USD 173.29 Billion
Oil Gas EPC Market Size, Share, Growth Analysis, By Sector(Upstream, downstream, midstream), By Application(Onshore, offshore), By Region - Industry Forecast 2025-2032
Report ID:
SQSG10B2001 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|Tables:
62
|Figures:
75
Oil Gas EPC Market Insights
Oil Gas EPC Market size was valued at USD 182.65 Billion in 2023 and is poised to grow from USD 192.51 Billion in 2024 to USD 293.21 Billion by 2032, growing at a CAGR of 5.40% during the forecast period (2025-2032).
EPC stands for Engineering, Procurement, and Construction. Gas & Oil Industries that provide EPC services are contracted by oil and gas companies for long-term projects that require specialized personnel to accomplish. Infrastructure projects are delivered by EPC companies, which provide a complete bundle of resources. These services often give a point of contact for project execution, reducing risk for the client. It creates a line of communication for the clients to regulate all of their connections and infrastructure projects.
The oil and gas industry has seen substantial changes in recent years and does not show any signs of halting. Stakeholders in the oil/gas EPC sector are concentrating on increasing break-even points, adopting innovative techniques, and meeting the planet's expanding energy needs. The global Oil And Gas EPC Market is being driven by a rise in the number of agreements between businesses, better technology, and investments in the construction of new oil and gas apparatus. Along with seeking new bids for some of the initiatives, the government has also taken action to eradicate obstacles from the way of existing Oil and Gas EPC projects.
US Oil Gas EPC Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Offshore
Fastest Growth
Offshore
Growth Rate
5.40% CAGR
Global Oil Gas EPC Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Oil Gas EPC Market Segmental Analysis
Global Oil Gas EPC Market is segmented based on sector and region. Based on sector type it is categorized into upstream, downstream, and midstream. Based on application it is categorized into onshore and offshore. Based on the region it is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Oil Gas EPC Market Analysis by Sector
The upstream segment has accounted for the largest market in 2021 and is expected to generate the highest market share over the forecast period. Due to several planned upstream constructions for the growing scene, the upstream sector is likely to see significant expansion in the next few years. Drilling and field development are examples of upstream services; transportation of fuels is an example of midstream services; and sales, distribution, and marketing are characteristics of downstream services. In the coming years, issues such as advancing technology and the rising feasibility of deep-water and ultra-deepwater activities are anticipated to create considerable potential.
Oil Gas EPC Market Analysis by Application
In 2021, the onshore segment dominated the oil/gas EPC market globally. Due to its reduced complexity, the lower investment required, simpler site access, and reduced risk related to the offshore segment, the onshore segment will experience profitable growth throughout the forecast period. The onshore market has been bolstered by technical advancements in hydraulic fracturing and low break even pricing, which has led to significant demand for EPC firms.
Global Oil Gas EPC Market By Application, 2021 (%)
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Oil Gas EPC Market Regional Insights
In 2021, North America held the largest global oil/gas EPC market share due to an increasing number of oil and gas companies in the US and Canada. The Us is one of the world's leading producers of oil and natural gas, with the world's largest technically viable shale gas deposits and second-largest tight oil reserves.
Over the forecast period, the Asia-Pacific is expected to be the fastest-growing region in the oil and gas EPC market. The high pace of oil and gas production in Asia is attributed to rising energy requirements caused by the region's rapid urbanization rate, increasing population rate, and industrialization. The existence of countries such as China and India is the primary driver of EPC segment growth. Oil, gas, and coal are heavily invested in Asia-Pacific. China is the greatest producer of natural gas and oil in this region.
Global Oil Gas EPC Market By Geography, 2022-2028
- Largest
- Fastest
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Oil Gas EPC Market Dynamics
Oil Gas EPC Market Driver
- Growing industrialization and urbanization are increasing the energy consumption
Due to significant potential development in various industries in every corner of the planet, there is a huge expansion in broad fields such as automotive, aircraft, manufacturing, and infrastructure. Oil and gas play an important part in the production of primary energy sources required for it. As a result, a large amount of oil and gas is used to generate power in order to fulfill the growing energy requirements, thus fueling the market.
- Growing worldwide demand has resulted in the production of oil and gas fields in countries with abundant resources. As a result, trading between consumer and producer countries is rising. Therefore global oil and gas trade is rising, new pipelines are being built to support expansion. Hence, leads to market growth.
Oil Gas EPC Market Restraint
- Expansion in the usage of renewable energy sources is affecting the automotive sector
Sustainable energy sources such as wind, solar, and geothermal have grown in popularity as a replacement to oil and gas in latest days. Long-term investment in oil and gas is not feasible. Furthermore, with the arrival of hybrid cars, the automotive sector was undergoing a revolution. Batteries are critical because they are used in conjunction with a renewable energy source to store a large amount of electricity. This sector's expansion is being hindered by these problems.
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Oil Gas EPC Market Competitive Landscape
Organizations in today’s marketplace are attempting to develop effective procurement strategies that will help them save money, improve supplier base, increase operating efficiencies, and manage associated risks all at the same time. Some companies are pursuing organic and inorganic methods in order to increase their market share and value. Others are pursuing possibilities offered by offshore and onshore operations, while some are establishing new oil and gas pipelines. For instance, in November 2021, for the Dalma Gas Development Project, ADNOC approved Saipem EPC projects totaling US$ 1.4 billion. In the United Arab Emirates, the Dalma field is part of the Ghasha Concession, the biggest offshore sour gas production on the planet.
Oil Gas EPC Market Top Players Company Profiles
- Bechtel Corporation (United States)
- TechnipFMC (United Kingdom)
- Saipem S.p.A. (Italy)
- Fluor Corporation (United States)
- McDermott International (United States)
- Petrofac (United Kingdom)
- KBR, Inc. (United States)
- Worley (Australia)
- SNC-Lavalin Group Inc. (Canada)
- Wood Group (United Kingdom)
- Hyundai Engineering & Construction Co., Ltd. (South Korea)
- China Petroleum Engineering & Construction Corporation (China)
- Samsung Engineering Co., Ltd. (South Korea)
- Larsen & Toubro Limited (India)
- Technip Energies (France)
- Chiyoda Corporation (Japan)
- JGC Corporation (Japan)
- McDermott International (United States)
- Mustang Engineering, LP (United States)
- Linde Engineering (Germany)
Oil Gas EPC Market Recent Developments
- In January 2022, operators have inked a slew of new exploration and production contracts in Africa. Eni, an Italian oil and gas corporation, for example, signed an exploration deal in five Egyptian blocks. The blocks are scattered over the Mediterranean Sea, the Western Desert, and the Gulf of Suez. Other firms in the country have also signed seven oil and gas production agreements for the Eastern and Western deserts.
Oil Gas EPC Key Market Trends
- The development of this sector is influenced by national and local government initiatives, which are primarily focused on alleviating hydrocarbon poverty in emerging nations. In order to establish a stable and profitable market, OPEC and its allies have promised to reduce oil output, focusing on the market's future growth. Oil and gas are the main sources of money for the Gulf nations, which helps to stabilize their economies. Therefore, in the upcoming years, both public and commercial organizations will concentrate on growing their output.
Oil Gas EPC Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the upstream sector has the largest revenue share in 2021. The onshore sector dominated the global oil/gas EPC maket. North America has dominated the market with a market share in 2021 and the Asia Pacific region is anticipated to generate the highest market share over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 173.29 Billion |
| Market size value in 2031 | USD 278.19 Billion |
| Growth Rate | 5.40% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Oil Gas EPC Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Oil Gas EPC Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Oil Gas EPC Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Oil Gas EPC Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Oil Gas EPC Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Oil Gas EPC Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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