Oil and Gas Drill Bit Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Oil and Gas Drill Bit Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Oil and Gas EPC Market

The Oil and Gas EPC market size was valued at USD 53.10 billion in 2023, and the market is now expected to grow from USD 56.76 billion in 2024 to USD 92.49 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period of 2024-2032.

Throughout the COVID-19 pandemic, the oil and gas EPC contracts sector saw its demand intensified worldwide. EPC entails engineering, procurement, and construction services that span the entire Oil and Gas EPC Market growth value chain from exploration through refining to distribution. Competition heightened as more service providers sought contracts to design, build and maintain different facilities including drilling rigs or pipelines on the industry operators that were awarded contracts.

The development of Oil and Gas EPC Market share fields in countries rich in resources is a result of growing global demand, hence there is increased trade between producer and consumer nations, this has also resulted to more pipeline construction for oil and gas across countries as a result transportation. Additionally, natural gas use in the end user sector has also promoted inter-region distribution gas pipeline network development.

The demand remains high due to high consumption rate of hydrocarbons worldwide and this has resulted in its constant growth with much expectation for the market. And as the global demand for oil and gas continues to increase, both government and private sector actors have embarked on extensive exploration of hydrocarbon. Majority of the investors who invest in the energy sector usually have a lot of money even though oil market is never predictable.

Comprehensive Oil and Gas EPC Market

The Oil and Gas EPC market is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by Contract Type Analysis, by End-User Analysis, by Application Analysis. The Contract Type Analysis include, fabrication & equipment, construction & installation, management services, and others. The End-User Analysis includes upstream, midstream, and downstream based on the end-user. The Application Analysis includes, onshore and offshore. Onshore EPC projects are conducted on land.

The Middle East Africa region lead the Oil and Gas EPC market by benefitting a market size of USD 36.49 billion in 2021 due to growing industrial landscape and a developing economy.

The top players in the market play a crucial role in the Food & Beverages industry assuring industrial prospectus growth and setting market standards. These players include, Wood (U.K.), Petrofac (U.K.), Larsen & Toubro (India), McDermott (U.S.), NPCC (UAE), Saipem (Italy), TechnipFMC (U.K.), WorleyParsons (Australia), Lamprell (UAE), KBR (U.S.), Subsea7 (U.K.), Aker (Norway), Fluor Corporation (U.S.) these market players provide a competitive landscape.

In October 2023, On behalf of North Eastern Electric Power Corporation (NEEPCO)，NTPC Green Energy submitted proposals for winning tenders of Engineering, Procurement and Construction (EPC) plus Land development contract packages for Solar power projects inter-state transmission system (ISTS) based on up to 300 MW all over India.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.3% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Contract Type

Fabrication & Equipment

Construction & Installation

Management Services

Others

By End-User

Upstream

Midstream

Downstream

By Application

Onshore

Offshore

By Geography

North America (By Contract Type, By End-User, By Application, By Country)

- U.S. (By Contract Type, By End-User, By Application)

- Canada (By Contract Type, By End-User, By Application)

Europe (By Contract Type, By End-User, By Application, By Country)

- Norway (By Contract Type, By End-User, By Application)

- U.K. (By Contract Type, By End-User, By Application)

- Russia (By Contract Type, By End-User, By Application)

- Rest of Europe (By Contract Type, By End-User, By Application)

Asia Pacific (By Contract Type, By End-User, By Application, By Country)

- China (By Contract Type, By End-User, By Application)

- India (By Contract Type, By End-User, By Application)

- Australia (By Contract Type, By End-User, By Application)

- Malaysia (By Contract Type, By End-User, By Application)

- Rest of Asia Pacific (By Contract Type, By End-User, By Application)

Latin America (By Contract Type, By End-User, By Application, By Country)

- Brazil (By Contract Type, By End-User, By Application)

- Mexico (By Contract Type, By End-User, By Application)

- Rest of Latin America (By Contract Type, By End-User, By Application)

Middle East & Africa (By Contract Type, By End-User, By Application, By Country)

- Saudi Arabia (By Contract Type, By End-User, By Application)

- U.A.E. (By Contract Type, By End-User, By Application)

- Qatar (By Contract Type, By End-User, By Application)

- Oman (By Contract Type, By End-User, By Application)

- Kuwait (By Contract Type, By End-User, By Application)

- Egypt (By Contract Type, By End-User, By Application)

- Iraq (By Contract Type, By End-User, By Application)

Rest of Middle East & Africa(By Contract Type, By End-User, By Application)


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