Global Oil Gas EPC Market

Global Oil Gas EPC Market Size, Share, Growth Analysis, By Sector(Upstream, downstream), By Application(Onshore, offshore) - Industry Forecast 2024-2031

Report ID: SQSG10B2001 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 62 | Figures: 75

Global Oil Gas EPC Market Insights

Global Oil Gas EPC Market size was valued at USD 173.29 Billion in 2019 and is poised to grow from USD 182.65 Billion in 2023 to USD 278.19 Billion by 2031, at a CAGR of 5.40 % during the forecast period (2024-2031).

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.

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Global Oil Gas EPC Market size was valued at USD 173.29 Billion in 2019 and is poised to grow from USD 182.65 Billion in 2023 to USD 278.19 Billion by 2031, at a CAGR of 5.40 % during the forecast period (2024-2031).

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. 'Bechtel Corporation (United States) ', 'TechnipFMC (United Kingdom) ', 'Saipem S.p.A. (Italy) ', 'Fluor Corporation (United States)', 'McDermott International (United States)', 'Petrofac (United Kingdom)', 'KBR, Inc. (United States)', 'Worley (Australia)', 'SNC-Lavalin Group Inc. (Canada)', 'Wood Group (United Kingdom)', 'Hyundai Engineering & Construction Co., Ltd. (South Korea)', 'China Petroleum Engineering & Construction Corporation (China)', 'Samsung Engineering Co., Ltd. (South Korea)', 'Larsen & Toubro Limited (India)', 'Technip Energies (France)', 'Chiyoda Corporation (Japan)', 'JGC Corporation (Japan)', 'McDermott International (United States)', 'Mustang Engineering, LP (United States)', 'Linde Engineering (Germany)'

Growing industrialization and urbanization are increasing the energy consumption

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.

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