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Report Overview
The global oil and gas EPC market size USD 54.49 Billion in 2024. The market is expected to grow at a CAGR of 4.30% during the forecast period of 2025-2034 to reach a value of USD 83.02 Billion by 2034. Growing LNG infrastructure expansion across the Asia Pacific region continues to create EPC demand, supported by rising imports in India, South Korea, and China, reflecting a structural push toward natural gas as a transitional fuel source.
Digitization has become an undeniable factor in EPC execution. According to the oil and gas EPC market analysis, digital technologies could reduce upstream project costs by 15–20% by 2050, providing companies a crucial edge in winning bids. In addition, India’s Ministry of Petroleum & Natural Gas confirmed nearly USD 18 billion worth of refinery and pipeline projects under execution, many tied to EPC service providers in June 2024. This confluence of government-backed funding, digital tools, and heavy capital projects positions EPC contractors as central to oil and gas resilience during volatile demand cycles.
Moreover, the market is undergoing a transformative phase, largely driven by the surging investments in energy transition projects. A notable push comes from the Middle East, where Saudi Aramco offered nearly USD 40 billion annually on upstream developments back in August 2014, creating a significant pipeline of EPC contracts. Simultaneously, governments are accelerating regulatory frameworks; the United States Department of Energy has already allocated USD 6 billion under its Carbon Management Program in March 2024 to support low-carbon EPC projects, signaling how policy is directly boosting the oil and gas EPC market opportunities.
2024
Base Year
2018-2024
Historical Period
2025-2034
Forecast Period
Competitive Landscape
The market is shaped by rapid technological innovation, large-scale government projects, and the accelerating transition toward cleaner energy infrastructure. Leading oil and gas EPC companies are concentrating on areas like digital integration, modular construction, and carbon capture solutions to strengthen their ability to win contracts across both conventional oil and gas and transitional energy domains.
Key opportunities are unfolding in LNG terminal development, offshore deepwater projects, and hydrogen infrastructure, where EPC expertise is vital for execution. Oil and gas EPC market players adopting digital twin platforms to optimize timelines and improve safety are gaining a significant edge. Additionally, diversification into new regions and alignment with decarbonization initiatives are becoming essential for staying relevant. Firms that combine technical depth with sustainable project delivery are positioning themselves strongly for long-term growth, capturing demand from both traditional hydrocarbons and the fast-emerging low-carbon ecosystem that is reshaping global EPC priorities.
Key Players
Saipem SpA
Saipem SpA was established in 1957 and is headquartered in Milan, Italy. The company is recognized for its offshore engineering strength, particularly in subsea and deepwater projects. Saipem has recently advanced modularization and automation in project delivery, enabling faster timelines in offshore EPC contracts.
TechnipFMC PLC
TechnipFMC PLC was founded in 2017 after the merger of Technip and FMC Technologies and is headquartered in London, United Kingdom. It is a global leader in subsea engineering and integrated project delivery. The company is known for pioneering subsea 2.0 systems, enabling reduced installation costs and improved efficiency.
John Wood Group PLC
John Wood Group PLC was founded in 1982 and is headquartered in Scotland. The company operates across energy and industrial markets, with strong expertise in engineering and consultancy services. Wood has been investing in digital engineering tools and automation to streamline EPC workflows.
Bechtel Corporation
Bechtel Corporation was founded in 1898 and is headquartered in California, United States. Bechtel is one of the largest EPC firms globally, with unmatched expertise in large-scale infrastructure delivery. Its projects include LNG export terminals, petrochemical complexes, and mega refineries.
Other key players in the market are Fluor Corporation and Petrofac Limited, among others.
Oil and Gas EPC Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 4.30% between 2025 and 2034.
EPC stakeholders are expanding low-carbon portfolios, adopting digital twin platforms, leveraging modular construction, targeting LNG and hydrogen infrastructure, and forming strategic alliances to secure resilience and competitiveness in global markets.
The increasing energy consumption, the rising production of oil and gas, the surging feasibility of deep water and ultra-deep-water projects are the key trends guiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant sectors considered in the market report include upstream, midstream, and downstream.
The major segments based on services considered in the market report are engineering, procurement, construction, and fabrication.
The various segments on the basis of location considered in the market report are onshore and offshore.
The key players in the market include Saipem SpA, TechnipFMC PLC, John Wood Group PLC, Bechtel Corporation, Fluor Corporation, and Petrofac Limited, among others.
In 2024, the oil and gas EPC market reached an approximate value of USD 54.49 Billion.
Rising project costs, supply chain disruptions, and pressure to align with decarbonization targets remain major challenges for companies in a volatile oil and gas EPC market.
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