According to the report by Expert Market Research (EMR), the Global Oil and Gas EPC Market Size is projected to grow at a CAGR of 5% between 2023 and 2028. Aided by the escalating demand for energy and the surging need for new exploration and production activities, the market is expected to grow significantly by 2028.
EPC (Engineering, Procurement and Construction) in the oil and gas sector involves the design, procurement, construction, maintenance, and project management of oil and gas extraction and processing infrastructure. This includes drilling rigs, refineries, pipelines, and offshore platforms. In the oil and gas sector, EPC contracts are frequently utilised to shift project risk to a single contractor who is accountable for the project’s full lifespan.
The mounting demand for energy across the globe is one of the primary drivers of the global oil and gas EPC market growth. With the worldwide population and industrial activities growing at a rapid pace, the need for energy resources has seen a significant increase, fuelling the exploration and production activities in the oil and gas sector.
Moreover, the emergence and expansion of unconventional energy sources such as shale gas and tight oil have significantly contributed to the oil and gas EPC market development. The extraction and processing of these resources require new and specialised infrastructure, stimulating the demand for EPC services.
The EPC market is also buoyed by the declining production from existing oil and gas fields and the consequent need for exploration of new reserves. This, coupled with advancements in technology that make new frontiers of exploration accessible, such as ultra-deep-water drilling, further spur the oil and gas EPC market expansion. The development of the market is further anticipated to be fuelled by technological advancements and the growing viability of deep water and ultra-deep-water projects.
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Additionally, EPC services are being increasingly sought after in the maintenance, upgrade, and expansion of existing infrastructure to comply with stricter environmental regulations and enhance operational efficiency. This trend, along with the focus on reducing operational costs and improving the safety and reliability of oil and gas infrastructure, bodes well for the oil and gas EPC market.
Oil and Gas EPC Market Segmentation
The market can be divided based on sector, service, location, and region.
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Market Breakup by Sector
- Upstream
- Midstream
- Downstream
Market Breakup by Service
- Engineering
- Procurement
- Construction
- Fabrication
Market Breakup by Location
- Onshore
- Offshore
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global oil and gas EPC companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Saipem SpA
- TechnipFMC PLC
- John Wood Group PLC
- Bechtel Corporation
- Fluor Corporation
- Petrofac Limited
- Others
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