Global Oil And Gas Fabrication Market Size, Share, Growth Analysis, By Type(Upstream, Downstream), By Application(Structural steel fabrication, Process equipment fabrication) - Industry Forecast 2023-2030

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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).

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'

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

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.