Pune, India, Feb. 14, 2022 (GLOBE NEWSWIRE) -- [Update- Oil and Gas EPC Market; Saipem Secures an EPC Contract from Qatargas Worth USD 1.7 Billion for Developing the North Field Production Sustainability Offshore Project: Fortune Business Insights™]
The Oil and Gas EPC Market size was USD 46.60 billion in 2021. The market is projected to grow from USD 49.58 billion 2022 to USD 80.77 billion in 2029 at a CAGR of 7.2% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Oil and Gas EPC Market, 2021-2029.” 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.
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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.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Segments
Contract Type End-User, Application, and Region are studied for the Market
By contract type, the market is divided into fabrication & equipment, construction & installation, management services, and others.
On the basis of end-user, the market is broken into upstream, midstream, and downstream.
With respect to application, the market is branched into onshore and offshore.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The 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.
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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 and 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.
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 and 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
This 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 NPCC and a joint venture between Técnicas Reunidas and Target Engineering 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
- February 2021: Saipem secured 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.
Companies Profiled in Oil and Gas EPC Market Are:
- 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.)
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