According to the latest report by IMARC Group, titled "Global Oil & Gas EPC Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027", The
global oil & gas EPC market reached a value of US$ 44.70 Billion in 2021.
Looking forward, IMARC Group expects the market to reach a value of US$ 62.34
Billion by 2027 exhibiting a CAGR of 5.40% during 2022-2027.
Oil and gas, engineering, procurement, and construction (EPC) is a contract-based model that delivers skilled labor and other resources to complete infrastructure projects. Oil and gas companies rely on EPC contractors to design layouts, carry out the onsite assembly and functional testing, procure equipment material, and manufacture systems. EPC contractors also specialize in developing plans for aboveground storage tanks, power generation, environmental controls, natural gas processing facilities, industrial power distribution, and material handling.
Base Year: 2021
Forecast Year: 2022-2027
Oil & Gas EPC Market Trends and Drivers:
The market is primarily driven by the expanding oil and gas industry across the globe as several countries are making investments to explore new oilfield reserves to cater to the rising demand for oil and gas. In addition, favorable initiatives introduced by the governments of numerous countries to generate electricity from renewable resources represent another major growth-inducing factor.
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Besides this, the market is further propelled by various technological advancements, such as the integration of the Internet of Things (IoT). Moreover, the rising adoption of oil and gas EPC in the upstream sector on account of various benefits, such as enhanced accessibility to sites and lower investments and risks, is also contributing to the market growth.
Furthermore, the rapidly expanding automotive industry, the growing consumption of petroleum products, and the implementation of government initiatives to promote the oil and gas projects are some of the other factors anticipated to propel the market growth in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Oil & Gas EPC Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Bechtel Corporation, Fluor Corporation, Hyundai Heavy Industries Co. Ltd., John Wood Group PLC, KBR Inc., Larsen & Toubro Limited, McDermott International Ltd., National Petroleum Construction Company, Petrofac Limited, Saipem S.p.A. (Eni S.p.A.), Samsung Engineering Co. Ltd., TechnipFMC plc, Técnicas Reunidas S. A. and WorleyParsons Limited.
The report has segmented the market on the basis of region, sector, service type and location.
Breakup by Sector:
Breakup by Service Type:
Breakup by Location:
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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