USD 4.86 billion
Report ID: SQMIG10B2035 | Region: Global | Published Date: November, 2022 | Pages: 233 | Tables: 61 | Figures: 75
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).
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.
Global Market Size
USD 4.86 billion
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Global Oil and Gas Fabrication Market can be segmented on the basis of Type, Application, and Region. Based on type, the market is further sub-segmented into upstream and downstream. According to the application, the market is further sub-segmented into structural steel fabrication and process equipment fabrication. Based on Region the Oil and Gas Fabrication Market is further sub segmented into North America, Europe, Asia Pacific, The Middle East and Africa (MEA).
Oil And Gas Fabrication Market Analysis by Type
Due to increased production and exploration activities worldwide in 2021, the upstream segment has dominated the market share. During the forecast period, there will likely be an increase in the need to increase productivity from both new and existing reserves, investments in deep-water and ultra-deep-water projects, and attention to the exploitation of unconventional hydrocarbons. For instance, Scottish developers disclosed plans in December 2021 for £235 million to build the upstream wind supply chain.
Oil And Gas Fabrication Market Analysis by Application
The worldwide oil and gas fabrication market is divided into structural steel fabrication and process equipment fabrication based on the application segment. Due to the growing use of steel in the oil and gas industry, structural steel fabrication represented the highest market share. The oil and gas business heavily relies on metal manufacturing. Steel fabricators produce a wide range of items, including pipes, hollow sections, platforms, beams, girders, custom-fit metal parts, pressure vessels, and heat exchangers. The construction of all the machinery and infrastructure involves metal fabrication.
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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.
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Oil And Gas Fabrication Market Driver
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.
Oil And Gas Fabrication Market Restraint
In the face of rising worldwide demand, wildly fluctuating prices, and more stringent environmental regulations, the oil and gas industry have three challenges: reducing costs, maximising the performance of its industrial assets, and improving its environmental impact. The oil and gas industry is subject to increasingly rigorous environmental laws because it employs high amount of water and energy.
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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.
Oil And Gas Fabrication Market Top Player’s Company Profiles
Oil And Gas Fabrication Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to the global oil and gas fabrication analysis report, the Finance, and On-premises segment dominated the Global Oil and Gas Fabrication Market in 2022 and is expected to maintain its dominance throughout the forecast period. In 2022, North America dominated the Global Oil and Gas Fabrication Market owing to the region's high and economical stable population, as well as a significantly increasing streamlining of business processes.
|Market size value in 2021||USD 4.86 billion|
|Market size value in 2030||USD 5.03 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Oil And Gas Fabrication Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oil And Gas Fabrication Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG10B2035