Oil & Gas EPC Market Size Worth USD 64.7 Bn in 2027 | Key Players WorleyParsons Limited, Saipem SpA, Petrofac Limited, etc

Oil & Gas EPC Market: Introduction

The global oil & gas EPC market was valued at US$ 40.8 Bn in 2018 and is expected to expand at a CAGR of ~5% during the forecast period. Based on sector, the upstream segment held dominant share of the global oil & gas EPC market in 2018. Increase in investments in development of subsea projects is anticipated to boost the segment during the forecast period.

Get a Sample Copy of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=67691

In terms of service, the construction segment accounted for major share of the global oil & gas EPC market in 2018. Rise in trend toward development of more complex fields is anticipated to augment the segment in the near future. Construction engineers assist E&P companies to evaluate the structural, electrical, and mechanical condition of a project.

The oil & gas EPC market in Asia Pacific is likely to expand at a significant pace during the forecast period, owing to the growth in investments in the construction of pipeline infrastructure in the region.

Key Drivers of Oil & Gas EPC Market

Of late, the oil & gas EPC market has been expanding due to the increase in efforts in exploration of new oil and gas discoveries . Several countries across the globe are making investments to explore new oilfield reserves, particularly in the Persian Gulf, Gulf of Mexico, North Sea and , South China Sea, in order to cater to the rising demand for oil and gas.

About 140 discoveries of new oilfield reserves were made across the globe in 2018. The total discovered resources stood at around 9 giga barrels of oil equivalent in 2018. Offshore discoveries held 60% share, while gas resources accounted for about 40% share. These discoveries are expected to boost the development of wells and oil & gas production in the near future. Thus, increase in discovery of oil & gas reserves is estimated to drive the oil & gas EPC market during the forecast period.

Take Enquiry before buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=67691

North America Dominates Oil & Gas EPC Market

North America dominated the global oil & gas EPC market in 2018, due to the increase in number of oil & gas projects in Canada and the U.S. The U.S. held major share of oil & gas EPC market in North America in 2018. Abundant availability of oil and gas reserves in the U.S. and Canada has encouraged E&P companies to invest in North America. This has boosted the oil & gas EPC market in the region. For instance, Ohio's shale energy sector attracted investment worth US$ 78 Bn between 2011 and Q2 of 2018. Technological innovation in hydraulic fracturing and low breakeven prices have also supported upstream oil and gas activities in onshore regions, resulting in high demand for oil & gas EPC activities.

Major Developments in Oil & Gas EPC Market

In February 2019, TechnipFMC, a U.K.-based oil & gas EPC company, signed an EPC contract with ExxonMobil for Beaumont Refinery expansion project in Texas, the U.S. The contract value of the project ranges between US$ 500 Mn to US$ 1 Bn. The project covers installation of diesel hydrotreater, benzene recovery, and kerosene hydrotreater unit.

In November 2018, Bonatti, an Italy-based oil & gas EPC firm, won an EPC contract worth US$ 94.31 Mn from Pertamina Algeria EP for Menzel Lejmat Nord field's gas capacity increase project. The scope of the project includes the development and upgrade of the existing facility by installation of a dehydration train and new 2 x 37.5 MMscfd compressors.

In July 2018, Abu Dhabi's National Petroleum Construction Company won an EPC contract for the full development of the offshore Bu Haseer field from ADNOC.

Get Complete Report for Better Understanding: https://www.transparencymarketresearch.com/oil-gas-epc-market.html 

Competition Landscape of Oil & Gas EPC Market

The global oil & gas EPC market is consolidated, with large players accounting for majority of the share of the market. Key players operating in the global oil & gas EPC market are TechnipFMC, Plc., WorleyParsons Limited, Saipem SpA, Petrofac Limited, Bechtel Corporation, Mott MacDonald, Fluor Corporation, L&T Hydrocarbon Engineering, John Wood Group PLC, National Petroleum Construction Company, SNC-Lavalin Group, KBR, Inc., Galfar Engineering and Contracting SAOG, and Lamprell.

More Related Reports by TMR:

Power Management Services Market: https://www.transparencymarketresearch.com/power-management-services-market.html

Rooftop Solar PV Market: https://www.transparencymarketresearch.com/rooftop-solar-pv-market.html

Wire and Cable Recycling Market: https://www.transparencymarketresearch.com/wire-cable-recycling-market.html

Biomethane Market: https://www.transparencymarketresearch.com/europe-biomethane-market.html

Silicon Transformer Oil Market: https://www.transparencymarketresearch.com/silicon-transformer-oil-market.html

Green Hydrogen Market: https://www.transparencymarketresearch.com/green-hydrogen-market.html

District Cooling Market: https://www.transparencymarketresearch.com/district-cooling-market.html

Sulfur Market for Mining Application: https://www.transparencymarketresearch.com/sulfur-market-for-mining-application.html

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

Contact Us

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com

This release was published on openPR.