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Global Oil and Gas EPC Market to Grow at a CAGR of 5% During 2021-2026, Aided by Greater Demand for Oil and Gas

According to a new report by EMR titled, ‘Global Oil and Gas EPC Market Report and Forecast 2021-2026’, The global oil and gas EPC industry is expected to grow at a CAGR of about 5% in the forecast period of 2021-2026.

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.

Market Analysis by Sector, Service, Location, and Region:

  • The market on the basis of sector can be divided into upstream, midstream and downstream.
  • Based on service, the industry can be divided into engineering, procurement, construction and fabrication.
  • The locations for oil and gas EPC include onshore and offshore.
  • The regional markets for oil and gas EPC include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Rising population is expected to increase exploration missions leading to increase in the demand for oil and gas EPC.
  • Technological advancements have had a positive effect on oil and gas EPC by increasing efficiency.
  • Increasing industrialisation across different countries has caused a growth in EPC projects.
  • Rising automobile industry has pushed the demand for petroleum products which is positively impacting the rise in EPC projects.

Key Offerings of the Report:

  • The EMR report gives an overview of the global oil and gas EPC market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the sector, service, location and region of oil and gas EPC.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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