Global Oil And Gas Fabrication Market : Things you should know

Global Oil and Gas Fabrication Market Size was valued at USD 5.19 billion in 2021. It is expected to reach a value of USD 17.91 billion by 2028, at a CAGR of 3.6% over the forecast period (2022 - 2028).

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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.

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Global Oil And Gas Fabrication Market Segmental Analysis

Global Oil and Gas Fabrication Market can be segmented on the basis of Type, Application, and Region. On the basis of the 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 market is further sub segmented into North America, Europe, Asia Pacific, The Middle East and Africa (MEA).

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.

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 biggest market share in the worldwide oil and gas fabrication market. 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.

Top Player’s Company Profiles

·       Rig Manufacturing, LLC (US)

·       Newpark Resources Inc. (US)

·       STI Group (Germany)

·       Northern Weldarc Ltd (Canada).

·       Chantier Davie Canada Inc. (Canada)

·       Larsen and Toubro (India)

·       Lamprell (United Arab Emirates)

·       NPCC (India)

·       Drydocks World (UAE)

Recent Development

In October 2021, A fabrication subcontract for the Greater Tortue Ahmeyim natural gas project in Batam, Indonesia, was offered to McDermott, a global engineering and installation company.

In March 2021, Kobay Technology Bhd set up a new production facility in Seberang Prai, which offers additional benefits such streamlining logistical procedures and making it easier for management to carry out supervisory responsibilities. This facility opened in March 2021.

In November 2021, The Alpha topside fabrication was finished by Drydocks World in November 2021, and it was successfully transported from the Dubai manufacturing yard to the Netherlands.

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