Oil & Gas EPC Market to Reach a Valuation of ~US$ 64.7 Bn by 2027; Growth in E&P in Oil and Gas Industry Boosting Growth, States Transparency Market Research

ALBANY, New York, Feb. 17, 2020 /PRNewswire/ -- Increase in oil and gas exploration and production activities is contributing to the growth of global oil and gas EPC market. It is worth noting here that a number of countries across the globe are pouring in investment towards exploration. Some of the hotspots of exploration activity are North Sea, South China Sea, Gulf of Mexico and Persian Gulf.

Transparency Market Research states, "The global oil and gas EPC market would chart a Compound Annual Growth Rate (CAGR) of ~5% from 2019 to 2027, reaching the market worth of approximately USD 64.7 bn. by the end of the forecast period – a notable increase from the market worth of USD 40.8 bn. in 2018. The upstream segment would hold a significant share of the market over the assessment period."

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Key Findings of the Oil & Gas EPC Market Study

• In 2018, upstream segment dominated the global oil and gas EPC market and the segment would see a boost over the forecast period owing to higher investment directed towards subsea projects, helping the segment account for a major share
• Construction, as a service sub-segment contributed notably to the market growth in 2018 and the trend would continue into the forecast period owing to development of complex fields
• Construction of pipeline infrastructure in the Asia Pacific (APAC) region to drive growth in the region at a significant CAGR

Explore 190 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Oil & Gas EPC market by Sector: Upstream [Offshore and Onshore], Downstream, and Midstream; and Service: Engineering, Procurement, Construction, and Fabrication, Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/oil-gas-epc-market.html

Oil & Gas EPC Market: Key Driving Factors

As per Transparency Market Research, a number of significant factors are underlying growth of global oil and gas EPC market over the forecast period. The prominent factors of growth that the market is set to witness are outlined below:

• Increase in onshore and offshore activities related to oil and gas exploration and production, across the globe will contribute positively to the growth of global oil and gas EPC market; the year 2018 witnessed 140 new oilfield reserve discoveries – a total of 9 giga BOE (Barrels of Oil Equivalent)
• Increase in projects related to procurement and engineering will also contribute to the high growth curve that the market is set to chart over the assessment period
• Development of technology to bring in innovation will also be a major factor of growth, propelling the global oil and gas EPC market onto a high trajectory over the forecast period

Key Impediments for Oil & Gas EPC Market Players

Despite a steady growth projected for global oil and gas EPC market over the forecast period, a number of factors mar it. Some of these include geopolitical volatility, economic unpredictability in countries across the globe, and certain regulatory limitations, and sanctions. However, players are seeking solutions to address these challenges are moving towards a dynamic approach to operations.

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Oil & Gas EPC Market: Region-wise Analysis

• North America to be a prominent regional market over the forecast period, accounting for a major share in the market landscape owing to an increasing number of oil and gas projects taken up by countries in the region, particularly in the United States of America, and Canada
• Rich reserves of oil and gas in Canada, and the United States of America are attracting investment from exploration and production companies, contributing massively to the regional growth
• From 2011, to the second quarter of the year 2018, Ohio's shale energy sector witnessed a hefty investment, worth USD 78 bn.

Analyze Oil & Gas EPC market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study,

Competition Landscape

The consolidated vendor landscape of global oil & gas EPC market is comprehensively analyzed by Transparency Market Research. Some of the notable players in the market include TechnipFMC, Plc., WorleyParsons Limited, Saipem SpA, Petrofac Limited, Bechtel Corporation, Mott MacDonald, Fluor Corporation, L&T Hydrocarbon Engineering, John Wood Group PLC, National Petroleum Construction Company, SNC-Lavalin Group, KBR, Inc., Galfar Engineering and Contracting SAOG, and Lamprell, among others.

As per the market analysis by Transparency Market Research, the players would witness intense competition and will try to create an edge over other players by deploying a variety of strategies over the forecast period. Some of these include investment in new projects, strategic mergers and acquisition, and a keen focus on innovation.

Transparency Market Research has segmented the Oil & Gas EPC market based on sector, service, and region.

Global Oil & Gas EPC Market: Segmentation

Oil & Gas EPC Market, by Sector

• Upstream
• Offshore
• Onshore
• Midstream
• Downstream

Oil & Gas EPC Market, by Service

• Engineering
• Procurement
• Construction
• Fabrication

Oil & Gas EPC Market, by Region

• North America
• U.S.
• Canada
• Europe
• Norway
• U.K.
• Russia & CIS
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa
• Saudi Arabia
• UAE
• Oman
• Qatar
• Kuwait
• Algeria
• Nigeria
• Rest of Middle East & Africa
• Latin America
• Brazil
• Mexico
• Rest of Latin America

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About Transparency Market Research

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research