Press release
Oil & Gas EPC Industry Analysis: Competitive Landscape, Growth Drivers & Future Outlook
________________________________________MARKET OVERVIEW:
The global oil and gas EPC market reached USD 52.9 billion in 2024 and is expected to attain a value of USD 76.7 billion by 2033, expanding at a steady CAGR of 4.2% during the forecast period. This growth trajectory is fueled by escalating global energy demand, the integration of advanced technologies, and increasing regulatory pressure to adopt cleaner and more sustainable infrastructure solutions. The market encompasses a wide array of services across upstream, midstream, and downstream operations, including both onshore and offshore projects, and continues to exhibit strong momentum across multiple geographies.
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STUDY ASSUMPTION YEARS:
• Base Year: 2024
• Historical Period: 2019-2024
• Forecast Period: 2025-2033
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KEY MARKET HIGHLIGHTS:
• 📊 Market size was valued at USD 52.9 billion in 2024 and is projected to grow to USD 76.7 billion by 2033, registering a CAGR of 4.2%.
• The upstream segment continues to lead, driven by rising exploration and production (E&P) initiatives globally.
• Construction services dominate the service type category, attributed to increasingly complex infrastructure and facility requirements.
• Offshore projects are growing rapidly, spurred by significant investments in deepwater and ultra-deepwater exploration.
• North America, particularly the United States, retains the largest market share, while Asia-Pacific, led by China, India, and Australia, is emerging as the fastest-growing regional market.
• The adoption of AI, IoT, and cloud-based systems is enhancing project execution, cost-efficiency, and real-time data visibility.
• The shift toward green EPC solutions is accelerating, with firms integrating carbon capture, renewable energy modules, and low-emission technologies into their offerings.
👉 Request for a sample copy of this report: https://www.imarcgroup.com/oil-gas-epc-market/requestsample
________________________________________
MARKET DRIVERS:
1. Surging Energy Demand & Upstream Expansion
Particularly in underdeveloped countries, the consistent rise in worldwide energy use is spurring fresh exploration and drilling projects. As national oil companies (NOCs) and worldwide oil corporations (IOCs) grow upstream operations, the demand for specialized EPC services to aid complicated infrastructure and logistics rises.
2. Disruptive Technologies Enhancing Project Efficiency
Advances in digital technologies are altering the EPC scene. Smart infrastructure, lateral drilling, and hydraulic fracturing, combined with technologies like predictive analytics, digital twin modeling, and AI-powered project planning, is assisting companies shorten lead times and raise operational efficiency. Automation, real-time monitoring, and smart procurement solutions are simplifying project-wide workflow across all stages.
3. Regulatory Transformation and Greener Commitments
As worldwide climate objectives and emission reduction targets get tougher, EPC companies are repositioning themselves toward sustainability. Carbon capture and storage (CCS), integration of renewable energy, and environmentally aware design philosophies are growingly included in projects. In accordance with ESG (Environmental, Social, and Governance) standards, bio-refineries, hydrogen generating plants, and hybrid energy centers are now becoming key projects for EPC portfolios.
________________________________________
MARKET SEGMENTATION:
By Sector:
• Upstream
• Midstream
• Downstream
By Service Type:
• Engineering
• Procurement
• Construction
• Fabrication
By Location:
• Onshore
• Offshore
By Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa
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REGIONAL INSIGHTS:
North America leads the global oil and gas EPC market, underpinned by its vast shale reserves, advanced extraction technologies like hydraulic fracturing, and progressive regulatory frameworks. The region is also witnessing a surge in LNG infrastructure development and sustainability-aligned projects.
Asia Pacific is rapidly gaining ground due to intensifying energy consumption, refinery modernization efforts, and robust investments in both fossil and renewable EPC ventures. Government-backed initiatives and rising industrialization in nations like India and China are key growth catalysts.
________________________________________
RECENT INDUSTRY DEVELOPMENTS:
• Samsung Engineering secured a USD 955 million contract in 2024 to construct a sustainable aviation fuel (SAF) biorefinery in Malaysia, reflecting the industry's push toward cleaner energy solutions.
• NMDC Group UAE was awarded a USD 300 million EPC contract for the TA'ZIZ complex in the UAE, showcasing the region's strategic diversification into petrochemicals and downstream expansion.
• Petrofac received a significant pipeline expansion contract in Bahrain, highlighting its role in enhancing energy infrastructure and cross-border connectivity.
These developments indicate a growing focus on decarbonization, infrastructure modernization, and strategic regional collaborations across the EPC sector.
________________________________________
KEY PLAYERS:
• Bechtel Corporation
• Fluor Corporation
• Hyundai Heavy Industries Co. Ltd. (HD Hyundai)
• John Wood Group PLC
• KBR Inc.
• Larsen & Toubro Limited
• McDermott International Ltd.
• National Petroleum Construction Company
• Petrofac Limited
• Saipem S.p.A.
• Samsung Engineering Co. Ltd.
• TechnipFMC plc
• Técnicas Reunidas S.A.
• WorleyParsons Limited
________________________________________
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
👉 Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=4997&flag=C
________________________________________
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No: +1-631-791-1145
About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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