Oil & Gas Fabrication Market Size to Hit USD 6.93 Billion, Globally, by 2029 at a CAGR of 4.7%

Global Oil & Gas Fabrication Market to Experience 4.7% CAGR During 2022-2029; Increasing Oil & Gas Production to Augment Growth.

Pune, India, June 13, 2023 (GLOBE NEWSWIRE) — The global oil & gas fabrication market size was worth USD 4.86 billion in 2021. The market value is slated to rise from USD 5.03 billion in 2022 to USD 6.93 billion by 2029 at 4.7% CAGR during the forecast period. The infrastructure of the oil & gas industry is complex. An oil rig or platform is a large structure with facilities for drilling wells and extracting and processing oil and natural gas. Some of these oil platforms even have facilities to house workers. There are different oil platforms such as fixed platforms, semi-submersible platforms, compliant towers, and others. All of these structures are built on steel legs. Fortune Business Insights presents this information in their report titled “Oil & Gas Fabrication Market, 2022-2029.”

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Key Industry Development:

December 2022 – A leading Indian engineering and manufacturing company emerged as the frontrunner for a major offshore contract from the government-controlled Oil & Natural Gas Corporation (ONGC) for the Daman Upside Gas Development Project (DUDP) off the country’s west coast.

Report Highlights:

Market Drivers & Restraints:

Growing Demand and Consumption of Oil & Gas to Foster Market Growth

The rising oil & gas production & exploration activities, along with increasing investments in the services market, surges the demand for oil & gas fabrication. The necessity to enhance the efficiency of established and fresh reserves is increasing. Rising investments in ultra-deepwater and deepwater projects and growing emphasis on emerging unconventional hydrocarbons propel the global oil & gas fabrication market growth during the forecast period.

However, the oil & gas industry production results in rising pollution levels and increasing global warming threats. Governments have imposed regulations on oil & gas companies.

COVID-19 Impact:

Global Market Experienced a Downward Trend Due to Decreased Oil & Gas Demand

In March 2020, oil prices plunged due to geopolitical events along with the global impact of the COVID-19 pandemic. As a result, in 2020, the average number of the U.S. rigs fell 52% from 2019. The U.S. rig count hit a low of 244 in mid-August since then it has risen to 397 as of February 19, 2021. In 2020, industrial participants’ business was impacted by the COVID-19 pandemic as customers delayed purchases and planned projects, citing COVID-19-related market uncertainties, permitting delays and logistical constraints.

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Report Coverage:

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.   

Segmentation Analysis: 

By Application, Upstream Segment to Gain Traction over 2022-2029

Based on application, the market is segmented into upstream, midstream, and downstream. The increase in upstream application increases the global demand for oil & gas fabrication services. In addition, it includes onshore and offshore production and exploration activities that require production equipment, structural steel, and various other products and components.

Regional Insights:      

Increasing Production and Exploration Activities to Boost the North America Market

North America is the most lucrative market where the oil & gas industry is concerned. The U.S. accounts for majority of the oil & gas fabrication market share in the North America region. However, Canada is working extensively to enhance the growth in the market. Both countries are increasing exploration and production activities.

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Competitive Landscape:

Key Players Focus on Increasing Production Capacities

In past decades, regulations for petroleum derivate were more environment-friendly and with better derivative performance, it reduced the consumer demand for residue streams drastically. For example, rules such as IMO 2020 impose significant sulfur content reductions.

Processes, such as the DCU technology, help in improving the crude residue stream quality and are foundational in complying with the regulations related to the environment along with maintaining the profitability and competitiveness of refineries by increasing refining margin.

A List of Key Manufacturers Operating in the Global Market:

• Newpark Resources Inc. (U.S.)
• Northern Weldarc Ltd. (Canada)
• Chantier Davie Canada Inc. (Canada)
• Lamprell (UAE)
• DryDocks World (UAE)
• National Petroleum Construction Company (NPCC) (UAE)
• Gulf Piping Company (IMCC Group) (UAE)
• Lefebvre Engineering FZC (UAE)
• Eversendai (Malaysia)
• Larsen & Toubro (India)

Oil & Gas Fabrication Market Segmentation:

By Application:

• Upstream
• Midstream
• Downstream

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Table of Content:

1.       Introduction

1.1.   Research Scope

1.2.   Market Segmentation

1.3.   Research Methodology

1.4.   Definitions and Assumptions

2.       Executive Summary

3.       Market Dynamics

3.1.   Market Drivers

3.2.   Market Restraints

3.3.   Market Opportunities

4.       Key Insights

4.1.   Key Emerging Trends

4.2.   Latest Technological Advancement

4.3.   Insight on Regulatory Landscape

4.4.   Porters Five Forces Analysis

4.5.   Impact of COVID-19 on the Oil & Gas Fabrication Market

5.       Global Oil & Gas Fabrication Market Analysis (USD Billion), Insights and Forecast, 2018-2029

5.1.   Key Findings / Summary

5.2.   Market Analysis, Insights and Forecast – By Application

5.2.1.Upstream

5.2.2.Midstream

5.2.3.Downstream

5.3.   Market Analysis, Insights and Forecast – By Region

5.3.1.North America

5.3.2.Europe

5.3.3.Asia Pacific

5.3.4.Latin America

5.3.5.Middle East & Africa

Continued….

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