USD 4.86 billion
Oil And Gas Fabrication Market Size, Share, Growth Analysis, By Type(Upstream, Downstream), By Application(Structural steel fabrication, Process equipment fabrication), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2086 |
Region:
Global |
Published Date: February, 2024
Pages:
233
|Tables:
61
|Figures:
75
Oil And Gas Fabrication Market Insights
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).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Downstream
Fastest Growth
Downstream
Growth Rate
4.7% CAGR
Global Oil and Gas Fabrication Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Oil And Gas Fabrication Market Segmental Analysis
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.
Global Oil and Gas Fabrication Market Share By Type, 2021 (%)
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Oil And Gas Fabrication Market Regional Insights
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.
Global Oil and Gas Fabrication Market By Geography, 2021 - 2028
- Largest
- Fastest
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Oil And Gas Fabrication Market Dynamics
Oil And Gas Fabrication Market Driver
Growing Need for Advanced Technologies in the Oil and Gas Sector
- 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.
- Exciting possibilities for trustworthy and affordable upstream monitoring are made possible by the Internet of Things (IoT) and next-generation connections.
Oil And Gas Fabrication Market Restraint
Oil and gas industry regulations are strict throughout the region.
- 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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Oil And Gas Fabrication Market Competitive Landscape
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
- 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
Oil And Gas Fabrication Market 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.
Oil And Gas Fabrication Key Market Trends
- Exploration activities: The expansion of manufacturing facilities around the world is projected to fuel the market for oil & gas fabrication.
- Rising competition among key players: The need for oil and gas transportation has resulted in a need for fabrication and construction services. There is a huge competition among industry players to acquire customers and expand their customer base.
Oil And Gas Fabrication Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.86 billion |
| Market size value in 2031 | USD 7.03 billion |
| Growth Rate | 4.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Oil And Gas Fabrication Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Oil And Gas Fabrication Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Oil And Gas Fabrication Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Oil And Gas Fabrication Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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