The size of the market global oil and gas manufacturing was worth $4.86 billion in 2021. Market value is projected to increase from $5.03 billion in 2022 to $6.93 billion by 2029 at 4.7% CAGR during the forecast period. The infrastructure of the oil and gas industry is complex. An oil rig or rig is a large structure with facilities for drilling wells and extracting and processing oil and natural gas. Some of these oil rigs even have facilities to house workers. There are different oil rigs such as fixed rigs, semi-submersible rigs, conformal towers, and others. All of these structures are built on steel legs.
Key industry development:
December 2022 – One of India’s leading engineering and manufacturing firms has emerged as the prime contractor for a major offshore contract from the government-controlled Oil & Natural Gas Corporation (ONGC) for the Daman Upside Gas Development Project (DUDP) off the country’s west coast .
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Market Drivers and Restraints :
Increasing demand and consumption of oil and gas to drive market growth
Growing oil and gas production and exploration activities, along with growing investment in the services market, are increasing the demand for oil and gas manufacturing. The need to improve the efficiency of established and fresh reserves is increasing. Increasing investment in ultra-deep and deepwater projects and growing emphasis on emerging unconventional hydrocarbons are propelling the growth of the global oil and gas fabrication market during the forecast period.
However, the production of the oil and gas industry comes with increased levels of pollution and growing threats of global warming. Governments have imposed regulations on oil and gas companies.
COVID-19 impact :
The global market has been in a downward trend due to the diminishing demand for oil and gas
In March 2020, oil prices plummeted due to geopolitical events along with the global impact of the COVID-19 pandemic. As a result, in 2020, the average number of US installations decreased by 52% compared to 2019. The number of US installations hit a low of 244 in mid-August, and has since climbed to 397 as of February 19, 2021. In 2020, Industry participants’ business was impacted by the COVID-19 pandemic as clients delayed purchasing and planning projects, citing market uncertainties related to COVID-19, allowing for delays and logistical constraints.
Report Coverage:
The report offers:
- Main growth drivers, restraining factors, opportunities and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major players in the industry.
- Key strategies adopted by market players.
- The latest industry developments include product launches, partnerships, mergers and acquisitions.
Segmentation analysis:
By application, the upstream segment will gain traction in 2022-2029
Based on the application, the market is segmented into upstream, midstream and downstream. The increase in upstream applications increases the global demand for oil and gas fabrication services. It also includes onshore and offshore exploration and production activities that require production equipment, structural steel, and various other products and components.
Regional insights:
Increase production and exploration activities to boost the North American market
North America is the most lucrative market when it comes to the oil and gas industry. The United States accounts for the majority of the oil and gas fabrication market share in the North America region. However, Canada has been working hard to improve the growth of the market. Both countries are ramping up exploration and production activities.
Competitive Landscape:
Major players focus on increasing production capacities
In past decades, regulations for petroleum derivatives were more environmentally friendly and better performing derivatives, dramatically reduced consumer demand for tailings streams. For example, regulations such as IMO 2020 mandate significant reductions in sulfur content.
Processes, such as DCU technology, help improve the quality of the raw residue stream and are critical to complying with environmental regulations as well as maintaining the profitability and competitiveness of refineries by increasing the refining margin.
A list of the main manufacturers operating in the global market:
- Newpark Resources Inc. (Stati Unit)
- Northern Weldarc Ltd. (Canada)
- Chantier Davie Canada Inc. (Canada)
- Lamprell (United Arab Emirates)
- Mondo DryDocks (United Arab Emirates)
- National Petroleum Construction Company (NPCC) (Emirati Arabi Uniti)
- Gulf Piping Company (IMCC Group) (United Arab Emirates)
- Lefebvre Engineering FZC (UAE)
- Eversendai (Malaysia)
- Larsen and Toubro (India)
Segmentation of the Oil and Gas Production market:
By application:
- A monte
- Midstream
- Downstream
Table of contents:
1. Introduction
1.1. Research scope
1.2. Market segmentation
1.3. Research methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market drivers
3.2. Market restrictions
3.3. Market opportunity
4. Approfondimenti chiave
4.1. Principali tendenze emergenti
4.2. Ultimo progresso tecnologico
4.3. Approfondimento sul panorama normativo
4.4. Analisi delle cinque forze di Porter
4.5. Impatto di COVID-19 sul mercato della fabbricazione di petrolio e gas
5. Analisi del mercato globale della fabbricazione di petrolio e gas (miliardi di dollari), approfondimenti e previsioni, 2018-2029
5.1. Principali risultati / Riepilogo
5.2. Analisi di mercato, approfondimenti e previsioni – per applicazione
5.2.1.A monte
5.2.2.Midstream
5.2.3.A valle
5.3. Analisi di mercato, approfondimenti e previsioni – per regione
5.3.1.Nord America
5.3.2.Europa
5.3.3.Asia Pacific
5.3.4.America Latina
5.3.5. Middle East and Africa
Continues….
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