Dublin, Jan. 16, 2024 (GLOBE NEWSWIRE) — The “Oil and Gas EPC Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” report has been added to ResearchAndMarkets.com’s offering.
Global Oil and Gas EPC Market was valued at USD 48 Billion in 2022 and is anticipated to reach a value of USD 67.54 billion by 2028, growing a CAGR of 5.7%
The Global Oil and Gas EPC (Engineering, Procurement, and Construction) Market is a vital sector in the energy industry, encompassing a wide array of projects crucial for the exploration, production, and transportation of oil and gas resources. This market plays a pivotal role in the development of oil and gas fields, refining facilities, and pipeline networks.
Companies operating in this industry provide end-to-end solutions, from conceptualization and design to procurement and construction, ensuring the seamless execution of energy projects. The market is driven by the constant demand for energy resources, prompting oil and gas companies to invest significantly in new exploration activities and infrastructure development. Technological advancements, coupled with a focus on cost-effective and environmentally sustainable practices, are shaping the market landscape.
Additionally, the market is influenced by geopolitical factors, regulatory policies, and global economic trends. As the global energy landscape continues to evolve, the Oil and Gas EPC Market remains at the forefront, facilitating the efficient production and distribution of vital energy resources to meet the demands of industries and consumers worldwide.
Key Market Drivers
- Surging global energy demand and infrastructure development are driving the growth of the Global Oil and Gas EPC Market.
- Technological advancements and digitalization are revolutionizing the industry, leading to increased efficiency and safety.
- Environmental regulations and sustainability initiatives are pushing EPC firms to adopt eco-friendly practices and innovate in renewable energy.
- Geopolitical factors and energy security are compelling investments in oil and gas infrastructure to ensure a stable energy supply.
- Health, safety, and risk management are paramount, with a focus on minimizing accidents and environmental impact.
Key Market Challenges:
- Volatility in oil and gas prices can impact project economics and investment decisions.
- Project delays and cost overruns are common due to complex projects and unforeseen circumstances.
- Safety and environmental compliance are essential but can be challenging to meet.
- Technological advancements require skilled personnel, leading to a skills gap.
Key Market Trends:
- Increasing focus on renewable energy projects, with EPC firms diversifying into solar, wind, and other renewables.
- Adoption of digitalization and automation technologies to optimize operations and improve safety.
- A focus on cost optimization and efficiency through modularization, standardization, and lean practices.
Segmental Insights:
- The Engineering segment dominates the market, driven by its role in project planning, design, and technical consultancy.
- The Offshore segment leads due to advancements in deepwater drilling and offshore technologies.
- The Upstream segment dominates with exploration, drilling, and extraction activities.
- The Middle East and North Africa (MENA) region is the dominant regional player in the market.
Regional Insights:
- The MENA region is dominant due to its abundant hydrocarbon resources, strategic location, and government initiatives to attract investments and collaborations.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023 – 2028 |
| Estimated Market Value (USD) in 2023 | $48 Billion |
| Forecasted Market Value (USD) by 2028 | $67.54 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
Company Profiles: Detailed analysis of the major companies present in the Global Oil and Gas EPC Market.
- Bechtel Corporation
- TechnipFMC plc
- Saipem S.p.A.
- McDermott International, Inc.
- Petrofac Limited
- Worley Limited
- SNC-Lavalin Group Inc.
- Wood plc
- KBR, Inc.
- Fluor Corporation
Report Scope:
Oil and Gas EPC Market, By Service Type:
Oil and Gas EPC Market, By Location:
Oil and Gas EPC Market, By End User:
Oil and Gas EPC Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Belgium
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Indonesia
- Vietnam
- South America
- Brazil
- Argentina
- Colombia
- Chile
- Peru
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
- Israel
For more information about this report visit https://www.researchandmarkets.com/r/126oht
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- Global Oil and Gas EPC Market
