What is the Global market size of the Oil And Gas Fabrication Market?

Global 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).

What is the key driver of the Global Oil And Gas Fabrication Market?

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

What is the key market trend for the Global Oil And Gas Fabrication Market?

Exploration activities: The expansion of manufacturing facilities around the world is projected to fuel the market for oil & gas fabrication.

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 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.

Oil And Gas Fabrication Market Report Snapshots

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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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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

Oil And Gas Fabrication Market Dynamics

Oil And Gas Fabrication Market Report Snapshots

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