The global oil and gas engineering, procurement and construction (EPC) market accounted for US$41.71 billion in 2018 and is expected to reach US$76.68 billion by 2027 growing at a CAGR of 7% during the forecast period.
Some of the key factors propelling the market growth are rising demand for LNG infrastructure and decrease in operating cost of oil and gas fields. However, rising adoption of alternate transportation modes for oil and gas is the restraining factor for the growth of the market.
By sector, the upstream segment is expected to grow at a significant market share during the forecast period as it requires less capital investment and is less complex.
On the basis of geography, North America is anticipated to hold considerable market share during the forecast period due to the existence of a large number of market players in the region as the major economies of this region are leading producers of crude oil and gas.
Some of the key players in this market include L&T Hydrocarbon Engineering, Bechtel Corporation, WorleyParsons Limited, TechnipFMC Plc, John Wood Group PLC, Mott MacDonald, Galfar Engineering, Lamprell, National Petroleum Construction Company, Fluor Corporation, SNC-Lavalin Group, Saipem SpA, Contracting SAOG, Petrofac Limited, and KBR Inc.
What the report offers:
- Market share assessments for the regional and country-level segments.
- Strategic recommendations for the new entrants.
- Covers market data for the years 2017, 2018, 2019, 2023 and 2027.
- Market trends (drivers, constraints, opportunities, threats, challenges, investment opportunities, and recommendations).
- Strategic analysis: drivers and constraints, product/technology analysis, Porter's five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations.
- Competitive landscaping mapping the key common trends.
- Company profiling with detailed strategies, financials, and recent developments.
- Supply chain trends mapping the latest technological advancements.
Read the article online at: https://www.worldpipelines.com/business-news/12062020/new-report-on-oil-and-gas-epc-market-to-2027/