Oil and Gas Fabrication Market to Hit USD 17.91 Billion by 2028 at a CAGR of 3.6% from 2022–2028; Increasing Emphasis on Oil and Exploration Activities Globally to Elevate Market Growth
The oil and gas fabrication market is constantly evolving, and industry participants must stay up-to-date with the latest developments, trends, and opportunities in the market. SkyQuest’s latest report provides comprehensive information on the industry, including details on new products, untapped geographies, recent developments, and investments. The report is designed to help businesses and investors make informed decisions by providing actionable insights into the market.
Westford USA, Feb. 17, 2023 (GLOBE NEWSWIRE) — North America is set to take a giant leap in the oil and gas fabrication market as a result of the increasing demand for crude oil and refined products, including natural gas. As a cost-effective fossil fuel, natural gas will likely be in high demand during the forecast period. In addition, the expansion of natural gas pipeline networks is expected to go hand in hand with increasing consumption, boosting the global oil and gas pipeline fabrication and construction market. Moreover, rising investments in manufacturing activities are likely to drive market progress.
According to SkyQuest’s research, the global demand for natural gas is projected to rise steadily, with an estimated annual consumption of 4,626 billion cubic meters by 2026. This translates to a year-on-year growth rate of 1.65%. The growing demand for natural gas worldwide, coupled with the increasing share of natural gas in the global energy mix, is expected to be a significant driving force behind the growth and maturation of the oil and gas fabrication market.
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- Pages – 233
- Tables – 61
- Figures – 67
The fabrication process is a crucial part of manufacturing, which involves integrating various standardized components or parts with additional procedures to create a finished product. For instance, in the oil and gas industry, fabrication involves the production of pressure vessels, platforms, pipes, and other equipment used in exploration and production activities.
Prominent Players in Oil and Gas Fabrication Market
- Rig Manufacturing, LLC
- STI Group
- Newpark Resources Inc.
- Honiron Manufacturing
- Chantier Davie Canada Inc.
- Northern Weldarc Ltd
- Larsen and Toubro
- THE DENHOLM GROUP
- Drydocks World
- Gulf Piping Company (IMCC Group)
- Kobay Technology Bhd
- Lefebvre Engineering
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Upstream Segment to Contribute Largest Revenue Share owing to Growing Demand for High Productivity from Reserves
The upstream segment has emerged as the dominant segment in the oil and gas fabrication market, owing to the increased production and exploration activities worldwide in 2022. From 2023 to 2028, the industry is projected to witness a surge in demand for enhanced productivity from both new and existing reserves. According to research by SkyQuest, global natural gas production amounted to about 4.22 trillion cubic meters in 2021, showing a growth rate of 5.76% compared to the previous year. This trend is likely to continue, and the global natural gas share of energy sources is expected to increase in the coming years. Some leading natural gas-producing countries include Russia, the United States, and Iran.
The North American region is currently in a dominant position in the global oil and gas fabrication market, thanks to the growing oil and gas production in the United States. The region’s increased exploration and production activities have created a high demand for oil and gas fabrication services. In addition, the growing demand for advanced equipment and infrastructure to support the increasing exploration and production activities will further fuel the growth of North America’s oil and gas fabrication industry.
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Structural Steel Fabrication Segment to Capture Dominant Market Share Thanks to High Requirement for Advanced Equipment at Oil & Gas Fields
The oil and gas industry heavily relies on metals, particularly steel, to fabricate various equipment and infrastructure. As a result, the structural steel fabrication segment is the leading shareholder in the oil and gas fabrication market as of 2022. As new oil and gas fields are identified and the need for advanced equipment and infrastructure rises, the demand for steel fabrication services will also increase.
The Asia-Pacific region is estimated to be a key player in the market from 2023 to 2028. It can be attributed to several factors, including the increasing demand for natural gas and rapid industrialization in the region. For instance, the Indian government has set a milestone to raise the share of natural gas in the energy mix from 6.3% to 15% by 2030, which is expected to drive the demand for oil and gas fabrication services in the region.
SkyQuest’s latest research report on the oil and gas fabrication market covers various topics, including market size, market segmentation, market dynamics, and competitive landscape analysis. It also includes a detailed analysis of the key players operating in the market, their market share, and their strategies for growth and expansion. To compile this report, research analysts used several methodologies, including primary and secondary research, to gather accurate and reliable data.
Key Developments in Oil and Gas Fabrication Market
- Saipem, the Italian offshore engineering and Construction Company, has announced that it has secured two offshore contracts worth $900 million. The first contract, in collaboration with Aker Solutions, is with the French oil major TotalEnergies for Brazil’s Lapa Southwest (LAPA SW) Development project. The project involves the engineering, procurement, fabrication, and installation of subsea equipment, laying pipelines, and installing subsea production systems.
- Air Liquide, a leading French multinational company specializing in producing and supplying industrial gases and services, has announced its plans to expand its production in South Africa with a capital expenditure (capex) outlay of more than R3bn. This significant investment is a testament to Air Liquide’s commitment to the South African market and its potential for growth and development. This new ASU will produce a range of gases, including oxygen, nitrogen, and argon, essential for various industries such as healthcare, metallurgy, and chemicals.
- KP Engineering (KPE), a well-known provider of customized engineering, procurement, and construction (EPC) solutions for the refining, syngas, hydrogen, and renewable fuels industries has recently announced the completion of its assets’ acquisition by The Shaw Group (Shaw). Shaw is a global leader in pipe and module fabrication and has an extensive track record of delivering comprehensive EPF project solutions to various industries worldwide.
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Key Questions Answered in Oil and Gas Fabrication Market Report
- What specific industries or sectors are driving increased investment in the target market, and how are they expected to impact overall market growth in the coming years?
- Are there any emerging technologies or innovations that are anticipated to have a major impact on market growth in the near future?
- How do regulatory changes in the target market compare to those in other regions, and what strategies can businesses use to navigate this complex landscape?
- Are there any trend shifts in the target market driving changes in consumer behavior, and how can businesses effectively respond to these shifts?
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