Pune, India, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global Oil and Gas EPC market size was valued at USD 46.60 billion in 2021 and is projected to reach USD 92.81 billion by 2031. The global market is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.2% over the forecast period 2022-2031. This vital information is presented by Fortune Business Insights™, in its report titled, “Oil & Gas EPC Market, 2022-2031.” 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.
Market Drivers and 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.
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.
Market Opportunities:
The global shift towards renewable energy projects, digitalization of operations, and decommissioning activities to spur market opportunities in global Oil and Gas EPC market. Increasing emphasis on sustainability, technological innovation, and the integration of Artificial Intelligence (AI) and IoT in project management present avenues for market players to diversify and capitalize on emerging trends, fostering long-term growth and resilience in a dynamic industry.
Challenges:
Fluctuating oil prices impacting project viability, geopolitical uncertainties affecting investments, and stringent regulatory requirements and project delays, cost overruns, and the industry's vulnerability to economic downturns pose obstacles are the some challenegs faced by industry. Adapting to environmental sustainability norms and addressing the skilled labor shortage are also key challenges, requiring strategic planning and innovation for sustained growth.
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Global Oil & Gas EPC Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2031 |
| Forecast Period 2022 to 2031 CAGR | 7.2% |
| 2031 Value Projection | USD 92.81 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 46.60 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 240 |
| Segments covered | By Contract Type, End-User, Application, Region |
| Growth Drivers | Industrialization and Rapid Urbanization to Bolster 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.
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Segmentation:
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 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.
Key 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 Mentioned in the Report:
- 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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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
- Company Market Share Analysis, 2023
- Company Profile
- Business Overview
- Product Application, & Services
- Recent Developments
- Financials (Based on Availability)
Continued…
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