Oil and Gas EPC Market Size, Share, and Analysis, By Service Type (Engineering, Procurement, Fabrication, and Construction), By End User (Upstream, Midstream, and Downstream), By Application (Onshore and Offshore), By Region (North America, Europe, Asia-P

Oil and Gas EPC Market Size, Share, and Analysis, By Service Type (Engineering, Procurement, Fabrication, and Construction), By End User (Upstream, Midstream, and Downstream), By Application (Onshore and Offshore), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034

Oil and Gas EPC Market Size, Share, and Analysis, By Service Type (Engineering, Procurement, Fabrication, and Construction), By End User (Upstream, Midstream, and Downstream), By Application (Onshore and Offshore), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034

PRODUCT OVERVIEW

Oil and Gas EPC Market is projected to grow at a CAGR of 5.9% in the forecast period (2024-2034), with the market size valued at USD 50.2 billion in 2023 and expected to reach USD 94.8 billion by 2034.

Oil and Gas EPC, or engineering, procurement, and construction, is a comprehensive method to manage projects within the oil & gas sector, which includes project inception to completion. It consists of three key phases i.e., engineering, procurement, and construction. During the engineering phase, detailed designs for facilities and systems are developed, whereas procurement involves sourcing materials and services necessary for the project. Construction comprises the physical realization of the infrastructure according to the engineering designs. In addition, EPC contractors supervise the entire project, along with ensuring safety standards and monetary limitations. Besides, oil and gas EPC projects cover a broad spectrum, ranging from production facility creation to refineries and distribution networks. As a result, due to their complexity and capital-intensive nature, these projects demand expertise in engineering, project management, logistics, and risk management to achieve desired outcomes.

MARKET HIGHLIGHTS

Oil and Gas EPC Market is anticipated to reach USD 94.8 billion, growing at a CAGR of 5.9% during the forecast period, owing to a notable rise in the energy demand, encouraging a search for efficient and affordable solutions. Innovations in technology, such as digitalization and artificial intelligence, are transforming the way projects are executed and mitigating operational risks. In addition, there's a high focus on sustainability, which further urges the adoption of cleaner technologies. However, the market encounters multiple challenges such as oil price volatility, geopolitical instabilities, and regulatory intricacies. Despite these challenges, the oil and gas EPC market is forecasted for growth due to the changing dynamics within the industry and the pursuit of innovation and efficiency.

Oil and Gas EPC Market Segments:

• By Service Type
• Engineering
• Procurement
• Fabrication
• Construction
• By End User
• Upstream
• Midstream
• Downstream
• By Application
• Onshore
• Offshore

MARKET DYNAMICS

Growth Drivers

Rise in Hydrocarbon Demand to Accelerate Market Growth and Development

Development in Natural Gas to Promote the Growth of Oil and Gas EPC Market

Restraint

Oil and Gas Prices to be the Major Concerns Obstructing the Market Growth

Key Players

• Fluor Corporation
• Petrofac Limited
• Bechtel Corporation
• Saipem S.p.A.
• McDermott International, Inc.
• Hyundai Engineering & Construction Co., Ltd.
• KBR, Inc.
• TechnipFMC PLC
• Wood PLC
• WorleyParsons Limited
• SNC-Lavalin Group Inc.
• Larsen & Toubro Limited
• National Petroleum Construction Company (NPCC)
• Chiyoda Corporation
• China Petroleum Engineering & Construction Corporation (CPECC)
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Global Laboratory Temperature Control Units Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 3-month post-sales analyst support.

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