Increasing Government Initiatives to Reduce Air Pollution to Drive Market During 2023–2027
According to the latest market study on "Singapore and Malaysia Oil & Gas Quality Assurance/Quality Check Market Forecast to 2027 – COVID-19 Impact and Country Analysis –by Type," the market is expected to grow from US$ 69.65 million in 2023 to US$ 92.04 million by 2027; it is anticipated to grow at a CAGR of 7.2% from 2023 to 2027.
Enterprises providing products and services for oil & gas quality assurance/ quality checks play a crucial role in maintaining the quality of oil produced. Thus, a rise in the oil and gas industry production boosts the Singapore and Malaysia oil & gas quality assurance/quality check market growth. Fuel and oil are mainly contaminated by rust, algae, water, and other organic matter. Contamination commonly occurs when oil and fuel meet unwanted environments or in cases of vandalism or accident. The delivery of contaminated fuels may lead to severe issues for end users. For example, contaminated fuel in vehicles could lead to the blockage of fuel filters, the formation of corrosion on the walls of fuel tanks, and engine damage due to the poor combustion or water present in the fuel, hampering the performance of vehicles.
Singapore and Malaysia Oil & Gas Quality Assurance/Quality Check Market Share — by Region, 2021
Source: The Insight Partners Analysis
In April 2022, the Maritime and Port Authority of Singapore started investigating the contamination in the bunker fuel after 14 ships suffered the loss of engine and power due to the use of high-sulfur fuel oil (HSFO) procured from Singapore. In August 2018, contaminated fuel exported to various countries, including Singapore and Malaysia, led to technical and mechanical challenges to ship operations. The rise in fuel contamination incidents indicates the need for quality assurance and quality check services in Singapore and Malaysia oil & gas quality assurance/quality check market, which review and check the fuel status and inform the authorities about it. In July 2018, Maritec Pte, Ltd (a marine fuel testing, inspection, and consultancy services provider) reported the contamination of marine fuel found in Singapore, which could damage and clog ship engines. Since fuel from the same batch was delivered to 100 ships, an alert was sent across the country regarding the contamination issue to recommend further quality checks. Thus, with the rising fuel contamination issues, the need for quality assurance and quality check services has increased in Singapore and Malaysia oil & gas quality assurance/quality check market.
Intertek Group Plc, Brunel International NV, HQTS Group Ltd, SGS SA, and TUV SUD AG are the key players in the Singapore and Malaysia oil & gas quality assurance/quality check market profiled during this study. In addition, several other important companies were studied and analyzed during this Singapore and Malaysia oil & gas quality assurance/quality check market study to get a holistic view of the Singapore and Malaysia oil & gas quality assurance/quality check market and its ecosystem.
The onset of the COVID-19 pandemic led to disruptions in the raw material supply chain, which led to a slowdown in the manufacturing of products required for oil & gas quality assurance and quality checks. However, the industrial sector regained momentum by mid-2021, which resulted in a rise in demand for oil & gas quality assurance/quality check products and services in Singapore and Malaysia. These offerings are essential for reducing carbon footprint from the environment, which is likely to continue to bolster the Singapore and Malaysia oil & gas quality assurance/quality check market size in the future.
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