The latest research study “Oil & Gas EPC Market Growth: Global Industry Trends, Share, Size, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global oil & gas EPC market reached a value of US$ 44.70 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 62.34 Billion by 2027 exhibiting a CAGR of 5.40% during 2022-2027.
Oil and gas, engineering, procurement, and construction (EPC) refer to a project-based model that delivers resources to complete infrastructure activities for the oil and gas industry. It offers various services, including detailed layout, fabrication, construction, procurement of materials, and equipment production. It also provides services for long-term and large-scale projects that require skilled professional labor and fine-tuned project management. As they provide enhanced performance, cost-effectiveness, and an effective communication medium, oil and gas EPC services are gaining traction across the globe.
Note: 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.
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Oil & Gas EPC Market Trends and Drivers:
The market is primarily driven by the expansion of the oil and gas industry across the globe. In addition to this, the implementation of several favorable government initiatives to promote oil and gas projects and generate electricity from renewable resources is anticipated to propel market growth.
Besides this, various EPC companies are using advanced technologies, such as artificial intelligence (AI) and the internet of things (IoT)-based maintenance and monitoring systems, to manage the overall project execution.
This, coupled with the escalating demand for petroleum products, such as petrol, diesel and CNG, is positively influencing the market growth.
|Oil & Gas EPC Market Report Scope|
|Market size value in 2021||US$ 44.70 Billion|
|Market forecast in 2027||US$ 62.34 Billion|
|Growth Rate||CAGR of 5.40% from 2022 to 2027|
|Base year for estimation||2021|
Global Oil & Gas EPC Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, sector, service type and location.
Breakup by Sector:
Breakup by Service Type:
Market Breakup by Location:
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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.