Oil Gas EPC Market Size, Share, Growth Analysis, By Sector(Upstream, downstream, midstream), By Application(Onshore, offshore), By Region - Industry Forecast 2024-2031

Oil Gas EPC Market size was valued at USD 173.29 Billion in 2019 and is poised to grow from USD 182.65 Billion in 2023 to USD 278.19 Billion by 2031, at a CAGR of 5.40 % during the forecast period (2024-2031).

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. '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)'

Growing industrialization and urbanization are increasing the energy consumption

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.

In 2021, North America held the largest 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.