Worldwide oil and gas EPC industry to 2027
Published by Sara Simper,
The global oil and gas EPC market reached a value of US$ 44.70 billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 62.34 billion by 2027 exhibiting a CAGR of 5.40% during 2022 - 2027.
- Bechtel Corp.
- Fluor Corp.
- Hyundai Heavy Industries Co. Ltd
- John Wood Group plc
- KBR Inc.
- Larsen & Toubro Ltd
- McDermott International Ltd
- National Petroleum Construction Co.
- Petrofac Ltd
- Saipem S.p.A. (Eni S.p.A.)
- Samsung Engineering Co. Ltd
- TechnipFMC plc
- Tecnicas Reunidas S. A.
- WorleyParsons Ltd
Keeping in mind the uncertainties of COVID-19, ResearchAndMarkets.com is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Oil, gas and EPC is a contract-based model that delivers a package of resources to complete infrastructure projects. The contractor carries out designing and detailed layout, onsite assembly, functional testing, procurement of equipment material, and manufacturing of systems. Oil and gas sectors rely on EPC contractors for long-term and large-scale projects that require skilled professional labour and fine-tuned project management. EPC contractors specialise in designing plans for aboveground storage tanks, power generation environmental controls, natural gas processing facilities, industrial power distribution, and material handling. It offers enhanced performance, flexibility, cost-effectiveness, and a single point of responsibility. EPC establishes a communication channel that allows the owners to manage all the relationships and infrastructure projects.
The significant expansion in the oil and gas industry across the globe is one of the key factors driving the market growth. EPC is widely adopted for designing and project execution, such as building storage systems, drilling platforms, and advanced systems for exploration. In line with this, the rising power consumption, increasing population, and initiatives undertaken by the governments to generate electricity from renewable resources are favouring the market growth. Moreover, various technological advancements, such as the integration of the Internet of Things (IoT) for EPC contractors, are providing an impetus to the market growth.
Additionally, the increasing demand for oil and gas EPC in the upstream sector as it offers fewer complexities, more accessibility to sites, lower investment requirement, and lower risk is positively impacting the market growth. Apart from this, the rapidly expanding automotive industry, the growing consumption of petroleum products, such as petrol, diesel, and CNG, and the implementation of various government initiatives to promote the oil and gas projects are creating a positive outlook for the market.
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Read the article online at: https://www.worldpipelines.com/special-reports/11042022/worldwide-oil-and-gas-epc-industry-to-2027/
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