Oil Gas EPC Market Size

Global Oil Gas EPC Market size was valued at USD 197.3 billion in 2023 and is poised to grow from USD 208.15 billion in 2024 to USD 319.45 billion by 2032, growing at a CAGR of 5.5% during the forecast period (2025-2032).

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. 'McDermott International (USA) ', 'Saipem S.p.A. (Italy) ', 'Technip Energies N.V. (Netherlands) ', 'Fluor Corporation (USA) ', 'Bechtel Corporation (USA) ', 'Hyundai Engineering & Construction Co., Ltd. (South Korea) ', 'Samsung Engineering Co., Ltd. (South Korea) ', 'JGC Holdings Corporation (Japan) ', 'Chiyoda Corporation (Japan) ', 'SNC-Lavalin Group Inc. (Canada) ', 'China National Petroleum Corporation (CNPC) (China) ', 'Sinopec Group (China) ', 'National Iranian Oil Company (NIOC) (Iran) ', 'Saudi Aramco (Saudi Arabia) ', 'Subsea 7 S.A. (Luxembourg) (specializes in offshore projects) ', 'Petrofac Limited (UK) ', 'Wood plc (UK) ', 'KBR, Inc. (USA) ', 'Worley Limited (Australia) ', 'NPCC (National Petroleum Construction Company) (UAE)'

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.

The development of this sector is influenced by national and local government initiatives, which are primarily focused on alleviating hydrocarbon poverty in emerging nations. In order to establish a stable and profitable market, OPEC and its allies have promised to reduce oil output, focusing on the market's future growth. Oil and gas are the main sources of money for the Gulf nations, which helps to stabilize their economies. Therefore, in the upcoming years, both public and commercial organizations will concentrate on growing their output.

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.