Pune, India, March 02, 2022 (GLOBE NEWSWIRE) -- The global oil & gas fabrication market size is likely to gain momentum owing to increasing oil and exploration activities during the forecast period. Fortune Business Insights, in it is the latest report, titled “Oil & Gas Fabrication Market Size, Share & Industry Analysis, By Application (Upstream, Midstream, Downstream) Others and Regional Forecast, 2019-2026.”, predicts sizeable growth for the market owing to increasing demand for oil across the globe.
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Fabrication plays an important role in the oil and gas industry. Several fabrication companies supply the majority of equipment and types of machinery used in the industry. In addition to this, one can say that there is an endless application of metal fabrication that can be adopted for industrial purposes. For instance, steel fabricators provide pipelines, platforms, girders, pressure vessels, and hollow sections, among others. With large fabricating components that are beneficial for daily operational activities, fabrication plays a pivotal role in the industry. The increasing demand for crude oil and other refined products including natural gas owing to rising population across the globe has propelled the demand for fabrication in the industry.
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What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisitions, and collaborations adopted by the companies to maintain the market stronghold between 2019 and 2026.
Drivers and Restraints:
Ongoing Operational Activities amid COVID-19 to Aid Growth
The novel coronavirus, COVID-19 has brought upon turbulent and unpredictable scenarios that may hamper the growth of the economy in near future across the globe. However, amid this pandemic, Independent Oil & Gas (IOG), a UK-based production company, secured a nod from the UK Oil & Gas Authority for its field development plan (FDP). The first phase of the project is expected to initiate in the southern North Sea. According to the company, fabrication operations will resume normally at the two unmanned installation platforms that include the Southwark and Blythe platforms. Government nod to start operation and production with few restrictions and guidelines to maintain social distancing at the workplace will bode well for the growth of the market during the projected horizon.
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Regional Analysis:
North America to Remain at the Forefront; Increasing Exploration Activities to Spur Demand
Among the region, North America is anticipated to dominate the market during the forecast period. This is ascribable to factors such as increasing oil & gas exploration activities that will propel North America to register the highest oil & gas fabrication market revenue. On the other hand, Asia-Pacific is anticipated to be the second-most leading region during the projected horizon. This is attributable to factors such as increasing demand for natural gas and rapid industrialization. Overall, the market in the Middle East and Africa is expected to rise significantly owing to the rising number of oil & gas exploration projects in the forthcoming years. Furthermore, the development of a new oil fields in the Middle East will contribute to the market growth in the region between 2019 and 2026.
Competitive Landscape:
Contract Signings by the Companies to Promote Growth
The market report notes that there are several small, medium, and large companies operating that are striving to gain major share for the market by maintain their stronghold and presence during the forecast period. They are doing to so by adopting strategies such as contract signings, merger and acquisition, collaboration, and partnerships, among others to outshine their rivals in the fiercely competitive marketplace. Below are industrial developments for the market:
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Industrial Development:
- October 2019: McDermott, a global engineering & installation company, announced that it has received a fabrication subcontract for the Greater Tortue Ahmeyim natural gas project in Batam at Indonesia. This is expected to boost the revenue of the company to establish itself in a prominent position in the global marketplace.
- September 2019: McDermott receives a contract to supply three complex modules fabrication pieces for the Arctic LNG 2 project located in Russia. According to the company, the contact has enabled to expand its operations and gain maximum market share from the global marketplace.
Companies Operating in the Market:
- 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
- Audubon Companies
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