evaluation of the market’s growth across different segments in terms of revenue.
Process plant equipment is used in separating, removing, and transforming various components such as water, sand, gases, dirt, and scale from hydrocarbons to make it ready for sale. The authors of the report estimate the global process plant equipment in downstream oil and gas industry to rise at a CAGR of 1.18% between 2016 and 2020.
An increasing number of refineries in developing countries in the Middle East and Asia Pacific is expected to fuel the demand for process plant equipment in the downstream oil and gas industry. Despite its economic slowdown since 2012, China is estimated to witness a rise in the demand for petrochemicals and refined products. Countries in the Middle East are utilizing abundant crude oil supply in the region to manufacture and export petrochemical products. This has resulted in increasing demand for process plant equipment, thereby fuelling the market.
On the other hand, the growing concerns regarding carbon emissions have given a significant boost to the demand for renewable fuels. The competition from renewable resources is resulting in a reduction in the market shares of refined oil products. This, in turn, will negatively influence the growth of the global process plant equipment market.
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However, increased stringency in regulations related to fuel specifications is likely to propel the growth of the market in the forthcoming years. For instance, in 2015, India declared to adopt standards similar to EURO VI by 2020, which is a stricter set of regulations than the previously adhered EURO V. Such regulations are compelling refinery companies to upgrade their secondary processing equipment to supply fuel in accordance with the current emission standards.
On the basis of equipment type, the plant equipment segment is expected to dominate the market until the end of 2020. Due to a rise in the number of complex refineries, the segment will grow at a CAGR of more than 1% from 2016 to 2020. Geographically, Asia Pacific was the dominant segment in 2015 and is estimated to represent nearly 33% of the overall market by 2020. The improving economic conditions and expansion of the transportation, construction, and manufacturing sectors are likely to drive the demand for process plant equipment in the APAC region. Moreover, countries such as India and China are constructing refineries to reduce their dependence on imports.
The global process plant equipment in downstream oil and gas industry is dominated by multinational companies that have large capital and vast experience in construction as well as upstream and downstream operations. This poses a high entry barrier for small or medium sized companies. The key players in the market are Samsung, Fluor, Saipem, Hyundai, and Technip.
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