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."
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.
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,
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
Oil & Gas EPC Market, by Service
Oil & Gas EPC Market, by Region
Russia & CIS
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
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