Pune, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Integrated engineering, procurement, construction and installation (iEPCI™) contract was awarded to TechnipFMC (NYSE: FTI) (PARIS: FTI) by BP. This contract was awarded for the Thunder Horse South Expansion 2 Project, situated in the Gulf of Mexico. Such innovative projects are anticipated to bode well for the global "oil and gas" Engineering Procurement, construction or EPC market predicts Fortune Business Insights in their recent study.
The report on oil and gas EPC market is titled, “Oil & Gas EPC Market Size, Share and Global Trend By Sector (Upstream, Mid-stream, Downstream), By Location (Onshore, Offshore), and Geography Forecast till 2026.” The report provides a comprehensive overview of the global market with major emphasis on growth drivers, restraints, trends and opportunities. It also lists the names of companies functioning in the oil and gas EPC market. Information provided in the report is extracted from primary and secondary research methods and is trustworthy. The report is available for sale on the Fortune Business Insights’ website.
According to the report, the global oil and gas EPC market is categorized on the basis of sector, location, and geography. In terms of location the market is further bifurcated into offshore and onshore. Based on sector, the market is classified into downstream, midstream, and upstream.
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https://www.fortunebusinessinsights.com/industry-reports/oil-gas-epc-market-100930
Increasing Production of Cars Running on Petrol and Diesel Drives Market
The rapidly growing population and increasing power consumption per capita are propelling the demand for energy by the day. The energy generation from oil and gas is still dominating power production although there is rise in trend of generating power from renewable sources. The rise in the production of cars is having a positive influence on the consumption of CNG, diesel, and petrol. Thus, engineering, procurement, and construction for oil and gas manufacturing companies play a pivotal role in increasing the demand for gas and oil. The aforementioned factor is considered an important factor boosting the global oil and gas EOC market growth in the forecast period.
The rise in demand for oil and gas in nations such as China, India, and the U.S.A is another factor boosting the global oil and gas EPC market and further projected to continue doing so during the forecast duration. Moreover, the economic extraction of shale gas is also anticipated to positively influence the EPC market. Besides this, the emerging long-distance subsea and surface pipelines for transporting natural and crude oil is considered a new path for midstream EPC. This, in turn, is likely to promote the growth of the market in the long run.
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Proposal of New Pipelines in Asia Pacific and the Middle East and Africa will Help Market in these Regions Grow Significantly
The report predicts the upstream EPC market to be dominated by North America owing to the development of affordable shale gas extraction and exploration technology. On the other side, the refurbishment and up-gradation of aging gas and oil pipelines in North America and Europe have accelerated the mid-stream EPC market. Additionally, the proposal of new pipelines in Middle East and Africa and Asia Pacific are prognosticated to promote the growth of the mid-stream EPC market. Rise in petroleum refining activities in China, USA, and India is estimated to accelerate downstream EPC activities in the foreseeable future.
Key Market Driver – Increase in demand for oil and natural gas
Key Market Restraint – Volatile crude oil prices
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The report highlights significant players operating in the global oil and gas EPC market. Some of these players include:
- Wood
- JGC Corporation
- TechnipFMC,
- Mott Macdonald
- CPECC
- Saipem
- Larsen & Toubro
- Galfar
- Aker and OIEC
- SNC-Lavalin
- WorleyParsons
- NPCC
- McDermott
- Lamprell
- Dodsal Group
- Jacobs
- KBR
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