What is the Global market size of the Oil And Gas Fabrication Market?

Global Oil And Gas Fabrication Market size was valued at USD 4.86 billion in 2021 and is poised to grow from USD 5.03 billion in 2022 to USD 7.03 billion by 2030, growing at a CAGR of 4.7% in the forecast period (2023-2030).

Who are the key vendors in the Global Oil And Gas Fabrication Market?

Most companies are actively investing in R&D activities to develop innovative products that help the company to improve its market share and generate more revenue. On the other hand, STI Group company is planning to increase its market revenue by acquiring small market players. 'McDermott International', 'National Oilwell Varco', 'Petrofac', 'Hyundai Heavy Industries', 'Samsung Heavy Industries', 'Saipem', 'TechnipFMC', 'WorleyParsons', 'Sembcorp Marine', 'Keppel Corporation', 'Lamprell Energy', 'Chiyoda Corporation', 'Subsea 7', 'JGC Corporation', 'KBR Inc.', 'McDermott Middle East Inc.', 'McDermott Asia Pacific Pte Ltd', 'Gulf Marine Services', 'Aker Solutions', 'Wood Group Mustang'

What is the key driver of the Global Oil And Gas Fabrication Market?

Exciting possibilities for trustworthy and affordable upstream monitoring are made possible by the Internet of Things (IoT) and next-generation connections.

What is the key market trend for the Global Oil And Gas Fabrication Market?

Exploration activities: The expansion of manufacturing facilities around the world is projected to fuel the market for oil & gas fabrication.

Oil And Gas Fabrication Market Size

Oil And Gas Fabrication Market Insights

Global Oil And Gas Fabrication Market size was valued at USD 4.9 billion in 2023 and is poised to grow from USD 5.13 billion in 2024 to USD 7.41 billion by 2032, growing at a CAGR of 4.7% during the forecast period (2025-2032).

Fabrication is the process of creating products by combining typically standard parts with one or more independent procedures. For instance, cutting, bending, and assembling metal structures are all steps in the manufacturing of steel. Different gases are used in the fabrication processes, and because natural gas is less expensive than other fossil fuels, it is expected that demand will increase during the projection period. The global oil and gas pipeline fabrication and construction market will benefit in the coming years as the natural gas pipeline network is anticipated to grow alongside rising natural gas consumption. The global market for oil & gas fabrication is expanding as a result of increased investment in manufacturing activities.

The global economy, which is undergoing a significant transformation that is increasing demand in the global market, is largely driven by the oil and gas sector. Improved break-even points, a rise in energy demand, and the use of technology to cut production costs are the main drivers of the oil and gas industry's expansion. The main market dynamics driving the oil & gas industry through which the oil & gas fabrication market is increasing its market share in the global market include an increase in oil & gas production and exploration activities, growing merger and acquisition trends, and increasing demand for oil.

The Covid-19 outbreak has had a significant negative impact on the oil and gas industry. The majority of governments have declared a state of emergency and closed down cities to stop the virus from spreading. Due to people having to stay at home, gas prices have decreased. Decrease in global consumption rates due to decreased demand and supply. Crude oil prices fell as a result of the Saudi Arabian and Russian price war.

US Oil And Gas Fabrication Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

Most companies are actively investing in R&D activities to develop innovative products that help the company to improve its market share and generate more revenue. On the other hand, STI Group company is planning to increase its market revenue by acquiring small market players. 'McDermott International (USA) ', 'Technip Energies (France) (formerly TechnipFMC) ', 'Saipem S.p.A. (Italy) ', 'Petrofac Limited (UK) ', 'Larsen & Toubro (India) ', 'National Petroleum Construction Company (NPCC) (UAE) ', 'Hyundai Heavy Industries (South Korea) ', 'Samsung Heavy Industries (South Korea) ', 'Daewoo Shipbuilding & Marine Engineering (South Korea) ', 'Sembcorp Marine (Singapore) ', 'Keppel Corporation (Singapore) ', 'Fluor Corporation (USA) ', 'Bechtel Corporation (USA) ', 'Worley (Australia) (formerly WorleyParsons) ', 'John Wood Group PLC (UK) ', 'KBR, Inc. (USA) ', 'Subsea 7 S.A. (Luxembourg) ', 'Eversendai Corporation Berhad (Malaysia) ', 'Lamprell PLC (UAE) ', 'Dynamic Energy Services International, LLC (USA) '

The oil and gas industry can benefit from the use of IoT-based technology in a number of ways, including improved field communication, reduced maintenance costs, real-time monitoring, digital oil field infrastructure, reduced power consumption, increased asset safety and security, and increased productivity.

Due to growing oil and gas production in the United States, the North America currently holds a disproportionately large market share in the worldwide oil and gas fabrication business. New oilfield and oil reserve exploration in North America will also fuel demand for the oil & gas fabrication industry throughout the anticipated period. However, due to the increasing industrialization and natural gas demand, it is predicted that the Asia Pacific area would expand over the coming years. As a result, there will be a significant increase in the need for oil and gas fabrication during the projection period.