According to the latest report by IMARC Group, titled " Oil & Gas EPC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global oil and gas EPC market reached a value of US$ 44.70 Billion in 2021. Engineering, procurement, and construction (EPC) refers to a contract-based project delivery model that is undertaken for the development of the oil and gas industry. It is generally coordinated by EPC contractors that ensure the completion of the project in the required time. It involves planning, designing and project execution of advanced systems for exploration activities and building drilling platforms and storage systems. Along with this, it also helps in designing plans for developing natural gas processing facilities and industrial power distribution systems. Consequently, it facilitates enhanced flexibility and performance while assisting in material handling in a cost-efficient manner.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Oil & Gas EPC Market Trends:
The global market is primarily driven by significant growth in the oil and gas industry. In line with this, rising investments and funding in liquefied natural gas (LNG) infrastructural development projects across several developing economies are creating a positive outlook for the market. Moreover, the increasing demand for energy across the globe, along with the rising exploration activities of both the non-conventional and conventional energy resources, is providing a boost to the market growth. In addition to this, continual technological advancements and the widespread adoption of 3D printing and robotics with the EPC model are further propelling the market growth. Also, the increasing utilization of artificial intelligence (AI) and the internet of things (IoT)-based maintenance and monitoring systems by EPC companies for managing the overall project execution is acting as another major growth-inducing factor. Other factors, including numerous initiatives undertaken by the government of multiple countries to support the oil and gas industry and the rising adoption of petroleum products across the globe, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 62.34 Billion by 2027, exhibiting a CAGR of 5.40% during 2022-2027.
- On the basis of the sector, the market has been segmented into upstream, midstream and downstream.
- Based on the service type, the market has been segregated into engineering, procurement, construction and fabrication.
- On the basis of the location, the market has been bifurcated into onshore and offshore.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are 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, Técnicas Reunidas S. A. and WorleyParsons Limited.
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