Press Release

TIC Market for Oil & Gas Industry was USD 14 billion in 2020, registering a CAGR of 2.2% during the forecast period 2021-2027

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Global TIC Market for Oil & Gas Industry

The TIC market for oil & gas industry is expected to witness a CAGR of 2.2% during the forecast period. Oil & gas are the major industries in the energy market and play an important role in the world’s economic fuel resources. TIC services help improve the standards of the manufacturing process by conducting tests, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the oil & gas industry. Factors driving the growth of TIC market for oil & gas industry is the workers and site should be safe and the process involved should be optimized across the entire supply chain i.e. from extraction which involves high pressures and temperatures, to statutory inspection of production assets and asset life extension, and then to the transportation of hydrocarbons that are governed by mandatory regulations and standards.

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Moreover, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the oil & gas industry.

The COVID-19 outbreak had a substantial impact on the oil & gas industry which is sensitive to economic cycles. However, owing to its sustainability and digitalization, the oil & gas industry has the potential to recover from this pandemic which will create opportunities for growth of the TIC market for the oil & gas industry. Moreover, the TIC market is witnessing growth during the COVID 19 pandemic owing to the introduction of new services like virtual inspections, visual inspection, and remote auditing.  

Intertek Caleb Brett, a London-based testing laboratory company, announced to expand its current inspection and testing services operations at St. James (Louisiana), with a new 5,000 sq. ft. laboratory. The laboratory is expected to handle operations related to oil and gas sector such as crude oil quality analysis and testing in accordance with ASTM methodologies and retain the services, including indefinite and retain capabilities.

Based on industry vertical, the TIC market for the oil & gas industry is divided into refineries, tank farms, pipelines (onshore and offshore), compressor stations, chemical and petrochemical plants, offshore structures and platforms, production and processing on platforms, gas liquefaction plants, loading facilities, and others. Offshore and onshore production and storage facilities must be safe and strong throughout the stages of the project life cycle. There should be continuous inspection of pipelines so as to discover hidden damage and material fatigue at an initial stage. Thus, the systems and equipment can maximise their operating life.  Moreover, a need to implement safety and conformity requirements of the pipeline so as to avoid hazards, corrosion, explosion, water, etc.

APAC is anticipated to witness significant growth owing to the rising demand for advanced technology, tools and equipment to expand the efficiency of exploration and production activities in onshore and offshore areas, rising investments, continuous government support to reduce dependency on oil & gas imports and increase domestic output to meet the rising demand for fuel, and mandatory government regulations for safety and quality, resulting in propelling the growth of the TIC market for the oil & gas industry.

Some of the key players operating in the TIC market in the oil & industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, DEKRA SE, TUV SUD, Applus+, and DNV GL.

Tags: TIC Market for Oil and Gas Industry, oil and gas industry

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VynZ Research
Direct: +919960288381
Email: [email protected]

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