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.
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Report
Metric |
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Historical:
2016-2021 |
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Base Year:
2021 |
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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:
Competitive
Landscape:
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:
· Upstream
· Midstream
· Downstream
Breakup by Service
Type:
· Engineering
· Procurement
· Construction
· Fabrication
Breakup by Location:
· Onshore
· Offshore
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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latest primary and secondary data (2022-2027) with Cost Module, Business
Strategy, Distribution Channel, etc. Click request free sample report,
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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.
About Us:
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is a leading market research company that offers management strategy and market
research worldwide. We partner with clients in all sectors and regions to
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challenges, and transform their businesses.
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information products include major market, scientific, economic and
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and high technology organizations. Market forecasts and industry analysis for
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company’s expertise.
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