Oil & Gas Manufacturing Market to Drift Growth Amid COVID-19

Pune, India, March 02, 2022 (GLOBE NEWSWIRE) — The global oil and gas manufacturing market size is expected to grow due to increased oil and exploration activities during the period forecast. Fortune Business Insights is the latest report, titled Oil and Gas Manufacturing Market Size, Share and Industry Analysis, By Application (Upstream, Midstream, Downstream) Others and Regional Forecast, 2019-2026. », predicts significant growth in the market owing to the growing demand for oil globally.

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The emergence of COVID-19 has paralyzed the world. We understand that this health crisis has had an unprecedented impact on businesses in all sectors. However, this too will pass. Growing support from governments and several businesses can help fight this highly contagious disease. Some industries are struggling and others are thriving. Overall, almost every industry is expected to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during the COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreaks across all sectors to help you prepare for the future.

Manufacturing plays an important role in the oil and gas industry. Several manufacturing companies supply the majority of equipment and types of machinery used in the industry. In addition to this, it can be said that there is an endless application of metal fabrication that can be adopted for industrial purposes. For example, steel fabricators supply pipelines, platforms, beams, pressure vessels, and hollow sections, among others. With great manufacturing components that are beneficial for day-to-day operational activities, manufacturing plays a pivotal role in the industry. Rising demand for crude oil and other refined products including natural gas due to increasing population across the globe has propelled manufacturing demand 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. Additionally, the report provides comprehensive research on regional developments in the market, affecting the growth of the market over the forecast period. Additionally, the report includes information sourced from expert industry professional advice by our research analyst using multiple research methodologies for the market. The competitive landscape offers more detailed information about the strategies such as product launches, partnerships, mergers & acquisitions, and collaborations adopted by the companies to maintain the market stronghold between 2019 and 2026.

Drivers and Restrictions:

Ongoing operational activities in the context of COVID-19 to support growth

The novel coronavirus, COVID-19, has caused turbulent and unpredictable scenarios that may hamper the growth of the economy in the near future across the world. However, amidst this pandemic, Independent Oil & Gas (IOG), a UK-based production company, has obtained approval from the UK Oil & Gas Authority for its Field Development Plan (FDP). The first phase of the project should start in the southern North Sea. According to the company, manufacturing operations will resume as normal on the two unmanned installation platforms which include the Southwark and Blythe platforms. The government’s sign to start mining and production with few restrictions and guidelines to maintain social distancing in the workplace will bode well for the growth of the market over the projected horizon.

Click here for the short and long term impact of COVID-19 on this market.

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Regional analysis:

North America must remain at the forefront; Increase exploration activities to stimulate demand

Among the region, North America is expected to lead the market over the forecast period. This is attributable to factors such as increase in oil and gas exploration activities which will propel North America to record the highest revenue in the oil and gas manufacturing market. On the other hand, Asia-Pacific is expected to be the second leading region over the projected horizon. This is attributed to factors such as growing demand for natural gas and rapid industrialization. Overall, the market in the Middle East and Africa is expected to grow significantly owing to the increasing number of oil and gas exploration projects in the coming years. Additionally, the development of new oilfields in the Middle East will contribute to the growth of the market in the region between 2019 and 2026.

Competitive Landscape:

Signing of contracts by companies to promote growth

The market report notes that there are several small, medium and large companies which are striving to gain a major share of the market by maintaining their stronghold and presence during the forecast period. To do this, they are adopting strategies such as signing contracts, merger and acquisition, collaboration and partnerships, among others, to eclipse their rivals in a fiercely competitive market. Here are the industrial developments for the market:

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Industrial development:

  • October 2019: McDermott, a global engineering and installation company, announced that it has been awarded a fabrication subcontract for the Greater Tortue Ahmeyim natural gas project in Batam, Indonesia. This is expected to increase the company’s revenue to establish itself in a prominent position in the global market.
  • September 2019: McDermott is awarded a contract to supply three complex module fabrication parts for the Arctic LNG 2 project located in Russia. According to the company, the contact helped expand its operations and gain maximum market share in the global market.

Companies operating in the market:

  • Platform Manufacturing, LLC
  • Newpark Resources Inc.
  • Derrick’s superior services
  • ITS Group
  • North Weldarc Ltd.
  • Chantier Davie Canada Inc.
  • Larsen & Toubro
  • Lamprell
  • NPCC
  • World of drydocks
  • Gulf Piping Company (IMCC Group)
  • Eversendai
  • Lefebvre Engineering
  • Denholm Yam
  • TransTech Energy
  • Petroleum States Industries
  • Honiron Manufacturing
  • United Pipe & Steel Manufacturing
  • The Weir PLC Group
  • WF Steel and Crane
  • Focus Construction AS
  • Morrison Custom Welding
  • Forsyths Ltd
  • Myrex Industries
  • McDermott
  • Audubon Enterprises

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