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Oil And Gas Fabrication Market size was valued at USD 4.86 billion in 2019 and is poised to grow from USD 5.03 billion in 2023 to USD 7.03 billion by 2031, growing at a CAGR of 4.7% in the forecast period (2024-2031).

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'

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.

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Global Oil and Gas Fabrication Market

Product ID: SQMIG10B2086