Global TIC Market for Oil & Gas Industry is Anticipated to grow at a Significant Pace and was USD 14 Billion in 2020

Published Date: Sep, 2021

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. 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.

Browse 53 market data Tables and 35 Figures spread through 200 Pages and in-depth TOC on " TIC Market for Oil & Gas Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (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), and Region - Global Forecast to 2027"

By industry vertical, pipelines segments holds a significant share in the TIC market for oil & gas industry during the forecast period.

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.

Global TIC Market for Oil & Gas Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Service Type

Testing, Inspection, and Certification

Testing (Largest)

End-Use Industry

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

Pipelines (Significant Share)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific (High CAGR)

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“APAC is anticipated to witness significant growth during the forecast period in the TIC market for oil & gas industry.”

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.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Sourcing Type, Service Type, Industry Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, DEKRA SE, TUV SUD, Applus+, and DNV GL

 

Global TIC Market for Oil & Gas Industry- Market Coverage

Sourcing Type Insight and Forecast 2015-2027

  • In-House
  • Outsourced

Service Type Insight and Forecast 2015-2027

  • Testing
  • Inspection
  • Certification

Industry Vertical Insight and Forecast 2015-2027

  • Refineries
  • Tank Farms
  • Pipelines
    • Onshore
    • Offshore
  • Compressor Stations
  • Chemical and Petrochemical Plants
  • Offshore Structures and Platforms
  • Production and Processing on Platforms
  • Gas Liquefaction Plants
  • Loading Facilities
  • Others

Geographical Segmentation

TIC Market for Oil & Gas Industry by Region

North America

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

 

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Global TIC Market for Oil & Gas Industry is Anticipated to grow at a Significant Pace and was USD 14 Billion in 2020