Dublin, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The "Oil and Gas EPC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global oil and gas EPC market size reached US$ 47.6 Billion in 2022. Looking forward, the market is projected to reach US$ 65.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
EPC (Engineering, Procurement, and Construction) contractors play a crucial role in various industries, including oil and gas. They handle tasks such as design and detailed layout, on-site assembly, functional testing, equipment and material procurement, and system manufacturing. In the oil and gas sectors, EPC contractors are relied upon for long-term and large-scale projects that demand skilled professional labor and precise project management.
EPC contractors specialize in designing plans for diverse applications, including aboveground storage tanks, power generation environmental controls, natural gas processing facilities, industrial power distribution, and material handling. They offer advantages such as enhanced performance, flexibility, cost-effectiveness, and a single point of responsibility. EPC contracts establish effective communication channels that enable project owners to manage all relationships and infrastructure projects efficiently.
The significant growth in the global oil and gas industry is a key driver of market expansion. EPC is widely adopted for designing and executing projects such as storage systems, drilling platforms, and advanced exploration systems.
Furthermore, factors like rising power consumption, population growth, and government initiatives to generate electricity from renewable resources are favoring market growth. Technological advancements, including the integration of the Internet of Things (IoT) for EPC contractors, are also contributing to market expansion.
Moreover, the increasing demand for oil and gas EPC in the upstream sector is positively impacting the market. This sector offers fewer complexities, greater accessibility to sites, lower investment requirements, and reduced risk.
In addition to these factors, the rapidly expanding automotive industry, the growing consumption of petroleum products (such as petrol, diesel, and CNG), and government initiatives to promote oil and gas projects are creating a favorable outlook for the market.
Key Questions Answered in This Report
- What was the size of the global oil and gas EPC market in 2022?
- What is the expected growth rate of the global oil and gas EPC market during 2023-2028?
- What are the key factors driving the global oil and gas EPC market?
- What has been the impact of COVID-19 on the global oil and gas EPC market?
- What is the breakup of the global oil and gas EPC market based on the sector?
- What is the breakup of the global oil and gas EPC market based on the service type?
- What is the breakup of the global oil and gas EPC market based on location?
- What are the key regions in the global oil and gas EPC market?
- Who are the key players/companies in the global oil and gas EPC market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 136 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $47.6 Billion |
| Forecasted Market Value (USD) by 2028 | $65.6 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- Bechtel Corporation
- Fluor Corporation
- Hyundai Heavy Industries Co. Ltd.
- 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
- Tecnicas Reunidas S. A.
- WorleyParsons Limited
Key Market Segmentation:
Breakup by Sector:
- Upstream
- Midstream
- Downstream
Breakup by Service Type:
- Engineering
- Procurement
- Construction
- Fabrication
Breakup by Location:
- Onshore
- Offshore
Breakup by Region:
North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/ngybik
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