Oil and Gas EPC Market

SKU: DMEP426 | Last Updated On: Nov 11 2022 | Available Formats

>Oil and Gas EPC Market Expected to reach a high CAGR of 7.1% By 2029:

Oil and Gas EPC Market is segmented By Service Type (Engineering, Procurement, Construction, Combination), By End-User (Upstream, Midstream, Downstream), By Application (Onshore, Offshore), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] Oil and Gas EPC market is expected to grow at a high CAGR of 7.1%  during the forecast period of 2022-2029.

Oil and Gas EPC market  - Strategic Insights

Metrics

Details

Market CAGR

7.1%

Segments Covered

By Service Type, By End-User, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Engineering, Procurement, and Construction are prominent forms of contracting agreements in the construction industry. The engineering and construction contractor will carry out the detailed engineering design of the project, procurement of the equipment and materials, and then construct to deliver a functioning facility and asset to the clients. Significant investments in infrastructure projects for oil and gas, along with the revival in the real estate sector and growth in industrial capital expenditure will boost the construction industry and act as a catalyst for the growth of EPC companies.

ISO 20815:2008 covers upstream, midstream, and downstream facilities and activities. ISO 20815:2008 focuses on production assurance of oil and gas production, processing and associated activities, and the analysis of reliability and maintenance of the components. It has introduced the concept of production assurance within the systems and operations associated with the exploration drilling, exploitation, processing, and transport of petroleum, petrochemical, and natural gas resources.

Market Trends

  • The increase in contracts between companies and growth in investment in building new oil and gas plants is driving the global oil and gas EPC market.

  • The Government is taking initiatives to remove the hurdles in the way of ongoing projects of oil and gas EPC along with inviting re-bids to some of the projects. The government is promoting a low-cost, long-term funding mechanism besides allowing for more External Commercial Borrowing (ECB), which is driving the global oil and gas EPC market.

Market Restraints

  • The decline in investments in oil and gas projects and the cancellation of projects worth USD 380 billion between 2014-2016 has resulted in a severe downturn in the global oil & gas EPC market.

  • The low price of crude oil and the lack of skilled laborers are significant restraints for the global oil and gas EPC market.

Industry Segmentation

By end-users

  • The major players are expected to invest in exploration, so that the discovered oil reserves are fully utilized later when the oil & gas prices rise, resulting in the growth of upstream exploration contracts. In contrast, the midstream and downstream contracts are expected to increase over the forecasting period.

By geography

  • The oil production in North America is expected to grow due to the Permian region such as Texas and the Federal Gulf of Mexico output.

  • Industrial growth, growing population, urbanization, and increasing per capita income in developing countries such as India are the primary drivers that demand oil, and it is expected to grow in the forecast period.

Competitive Trends

  • The increase in contracts and collaboration between the companies is failing the global oil and gas EPC market. In August 2018, Petrofac was awarded a contract worth around USD 370 million by Basra Oil Company (BOC) for the expansion of the Central Processing Facility (CPF). The deal is for 34-month, the lump-sum engineering, procurement, and construction (EPC) project scope includes two oil processing trains, able to process 200 kbps.

  • In April 2018, Saudi Aramco joined a group of three Indian companies to develop USD 44 billion in refineries and petrochemical complexes in India with ADNOC.

  • In August 2018, Petrofac has won a USD 600 million contract to provide engineering, procurement, and construction (EPC) services to Sonatrach’s Tinhert field development project in Algeria. The EPC contract is valid for 36 months. They are planning to invest USD 250 million to increase production at the There gas field to 20 million cubic meters (mcm) per day by 2020.

Frequently Asked Questions

What is the Projected CAGR value of the Oil and Gas EPC Market?

The oil and Gas EPC Market is expected to grow at a CAGR of 7.1% during the forecasting period 2022-2029.

What is the Oil and Gas EPC Market size in 2021?

The Market size was valued at USD YY million in 2021.

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