USD 173.29 Billion
Report ID: SQSG10B2001 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 62 | Figures: 75
Global Oil Gas EPC Market size was valued at USD 173.29 Billion in 2021 and is poised to grow from USD 182.65 Billion in 2022 to USD 278.19 Billion by 2030, at a CAGR of 5.40 % during the forecast period (2023-2030).
EPC stands for Engineering, Procurement, and Construction. Gas & Oil Industries that provide EPC services are contracted by oil and gas companies for long-term projects that require specialized personnel to accomplish. Infrastructure projects are delivered by EPC companies, which provide a complete bundle of resources. These services often give a point of contact for project execution, reducing risk for the client. It creates a line of communication for the clients to regulate all of their connections and infrastructure projects.
The oil and gas industry has seen substantial changes in recent years and does not show any signs of halting. Stakeholders in the oil/gas EPC sector are concentrating on increasing break-even points, adopting innovative techniques, and meeting the planet's expanding energy needs. The global Oil And Gas EPC Market is being driven by a rise in the number of agreements between businesses, better technology, and investments in the construction of new oil and gas apparatus. Along with seeking new bids for some of the initiatives, the government has also taken action to eradicate obstacles from the way of existing Oil and Gas EPC projects.
US Oil Gas EPC Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 173.29 Billion
To get more reports on the above market click here to Buy The Report
Global Oil Gas EPC Market is segmented based on sector and region. Based on sector type it is categorized into upstream, downstream, and midstream. Based on application it is categorized into onshore and offshore. Based on the region it is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Oil Gas EPC Market Analysis by Sector
The upstream segment has accounted for the largest market in 2021 and is expected to generate the highest market share over the forecast period. Due to several planned upstream constructions for the growing scene, the upstream sector is likely to see significant expansion in the next few years. Drilling and field development are examples of upstream services; transportation of fuels is an example of midstream services; and sales, distribution, and marketing are characteristics of downstream services. In the coming years, issues such as advancing technology and the rising feasibility of deep-water and ultra-deepwater activities are anticipated to create considerable potential.
Oil Gas EPC Market Analysis by Application
In 2021, the onshore segment dominated the oil/gas EPC market globally. Due to its reduced complexity, the lower investment required, simpler site access, and reduced risk related to the offshore segment, the onshore segment will experience profitable growth throughout the forecast period. The onshore market has been bolstered by technical advancements in hydraulic fracturing and low break even pricing, which has led to significant demand for EPC firms.
To get detailed analysis on other segments, Request For Sample Report
In 2021, North America held the largest global oil/gas EPC market share due to an increasing number of oil and gas companies in the US and Canada. The Us is one of the world's leading producers of oil and natural gas, with the world's largest technically viable shale gas deposits and second-largest tight oil reserves.
Over the forecast period, the Asia-Pacific is expected to be the fastest-growing region in the oil and gas EPC market. The high pace of oil and gas production in Asia is attributed to rising energy requirements caused by the region's rapid urbanization rate, increasing population rate, and industrialization. The existence of countries such as China and India is the primary driver of EPC segment growth. Oil, gas, and coal are heavily invested in Asia-Pacific. China is the greatest producer of natural gas and oil in this region.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Oil Gas EPC Market Driver
Due to significant potential development in various industries in every corner of the planet, there is a huge expansion in broad fields such as automotive, aircraft, manufacturing, and infrastructure. Oil and gas play an important part in the production of primary energy sources required for it. As a result, a large amount of oil and gas is used to generate power in order to fulfill the growing energy requirements, thus fueling the market.
Oil Gas EPC Market Restraint
Sustainable energy sources such as wind, solar, and geothermal have grown in popularity as a replacement to oil and gas in latest days. Long-term investment in oil and gas is not feasible. Furthermore, with the arrival of hybrid cars, the automotive sector was undergoing a revolution. Batteries are critical because they are used in conjunction with a renewable energy source to store a large amount of electricity. This sector's expansion is being hindered by these problems.
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
Organizations in today’s marketplace are attempting to develop effective procurement strategies that will help them save money, improve supplier base, increase operating efficiencies, and manage associated risks all at the same time. Some companies are pursuing organic and inorganic methods in order to increase their market share and value. Others are pursuing possibilities offered by offshore and onshore operations, while some are establishing new oil and gas pipelines. For instance, in November 2021, for the Dalma Gas Development Project, ADNOC approved Saipem EPC projects totaling US$ 1.4 billion. In the United Arab Emirates, the Dalma field is part of the Ghasha Concession, the biggest offshore sour gas production on the planet.
Oil Gas EPC Market Top Players Company Profiles
Oil Gas EPC Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the upstream sector has the largest revenue share in 2021. The onshore sector dominated the global oil/gas EPC maket. North America has dominated the market with a market share in 2021 and the Asia Pacific region is anticipated to generate the highest market share over the forecast period.
|Market size value in 2021
|USD 173.29 Billion
|Market size value in 2030
|USD 278.19 Billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Oil Gas EPC Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oil Gas EPC Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Oil Gas EPC Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Oil Gas EPC Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.