Oil & Gas EPC - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Oil & Gas EPC Market is accounted for $43.66 billion in 2019 and is expected to reach $75.01 billion by 2027 growing at a CAGR of 7.0% during the forecast period. Increasing per capita income in developing countries and growing population are the major factors propelling the market growth. However, factors such as retention problems and the presence of alternatives are hampering the market growth.
Energy consumption is increasing day-by-day on account of the growing population and power consumption per capita. Although there is an increasing trend of power production from renewable sources, power production from oil and gas dominates the power production. The increasing number of cars positively influences the consumption of petroleum products like petrol, diesel, and CNG. Engineering, procurement, and construction for oil and gas industry play a major role to cater to increasing demand for oil and gas. In the oil and gas industry, the (EPC) is form of a contract agreement. The contractor carries out detailed design and layout, procurement of equipment and material, manufacturing of systems (either by labour or third-party), onsite assembly, and functional testing. EPC contractors deliver an effective asset to the client. Sometimes, the EPC contractors have service and maintenance contracts with the clients.
Based on the application, the onshore segment is going to have a lucrative growth during the forecast period owing to the lesser complexity, lower investment requirement, easier access to sites, and lower risk, compared to the offshore segment. The technical developments in hydraulic fracturing and low breakeven prices have supported the onshore segment, ensuing high demand for EPC companies.
By geography, North America is going to have a lucrative growth during the forecast period due to the increasing number of oil & gas projects in countries such as the United States, Canada, and Mexico. The United States has one of the largest, technically-recoverable shale gas reserves and the second-largest tight oil reserves in the world. The aforementioned factors are contributing to the rising demand for oil & gas EPC services in the region during the forecast period.
Some of the key players profiled in the Oil & Gas EPC Market include Bechtel Corporation, Daewoo Engineering & Construction Co. Ltd, Fluor Corporation, Hyundai Heavy Industries Co. Ltd, Jacobs Engineering Group Inc., John Wood Group PLC, McDermott International Inc, National Petroleum Construction Company, Petrofac Limited, Saipem SpA, Samsung Engineering Co. Ltd, and TechnipFmc PLC.
Service Types Covered:
• Type I
• Type II
End Users Covered:
• Gas Industry
• Oil Industry
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019 2020, 2024, and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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