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The oil & gas industry is a principal driver of the global economy, which is going through a significant transformation that uptick the demand in the global market. Improved break-even points, an increase in demand for energy, and utilization of technology to reduce production costs are the major factors leading to the growth of the oil & gas industry. An increase in oil & gas production and exploration activities, growing merger and acquisition trends, and increasing demand for oil are the primary market dynamics propelling the oil & gas industry through which the oil & gas fabrication market is expanding its market share in the global market.
The oil & gas fabrication market is segmented into application and geography. Based on the application, the market is categorized into upstream, midstream, and downstream segments. The oil & gas fabrication market is dominated by the upstream segment, as it includes onshore and offshore production and exploration activities, which requires production equipment, structural steel, and various other products and components. Therefore, the upstream segment is leading the market during the forecast period.
Key Market Driver -
Increase in oil & gas production & exploration activities
Key Market Restraint -
High initial investment and stringent regulations
The increasing oil & gas production and exploration activities, along with growing investments in the services market, propel the demand for the oil & gas fabrication market. Increasing the need to optimize the productivity from mature and new reserves, rising investments in deepwater and ultra-deepwater projects and increasing focus on developing unconventional hydrocarbons drive the market during the forecast period. Increasing investment in the Asia-Pacific oil & gas industry and significant development in technology are promising opportunities for growing the oil & gas fabrication market during the forecast period.
Some of the globally acclaimed companies for oil & gas fabrication market are Rig Manufacturing, LLC, Newpark Resources Inc., Superior Derrick Services, STI Group, Northern Weldarc Ltd., Chantier Davie Canada Inc., Larsen & Toubro, Lamprell, NPCC, Drydocks World, Gulf Piping Company (IMCC Group), Eversendai, Lefebvre Engineering, Denholm Yam, TransTech Energy, Oil States Industries, Honiron Manufacturing, United Pipe & Steel Fabrication, The Weir Group PLC, WF Steel and Crane, Focus Construction AS, Morrison Custom Welding, Forsyths Ltd, Myrex Industries, McDermott, and Audubon Companies.
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The oil & gas fabrication market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is dominating the market due to an increase in oil and gas production from the U.S. New exploration of oilfields and oil reserves in North America also propels the demand for the oil & gas fabrication market during the forecast period. Asia-Pacific is expected to be the second-largest market in the global demand owing to increasing growth in industrialization and the growing demand for natural gas during the forecast period. Middle East & Africa is followed by the Asia-Pacific region owing to the increase in oil & gas exploratory projects and the new development of oilfields in the Middle East. Hence, a significant increase in demand for oil & gas accelerates the demand for oil & gas fabrication market during the forecast period.
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