Pune, India, May 31, 2021 (GLOBE NEWSWIRE) -- The global oil & gas EPC market size is expected to showcase substantial growth in the forthcoming years. This information is published by Fortune Business Insights in its report, titled "Oil & Gas EPC Market, 2021-2028". In the oil & gas industry, engineering, procurement, and construction (EPC) is usually an all-in-one kind of contract agreement. The contractor is responsible for all three facets of the setup and delivers an operational asset to the client. Sometimes, the contract extends to the maintenance and service of the setup also.
COVID-19 Impact
Upliftment of Lockdown Norms to Surge Demand
The early phase of COVID-19 experienced a rapid shutdown of construction sites. The construction of all non-essential infrastructure was halted all over the world. The demand for oil & gas EPC experienced a substantial decline due to stringent lockdown norms. As the demand for energy sources such as oil and gas have been steady throughout the lockdown, it is expected that the situation is going to normalize in the foreseeable future. Many regions have already applied updated lockdown norms and have allowed the resumption of businesses in a phased manner. This is expected to boost the demand for the product as most of the industries would prefer to work at full capacity and would require the energy to operate their production facilities.
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Market Segmentation
On the basis of sector, it is divided into upstream, mid-stream, and downstream. Based on location, the market of oil & gas EPC is bifurcated into onshore and offshore. Additionally, the geography of the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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What Does the Report Contain?
The report contains comprehensive profiles of the prominent players of the market and analysis of the competitive landscape on a global level. The report has been structured based on data gathered by primary and secondary research. It has historical data, verifiable projections, qualitative insights, and much more to help the stakeholders make informed decisions. The report’s analysis provides insights into the different facets of the market such as technology, application, regional markets, drivers, restraints, and others. There is in detail advice by our in-house experts on potential business opportunities for expanding the business horizons.
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Driving Factor
Rapid Industrialization to Spur Product Demand
The rapid industrialization across regions such as India and China is expected to propel the demand for the product. This is leading to the growing consumption of conventional sources of energy such as oil and gas in the production facilities. Moreover, the oil and gas industry typically hire contractors under the clause of project delivery within the time and cost estimate. The clause makes the product efficient for consumption in the oil and gas industry and is expected to drive the oil & gas EPC market growth.
Furthermore, the extraction of shale gas is being explored in various regions for economic purposes. The transportation of such gases requires long-distance surface pipeline and subsea pipeline transportation. These are primarily constructed by midstream EPC. It is projected that the demand for these pipelines in forthcoming years will experience considerable growth.
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Regional Insights
Presence of Advanced Technology in North America to Augment Growth
North America is expected to remain dominant and hold the largest oil & gas EPC market share due to affordable shale gas exploration. The availability of advanced extraction technology in the region is expected to garner growth. Furthermore, increasing upgrades and refurbishment of older pipelines in the region is projected to boost demand.
Asia Pacific predicted to hold considerable market share with the rapid industrialization in the region. The high consumption of oil and gas in China and India has boosted petroleum refining activities in the region. Such refining activities in the region are anticipated to increase oil & gas EPC demand.
Competitive Landscape
Key Players to Focus on R&D Activities to Brighten Their Market Prospects
The competitive landscape of the market for oil & gas EPC consists of prominent players. The prominent players of the market have well-established networks to facilitate prominent projects under their name. Technical expertise and delivery of projects in this market need to be precise. Investment in this market has lucrative returns with the high demand for oil and gas from various sectors.
Industry Development:
- May 2021: AVEVA and Maire Tecnimont Group signed a memorandum of understanding to create digital predictive and prescriptive maintenance services to propel mutual growth. This is expected to enhance plant operability while lowering maintenance cost.
List of Key Players Profiled in the Market:
- Petrofac
- Larsen & Toubro
- SNC-Lavalin
- Wood
- McDermott
- Saipem
- NPCC
- WorleyParsons
- KBR
- TechnipFMC
- Galfar
- Mott Macdonald
- JGC Corporation
- CCC
- Jacobs
- Dodsal Group
- Bechtel
- CPECC
- Lamprell
- Aker
- OIEC
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