Oil & Gas EPC Market Size to Grow Worth USD 322.22 Billion at a CAGR of 8.2% for 2022-2032 Booming Worldwide With Leading Key Players -Petrofac, Nuvia, SCHOFIELD PUBLISHING, SICIM S, Alyasmine Aldawlia, Ramboll, AVEVA, QUAD KNIGHT, Mecwide, Oil & Gas Syst

Oil & Gas EPC Market Size to Grow Worth USD 322.22 Billion at a CAGR of 8.2% for 2022-2032
Key Players in the Oil & Gas EPC market:

Petrofac, Nuvia, SCHOFIELD PUBLISHING, SICIM S, Alyasmine Aldawlia, Ramboll, AVEVA, QUAD KNIGHT, Mecwide, Oil & Gas Systems Limited, Millbank

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The report studies the Oil & Gas EPC market using cross-sectional multiple regression analysis. The report provides estimates for future market demand. The report also uses secondary analysis to examines the Oil & Gas EPC market. The report provides detailed analysis Oil & Gas EPC market value chain. The report analyses the factors affecting the Oil & Gas EPC market. The report lists the data and trends that studies various components of the Oil & Gas EPC market. The report reviews the current Oil & Gas EPC market production and price patterns. The report reviews the production, imports, and profitability segments.

Oil & Gas EPC Market Types:

Type I, Type II.

Oil & Gas EPC Market Applications:

Oil Industry, Gas Industry

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Oil & Gas Engineering, Procurement & Construction (EPC) includes engineering, procurement, and construction activities for upstream, midstream, and downstream oil & gas sectors. These activities include design, fabrication, construction, installation, equipment production, pre-commissioning, and maintenance contracts. Various oil and gas operators award contracts for EPC to service providers for different applications. These service providers make up the competitive landscape of this industry.

ighlights of Report:

The oil & gas EPC study highlights a global perspective in order to offer a better and analytical overview to our readers. Additionally, the report study also provides invaluable insights towards regional and local markets in terms of segments and subsegments. The latest industry trends and opportunities surrounding the market are also mentioned in the study. Drivers & restraints that are expected to affect the market are noted and analyzed.

Market Drivers:

Rapid Urbanization & Increasing Industrialization to Augment Growth

Rising demand from economically rich sectors such as automobile, aviation, manufacturing, and construction along with increasing utilization of hydrocarbons is expected to increase the oil & gas EPC market growth during the forecast period. Additionally, extensive population growth has given rise to rising demand for power. Expanding transportation sector along with increasing trade activities will increase the footprint of the market.

However, rising usage of renewable energy resources will limit the growth of the market during the forecast period. Also, electrification of automobiles will further cause hinderances to the market.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/oil-gas-epc-market-100930



Regional Insights:

Middle East & Africa to Witness Significant Growth due to Developing Infrastructure

Rising Foreign Direct Investment (FDIs) along with growing industrial landscape in the region is expected to boost the oil & gas EPC market share during the advent of the forecast period. Also, increasing extraction of oil from Saudi Arabia and improving political conditions are expected to increase the footprint of the market.

Asia Pacific will hold a significant share of the market due to rising investments in oil & gas and coal. Also, rising offshore activities in the region and increasing number of prominent players are expected to boost the market growth during the forecast duration.

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Competitive Landscape

Prominent Players to Grab Market Share due to Rising Product Range and Increasing EPC Contracts

The oil & gas EPC sector is shattered into many fragments with many small and medium businesses occupying their fair share of products. EPC providers are often trying to cater to the rising demand of services owing to rising demand of oil & gas reserves. For example, in November 2021, ADNOC granted Saipem EPC projects worth USD 1.4 billion for the Dalma Gas Development Project. The Dalma field is considered to be Ghasha Concession which is the world's largest offshore sour gas development in the United Arab Emirates (UAE). Factors such as growing power demands and increasing greenfield and brownfield development activities will further increase the footprint of the market.

Industry Development

November 2021: Saipem secured a contract an EPC contract from Qatargas worth USD 1.7 billion for developing the North Field Production Sustainability Offshore Project. This contract is expected to hold EPC activities for offshore facilities such as platforms, supporting and connecting structures, subsea cables, and anticorrosion internally cladded pipelines.

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