Global Oil and Gas EPC Market Size study, by Sector (Upstream, Downstream, Midstream) and Regional Forecasts 2022-2032

Global Oil and Gas EPC Market Size study, by Sector (Upstream, Downstream, Midstream) and Regional Forecasts 2022-2032

Global Oil and Gas EPC Market is valued at approximately USD 446.5 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 4.76% over the forecast period 2024-2032. Oil and Gas EPC (Engineering, Procurement, and Construction) refers to the integrated delivery approach for projects in the oil and gas industry. It involves designing, procuring materials and equipment, and constructing facilities such as refineries, pipelines, and offshore platforms. EPC contractors manage the entire project lifecycle, ensuring engineering designs meet regulatory standards, procuring necessary components, and overseeing construction to ensure safety, quality, and adherence to schedule and budget. Using a comprehensive strategy reduces risk for customers since EPC contractors handle all project delivery, including making sure the facilities are operationally ready after completion, on schedule, and within budget. A trend towards automation and digitalization is now observed in the oil and gas EPC business, with the goal of lowering expenses and increasing project efficiency. There is also a growing emphasis on sustainability, with EPC companies increasingly focusing on integrating environmentally friendly practices and technologies into their projects.

The Oil and Gas EPC market is experiencing robust growth driven by several key factors. There is a significant increase in global energy demand, necessitating the development of new infrastructure such as pipelines and refineries. This growth is further propelled by technological advancements in digitalization, automation, and advanced materials, which enhance project efficiency and reduce costs. Moreover, stringent regulatory requirements for safety, environmental compliance, and sustainability are pushing the industry towards modernized facilities. Geopolitical stability and economic growth in emerging markets are also contributing to the expansion of projects and investments. Additionally, the ongoing shift towards cleaner energy sources and renewable integration in the oil and gas sector presents new opportunities for EPC companies to innovate and adapt. However, the volatility in oil and gas prices can impact project economics and investment decisions.

The key regions considered for the global Oil and Gas EPC market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, APAC is both dominating and the fastest growing region in terms of revenue for the Oil and Gas EPC Market is driven by key factors. The increasing need for energy in the area, fueled by the industrialization and urbanization of nations like China and India, has led to significant investments in the infrastructure of oil and gas. These investments are essential to meet the expanding energy requirements of burgeoning economies. APAC's robust economic growth and extensive infrastructure development present ample opportunities for EPC projects, solidifying its position as a crucial player in the global market. This strategic advantage enables APAC to attract significant investments and cutting-edge technologies, fostering innovation and sustainable development in the Oil and Gas EPC sector throughout the region.

Major market player included in this report are:
Bechtel Corporation
Petrofac Limited
Técnicas Reunidas SA
Daewoo Engineering & Construction Co. Ltd
Fluor Corporation
Samsung Engineering Co. Ltd
Korea Shipbuilding & Offshore Engineering Co. Ltd
Hyundai Engineering & Construction Co. Lt
John Wood Group PLC
TechnipFMC PLC

The detailed segments and sub-segment of the market are explained below:

By Sector
Upstream
Downstream
Midstream

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:
Historical year – 2022
Base year – 2023
Forecast period – 2024 to 2032

Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

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