Market Size of Norway Oil and Gas Downstream Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Norway Oil & Gas Downstream Market Analysis
Norway's oil and downstream gas market is expected to grow at a CAGR of more than 1% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the medium term, increasing consumption of petroleum products is expected to boost the demand for the Norway oil and gas downstream market during the forecast period.
- On the other hand, the rising number of EVs and the government has also pushed towards decreasing dependence on oil and gas, further leading to market stagnation.
- Nevertheless, the increasing need to decrease the sulfur content in the oil to comply with the EU guidelines has led to the requirement for better desulfurization plants all over Europe. A further requirement in reducing sulfur content is expected to act as an opportunity for the market players in the country.
Norway Oil & Gas Downstream Industry Segmentation
In the downstream sector, crude oil is refined, natural gas is processed and purified, and products derived from crude oil and natural gas are marketed and distributed.
The Norway oil and gas downstream market is segmented by type. By type, the market is segmented into refineries and petrochemical plants. For each segment, the market sizing and forecasts have been done based on refining capacity (million barrels per day).
| Process Type | |
| Refineries | |
| Petrochemical Plants |
Norway Oil and Gas Downstream Market Size Summary
The Norway oil and gas downstream market is poised for moderate growth over the forecast period, driven by an increase in petroleum product consumption. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, the rise in electric vehicles (EVs) and government initiatives aimed at reducing oil and gas dependency are expected to create challenges, potentially leading to market stagnation. Despite these challenges, the need to comply with EU sulfur content regulations presents opportunities for market players, as it necessitates the development of advanced desulfurization plants across Europe. The country's refining capacity has remained unchanged, with the Mongstad plant being the primary facility, largely exporting its output to the European Union. The closure of the Slagen refinery and a decrease in refining throughput highlight the declining demand for refined products, suggesting that the refining capacity is unlikely to see significant investment or expansion in the near future.
Norway's transition towards electric vehicles is a significant factor influencing the downstream market, with the country on track to achieve 100% EV sales by 2025. This shift is expected to reduce the demand for refined products, thereby restraining the growth of the downstream sector. The market for electric vehicles in Norway has been expanding rapidly, supported by favorable policy instruments and incentives such as tax exemptions and reduced road taxes. The consolidation of the downstream market is evident with major players like Equinor ASA, Royal Dutch Shell PLC, Aker BP AS, Total S.A, and Exxon Mobil Corporation operating in the region. Recent developments, such as INOVYN's initiative to electrify vinyl chloride production and the fire incident at the Mongstad refinery, underscore the dynamic nature of the market, highlighting both opportunities for innovation and challenges in operational stability.
Norway Oil and Gas Downstream Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Refining Capacity and Forecast, in thousand barrels per day, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Process Type
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2.1.1 Refineries
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2.1.2 Petrochemical Plants
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Norway Oil and Gas Downstream Market Size FAQs
What is the current Norway Oil and Gas Downstream Market size?
The Norway Oil and Gas Downstream Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Norway Oil and Gas Downstream Market?
Equinor ASA, Royal Dutch Shell PLC, Exxon Mobil Corporation, Total S.A and Aker BP AS are the major companies operating in the Norway Oil and Gas Downstream Market.
