Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global Oil & Gas EPC market size is projected to hit USD 80.77 billion by 2029 and exhibit a CAGR of 7.2% during the forecast period. The market size stood at USD 46.60 billion in 2021 and USD 49.58 billion in 2022. Factors, such as increasing utilization of hydrocarbons and increasing shares of oil & gas, are expected to boost the market growth during the forecast period. Additionally, factors, such as rising oil & gas exploration activities, will increase the footprint of the market. This vital information is presented by Fortune Business Insights™, in its report titled, "Oil & Gas EPC Market, 2021-2029."
Oil & Gas Engineering, Procurement & Construction (EPC) includes engineering, procurement, and construction activities for upstream, midstream, and downstream oil & gas sectors. These activities include design, fabrication, construction, installation, equipment production, pre-commissioning, and maintenance contracts. Various oil and gas operators award contracts for EPC to service providers for different applications. These service providers make up the competitive landscape of this industry.
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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.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 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 | 2018-2020 |
| No. of Pages | 240 |
| Segments covered | Contract type, End-User, Application, Geography |
| Growth Drivers | Industrialization and Rapid Urbanization to Bolster Growth |
| Growing Oil and Gas Trade Leading to Construction of New Pipelines to Augment Growth |
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.
Highlights of Report:
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.
Market Drivers:
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.
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/oil-gas-epc-market-100930
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.
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.
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
Continued…
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