Pune, India, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The Global Oil and Gas EPC Market was valued at USD 46.60 billion in the year 2021 and is forecast to grow from USD 49.58 billion in 2022 to USD 80.77 billion by the end of the year 2029, and the market is estimated to exhibit a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period 2022-2029.
Oil and Gas EPC stands for Engineering, Procurement and Construction in the Oil and Gas Industry. It refers to the process by which a company (the EPC contractor) takes responsibility for the design, procurement of materials and equipment, and construction of facilities such as pipelines, refineries, and drilling platforms on behalf of an oil and gas company.
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Oil & Gas EPC Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2021 to 2029 CAGR | 7.2% |
| 2029 Value Projection | USD 80.77 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 46.60 billion |
| Historical Data for | 218-2020 |
| No. of Pages | 240 |
| Segments covered | By End-User, Contract Type, By Application, Region |
| Growth Drivers | Industrialization and Rapid Urbanization to Bolster Growth |
| Growing Oil and Gas Trade Leading to Construction of New Pipelines to Augment Growth |
Market Drivers & Restraints:
Rapid Urbanization & Increasing Industrialization to Augment Growth
Rising demand from economically rich sectors such as automobile, aviation, manufacturing, and construction along with increasing utilization of hydrocarbons is expected to increase the oil & gas EPC market growth during the forecast period. Additionally, extensive population growth has given rise to rising demand for power. Expanding transportation sector along with increasing trade activities will increase the footprint of the market.
The oil and gas EPC (engineering, procurement, and construction) market is driven by several factors, including the demand for energy, particularly fossil fuels, is expected to increase. This will drive investment in the oil and gas industry, leading to increased demand for EPC services.
Advances in technology are allowing for more efficient and cost-effective exploration, production, and transportation of oil and gas. This is leading to increased investment in the industry, which in turn is driving demand for EPC services.
However, rising usage of renewable energy resources will limit the growth of the market during the forecast period. Also, electrification of automobiles will further cause hinderances to the market.
COVID-19 Impact
Faltering in Supply Chains to Impact Market in a Negative Manner during Pandemic
The spread of COVID-19 pandemic had a severe effect on the oil & gas EPC sector in terms of supply & production. Dominant players in the market had to shut down their business practices or keep them operational at 50% due to the newly restricted lockdown and social distancing measures. Also, excessive demand and low supply rendered the market towards a negative impact. Transportation delays and disruption in raw material pricing further accelerated the market decline.
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Report Coverage
The oil & gas EPC study highlights a global perspective in order to offer a better and analytical overview to our readers. Additionally, the report study also provides invaluable insights towards regional and local markets in terms of segments and subsegments. The latest industry trends and opportunities surrounding the market are also mentioned in the study. Drivers & restraints that are expected to affect the market are noted and analyzed.
Regional Insights
Middle East & Africa to Witness Significant Growth due to Developing Infrastructure
Rising Foreign Direct Investment (FDIs) along with growing industrial landscape in the region is expected to boost the oil & gas EPC market share during the advent of the forecast period. Also, increasing extraction of oil from Saudi Arabia and improving political conditions are expected to increase the footprint of the market.
Asia Pacific will hold a significant share of the market due to rising investments in oil & gas and coal. Also, rising offshore activities in the region and increasing number of prominent players are expected to boost the market growth during the forecast duration.
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Competitive Landscape
Prominent Players to Grab Market Share due to Rising Product Range and Increasing EPC Contracts
The oil & gas EPC sector is shattered into many fragments with many small and medium businesses occupying their fair share of products. EPC providers are often trying to cater to the rising demand of services owing to rising demand of oil & gas reserves. For example, in November 2021, ADNOC granted Saipem EPC projects worth USD 1.4 billion for the Dalma Gas Development Project. The Dalma field is considered to be Ghasha Concession which is the world’s largest offshore sour gas development in the United Arab Emirates (UAE). Factors such as growing power demands and increasing greenfield and brownfield development activities will further increase the footprint of the market.
Industry Development
- November 2021: Saipem secured a contract an EPC contract from Qatargas worth USD 1.7 billion for developing the North Field Production Sustainability Offshore Project. This contract is expected to hold EPC activities for offshore facilities such as platforms, supporting and connecting structures, subsea cables, and anticorrosion internally cladded pipelines.
List of Key Players Present in the Market
- Petrofac (U.K.)
- Wood (U.K.)
- Larsen & Toubro (India)
- McDermott (U.S.)
- Saipem (Italy)
- NPCC (UAE)
- WorleyParsons (Australia)
- TechnipFMC (U.K.)
- KBR (U.S.)
- Lamprell (UAE)
- Aker (Norway)
- Subsea7 (U.K.)
- Fluor Corporation (U.S.)
Oil Gas EPC Market Segmentation:
By End-User
- Upstream
- Midstream
- Downstream
By Contract Type
- Fabrication & Equipment
- Construction & Installation
- Management Services
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Oil & Gas EPC Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Oil & Gas EPC Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By End-User
- Upstream
- Midstream
- Downstream
- Market Analysis, Insights and Forecast – By Contract Type
- Fabrication & Equipment
- Construction & Installation
- Management Services
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
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- Company Market Share Analysis, 2021
- Company Profile
- Petrofac
- Business Overview
- Product & Service Offering
- Overall Revenue
- Geographic Presence
- Recent Development
- Petrofac
Continued…
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