The global oil & gas fabrication market size reached US$ 5.09 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.65 Billion by 2028, exhibiting a growth rate (CAGR) of 4.70% during 2023-2028. The rising demand for energy worldwide, the increasing oil and gas production and exploration activities, and the implementation of stringent regulatory compliance represent some of the key factors driving the market.
|Market Size in 2022
||US$ 5.09 Billion
|Market Forecast in 2028
||US$ 6.65 Billion
|Market Growth Rate (2023-2028)
Oil & gas fabrication refers to the process of manufacturing, constructing, assembling, and installing various equipment, structures, and components used in the exploration, production, refining, and transportation of oil and gas resources. It includes the development of offshore platforms, drilling rigs, production modules, pipelines, pressure vessels, storage tanks, and other critical infrastructure components. The process must adhere to strict safety standards to ensure the equipment is safe to use in hazardous environments such as operating conditions, extreme temperatures, high pressures, and corrosive environments. Oil & gas fabrication involves designing, engineering, material selection, cutting, shaping, welding, and testing. Advanced technologies such as computer-aided design (CAD), computer numerical control (CNC) machining, and robotic welding are often employed to ensure precision and efficiency. Effective fabrication practices contribute to the safe and efficient functioning of the industry, providing a reliable supply of energy to meet global demand.
Oil & Gas Fabrication Market Trends:
The exponentially growing demand for energy across the globe, particularly oil and gas, primarily drives the need for the fabrication of infrastructure and equipment to support exploration, production, and transportation activities. Besides this, the rising offshore exploration and production activities that require specialized fabrication of offshore platforms, drilling rigs, and subsea equipment is creating a favorable outlook for the market. Moreover, the shifting consumer preference for renewable energy resources and the expanding development of shale gas resources are fueling the demand for floating wind turbine foundations, wellhead equipment, pipelines, and processing facilities, which is strengthening the market growth. Concurrent with this, large-scale product utilization in upgrading and modernizing existing oil and gas facilities and infrastructure that require maintenance, repair, and replacement is acting as a significant growth-inducing factor. In addition to this, the implementation of numerous stringent regulations, such as API (American Petroleum Institute) codes and ASME (American Society of Mechanical Engineers) standards, regarding safety, environmental protection, and quality standards in the oil and gas industry is aiding in market expansion. Furthermore, technological advancements in oil and gas fabrication technologies, such as CAD, robotics, and automation, enhancing efficiency, precision, and productivity, are contributing to the market growth. Various other factors, including the bolstering growth of the liquefied natural gas (LNG) industry and the surging demand for custom-designed equipment and systems to improve operational efficiency and reduce costs, are presenting remunerative growth opportunities for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global oil & gas fabrication market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type and application.
The report has provided a detailed breakup and analysis of the oil & gas fabrication market based on the type. This includes upstream, midstream, and downstream. According to the report, upstream represented the largest segment.
- Structural Steel Fabrication
- Process Equipment Fabrication
A detailed breakup and analysis of the oil & gas fabrication market based on the application has also been provided in the report. This includes structural steel and process equipment fabrication. According to the report, accounted for the largest market share.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, was the largest market for oil & gas fabrication. Some of the factors driving the oil & gas fabrication market included the growing demand for energy, the introduction of numerous regulatory compliances, and the shifting preference for renewable energy resources.
The report has also provided a comprehensive analysis of the competitive landscape in the global oil & gas fabrication market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Drydocks World, Eversendai Corp (Vahana Holdings SDN. BHD.), Honiron Corporation, Integrated Flow Solutions, Inc., Kobay Technology Bhd, Lamprell Plc, Larsen & Toubro Limited, Lefebvre Engineering FZC, Northern Weldarc Ltd, Oil States Industries, Inc., STI Group, WF Steel and Crane, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Oil & Gas Fabrication Market Report Scope:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Upstream, Midstream, Downstrem
||Structural Steel Fabrication, Process Equipment Fabrication
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Drydocks World, Eversendai Corp (Vahana Holdings SDN. BHD.), Honiron Corporation, Integrated Flow Solutions, Inc., Kobay Technology Bhd, Lamprell Plc, Larsen & Toubro Limited, Lefebvre Engineering FZC, Northern Weldarc Ltd, Oil States Industries, Inc., STI Group, WF Steel and Crane, etc
||10% Free Customization
|Report Price and Purchase Option
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|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global oil & gas fabrication market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global oil & gas fabrication market?
- What is the impact of each driver, restraint, and opportunity on the global oil & gas fabrication market?
- What are the key regional markets?
- Which countries represent the most attractive oil & gas fabrication market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the oil & gas fabrication market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the oil & gas fabrication market?
- What is the competitive structure of the global oil & gas fabrication market?
- Who are the key players/companies in the global oil & gas fabrication market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the oil & gas fabrication market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global oil & gas fabrication market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the oil & gas fabrication industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.