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Rising populations and increasing spending capabilities have caused a rise in the demand for processes which involve oil and gas usage, especially energy production and for automobile consumption. Oil and gas extraction projects have subsequently witnessed growth too. Technological advancements which have made EPC projects more efficient and more cost-effective. Moreover, such advancements have also made it possible for these projects to be carried out in deeper waters farther away from the coast or in other such difficult places. The extent has been seen to be the highest in North America, which has a large number of oil reserves and shale gas reserves as well as the technological resources to acquire them. Furthermore, the rate of growth is expected to be high in the Asia Pacific, especially in densely populated and emerging economies such as China, India, and Indonesia.
TechnipFMC (NYSE: FTI) is a major French American player in the oil and gas EPC market, along with multiple other competitors. According to a press release, the company has signed an EPC contract by Sempra LNG and IEnova’s Energía Costa Azul LNG Facility. With both government and private funds, these major players can capitalise on this rising demand to help this industry grow.
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The major players in the global oil and gas EPC industry are Saipem SpA, TechnipFMC PLC, John Wood Group PLC, Bechtel Corporation, Fluor Corporation, and Petrofac Limited, amongst others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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