Emphasis on Product (Offshore, Onshore, Piping, Structures), Application (Upstream, Midstream, and Downstream); Material (Carbon Steel, Stainless Steel, Nickel Alloys, and Composite Materials) and Region/Country
The oil & gas fabrication market is expected to grow at a strong CAGR of around 4.75 % during the forecast period. Global energy consumption, predominantly in developing economies, continues to rely heavily on oil and gas. This sustained demand fuels the need for constant infrastructure expansion and upgrades, driving the fabrication market. Furthermore, the Depletion of easily accessible resources has propelled exploration into deeper waters and unconventional formations like shale. This necessitates specialized equipment and infrastructure, creating opportunities for fabricators. Automation, robotics, and digitalization revolutionize fabrication processes, improving efficiency, safety, and productivity. This fosters market growth by reducing costs and accelerating project timelines. For instance, in 2023, SPX Flow announced the acquisition of the Drytech business, which specializes in spray drying solutions for the food and pharmaceutical sectors. The deal aimed to expand SPX Flow’s capabilities in the growing market for drying technologies.
Some of the major players operating in the market are SAIPEM SpA, TechnipFMC plc, Integrated Flow Solutions, Inc, Honiron Manufacturing, Drydocks World, Samsung Heavy Industries Co., Ltd, McDermott., LARSEN & TOUBRO LIMITED, Oil States Industries, Inc., and Lefebvre Engineering FZC. These players have undertaken several M&As and partnerships to facilitate customers with high-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst products, the offshore held a significant share in the market in 2022.”
Based on the product, the market is segmented into offshore, onshore, piping, and structures. Amongst these, the offshore segment held a significant share of the market in 2022 owing to offshore wells, which often tap into much larger reservoirs than onshore wells, resulting in higher potential yields. This can make offshore projects more economically viable than onshore ones, especially considering a single well’s long-term benefits. Additionally, Offshore platforms, subsea systems, and other related equipment involve complex engineering, stringent regulations, and premium materials. This higher value per unit contributes to the overall market share of the offshore segment.
“Amongst applications, the downstream segment showed significant growth in the market.’’
The market is segmented into upstream, midstream, and downstream based on application. Amongst these, the downstream segment dominated in 2022 because the downstream sector in the oil and gas fabrication market has grown significantly in recent years. The downstream industry focuses on refining, processing, and distributing oil and gas products to end consumers. This sector is crucial in converting crude oil into refined products, such as gasoline, diesel, jet fuel, and petrochemicals. The increasing global demand for energy, as well as the expansion of industrial activities and transportation, has fueled the growth of the downstream sector. Additionally, the rising consumption of petroleum derivatives in emerging economies has contributed to the sector’s growth.
“Asia Pacific to held significant growth in the oil & gas fabrication market in 2022.”
Asia Pacific to have significant growth in the oil & gas fabrication market in 2022.The rapid industrialization and urbanization of countries like China, India, and Southeast Asia have increased energy consumption. This has resulted in higher demand for oil and gas products, which drives the need for more fabrication facilities in the region. This expertise translates well into developing advanced oil & gas fabrication that meets the needs of various industries. Moreover, many Asian Pacific countries are located near major shipping lanes, making them ideal for oil and gas production and transportation. For example, Indonesia and Malaysia are situated along major shipping routes connecting the Middle East and North America to Asian markets. Furthermore, Countries like Singapore, South Korea, and Malaysia have well-established shipbuilding and offshore engineering industries, with a large pool of skilled workers who can support the growth of the oil and gas fabrication market.
Oil & Gas Fabrication Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Oil & Gas Fabrication Market Covid-19 Impact
6. Global Oil & Gas Fabrication Market Revenue, 2020-2030f
7. Market Insights By Product
8. Market Insights By Application
9. Market Insights By Material
10. Market Insights By Region
11. Oil & Gas Fabrication Market Dynamics
12. Oil & Gas Fabrication Market Opportunities
13. Oil & Gas Fabrication Market Trends
14. Demand And Supply-side Analysis
15. Value Chain Analysis
16. Pricing Analysis
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Analyzing the historical market, estimating the current market, and forecasting the future market of the global oil & gas fabrication market were the three major steps undertaken to create and analyze the adoption of oil & gas fabrication in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global oil & gas fabrication market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the oil & gas fabrication market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the oil & gas fabrication market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as material, product, and application. Further country-level analyses were conducted to evaluate the overall adoption of oil & gas fabrication in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the oil & gas fabrication market. Further, we conducted factor analysis using dependent and independent variables such as material, product, and application of the oil & gas fabrication market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the oil & gas fabrication market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global oil & gas fabrication market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global oil and gas fabrication market. Data was split into several segments and sub-segments after studying various parameters and trends in the areas of material, product, and application in the global oil and gas fabrication market.
The current & future market trends of the global oil & gas fabrication market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the global oil & gas fabrication Market?
Q2: What are the driving factors for the growth of the global oil & gas fabrication market?
Q3: Which segment has the largest share of the global oil & gas fabrication market by application?
Q4: Which region will have a significant share in the global oil & gas fabrication Market?
Q5: Who are the key players operating in the global oil & gas fabrication market?
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