• Stacy Lawlor

Global Oil & Gas Fabrication Market Size to grow USD 17.8 billion in 2028

The Global Oil & Gas Fabrication Market Size was valued at USD 5.2 billion in 2021. The market is projected to grow USD 17.8 billion in 2028, at a CAGR of 3.5%.

Oil & Gas Fabrication Market

COVID-19 ANALYSIS

The oil & gas industry has been badly impacted with the outbreak of Covid-19. Governments in the majority of countries putting the country on lockdown and shutting down cities to prevent spreading the virus. People has to stay at home which caused the price of petrol to be reduced. The reduction in demand and supply and drop consumption rate across the world. The price war between Saudi Arabia and Russia caused crude oil prices to collapse.

Oil & Gas Fabrication Market

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The oil and gas business relies heavily on fabrication process. The majority of the equipment and machinery utilised in the business is supplied by a few fabrication companies. Steel fabricators, for example, manufacture pipelines, platforms, girders, pressure vessels, and hollow sections, among other things. Fabrication plays a crucial role in the industry along with massive fabricating components that are beneficial for daily operational tasks. The increased need for crude oil and other refined goods, such as natural gas, as a result of the world's growing population, has boosted the demand for fabrication in the industry. With the outbreak of COVID-19 has created unrestrained and unpredictable conditions that had positively impacted global economic growth in the recent years. Despite the epidemic, Independent Oil & Gas (IOG), a UK-based production business, received approval for its field development plan from the UK Oil & Gas Authority (FDP). The project's first phase is planned to begin in the southern North Sea. Fabrication operations at the two unmanned installation platforms, the Southwark and Blythe platforms, will resume regularly, according to the business.


The Oil and Gas Authority (OGA) is using artificial intelligence in a variety of methods to assist discovering new oil and gas forecasts and improve output from existing facilities. Offshore oil and gas companies employ artificial intelligence (AI) and data science to make complex data used in oil and gas exploration and production more accessible. This enables businesses to find new exploration opportunities and make better use of current infrastructure. AI is proven to be a great enabler for oil and gas operations along with a variety of uses. Production optimization with computer vision to evaluate seismic and subsurface data faster, minimizing downtime for predictive equipment maintenance, reservoir knowledge, and modelling for forecasting oil corrosion hazards to decrease maintenance costs are just a few applications.

Oil & Gas Fabrication Market

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During the projected period, North America is expected to dominate the market. This is due to factors such as increased oil and gas exploration operations, which would lead North America to have the greatest revenue in the oil and gas fabrication industry. However, Asia-Pacific is expected to be the second-most important area over the forecasted period. This can be attributed to factors such as rising natural gas demand and rapid industrialization. Overall, the Middle East and Africa market is predicted to grow significantly in the future years due to an increase in the number of oil and gas exploration operations. Furthermore, between 2020 and 2028, the construction of new oil fields in the Middle East will contribute to the region's market growth. By application, upstream is the leading segment in the global Oil & Gas Fabrication market owing to increasing production and exploration activities across the world. By Product Type, structural steel fabrication is the leading segment in the global Oil & Gas Fabrication market owing to the rising demand of steel fabrication as pipelines, hollow sections, platforms, beams, girders, custom-fitted metal parts, pressure vessels, and heat exchangers are all made by steel fabricators. Metal fabrication is used to put together all of the infrastructure and machinery.


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https://extrapolate.com/Energy-and-Power/oil-gas-fabrication-market/21600

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