IMARC Group, a leading market research company, has recently releases report titled “Oil and Gas EPC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global oil and gas EPC market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Oil and Gas EPC Market
Oil & gas EPC (engineering, procurement, and construction) is a contract-based model utilized in the oil and gas industry to complete infrastructure projects. Contractors handle design, onsite assembly, functional testing, equipment procurement, and system manufacturing. EPC contractors specialize in plans for aboveground storage tanks, power generation controls, gas processing facilities, power distribution, and material handling. They provide improved performance, flexibility, cost-effectiveness, and a centralized point of responsibility. EPC facilitates effective communication channels, enabling owners to manage relationships and infrastructure projects efficiently. It is relied upon for long-term, large-scale projects in the oil and gas sectors, which require skilled labor and meticulous project management.
How Big Is the Oil and Gas EPC Market?
The global oil and gas EPC market size reached US$ 47.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 65.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
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What are the growth prospects and trends in the Oil and Gas EPC industry?
The growth of the oil and gas industry is a major driver for the market. EPC is extensively used for designing and executing various projects, including storage systems, drilling platforms, and advanced exploration systems. Furthermore, market growth is supported by increasing power consumption, population growth, and government initiatives promoting renewable energy generation.
Technological advancements, such as IoT integration for EPC contractors, further contribute to market expansion. The upstream sector exhibits a rising demand for oil and gas EPC due to its advantages, including reduced complexities, enhanced site accessibility, lower investment requirements, and decreased risks.
Additionally, the expanding automotive industry, along with the growing consumption of petroleum products like petrol, diesel, and CNG, as well as government initiatives to promote oil and gas projects, contribute to a positive market outlook. These factors collectively propel the growth of the EPC market in the oil and gas industry.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Sector:
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Upstream
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Midstream
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Downstream
Breakup by Service Type:
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Engineering
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Procurement
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Construction
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Fabrication
Breakup by Location:
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Onshore
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Offshore
Breakup by Region:
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North America: (United States, Canada)
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Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
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Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
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Latin America: (Brazil, Mexico, Others)
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Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Bechtel Corporation, Fluor Corporation, Hyundai Heavy Industries Co. Ltd. (HD Hyundai), 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.
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