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Engineering, Procurement, and Construction Trends Driving Oil and Gas Industry Growth Worldwide

11-11-2025 08:15 AM CET | Chemicals & Materials

Press release from: IMARC Group

Engineering, Procurement, and Construction Trends Driving Oil

Market Overview
The global Oil and Gas EPC Market reached a size of USD 52.9 Billion in 2024 and is projected to grow to USD 76.7 Billion by 2033, with a CAGR of 4.2% during the forecast period of 2025-2033. The market growth is driven by rising global energy demand, adoption of advanced technologies, and stringent regulatory policies encouraging sustainable infrastructure development.

Study Assumption Years
Base Year: 2024
Historical Year/Period: 2019-2024
Forecast Year/Period: 2025-2033

Oil and Gas EPC Market Key Takeaways
• Current Market Size: USD 52.9 Billion in 2024
• CAGR: 4.2% during 2025-2033
• Forecast Period: 2025-2033
• The upstream sector holds the largest market share, driven by exploration and production activities including unconventional reserves.
• Construction is the dominant service type, attributed to extensive labor and material requirements.
• Offshore projects represent the largest segment by location, due to rising offshore exploration and technological advancements.
• North America, led by the US shale revolution, and Asia Pacific, driven by China and India, are key regional markets.
• The market faces challenges like geopolitical risks and fluctuating oil prices but also opportunities in innovation and emerging markets.

Request for sample copy of this report: https://www.imarcgroup.com/oil-gas-epc-market/requestsample

Market Growth Factors
The global oil and gas EPC market is primarily driven by escalating global energy demand, particularly in developing countries where economic expansion and population growth intensify the need for energy. This demand fuels exploration and production activities, both in traditional and unconventional resources like shale gas, which require specialized EPC services. The market benefits from the increasing complexity and scale of projects, encouraging investment in infrastructure to meet growing energy consumption.

Technological advancements significantly contribute to market growth. Innovations such as hydraulic fracturing and horizontal drilling have opened access to previously unreachable reserves, including deep-water and remote locations. EPC companies integrate cutting-edge digital tools like AI and IoT for project management and predictive maintenance, enhancing efficiency, reducing time frames, and lowering operational costs. These advancements improve the attractiveness of EPC services to oil and gas companies.

Regulatory policies and environmental considerations are critical growth drivers. Governments worldwide enforce stringent regulations on safety, emissions, and environmental protection, necessitating modifications in existing infrastructure and investments in compliant facilities. EPC providers play a vital role by offering expertise in regulatory compliance and sustainable practices. The sector is innovating with solutions like carbon capture and storage (CCS) technologies and integrating renewable energy sources within oil and gas operations, expanding the scope and market potential for EPC services.

Market Segmentation
Breakup by Sector:
• Upstream
• Midstream
• Downstream
Upstream encompasses exploration and production activities, including complex projects like seismic surveys and drilling. The segment dominates due to extensive exploration driven by energy demand.
Midstream covers transportation and storage infrastructure such as pipelines and storage facilities, expanding to connect new production zones. Growth is spurred by LNG trade and terminals.
Downstream involves refining, processing, and distribution of petroleum products, focusing on environmentally compliant and modernized facilities.

Breakup by Service Type:
• Engineering
• Procurement
• Construction
• Fabrication
Construction dominates with extensive infrastructure building requiring significant labor and materials. Engineering includes project design and planning, crucial for technical feasibility and cost-efficiency. Procurement manages sourcing of materials and equipment, leveraging digital platforms for supply chain optimization. Fabrication involves creating components like platforms and pipelines with a focus on precision and quality.

Breakup by Location:
• Onshore
• Offshore
Offshore leads due to growing deep-water exploration requiring advanced technology and high capital investment. Onshore involves land-based projects, benefiting from easier access and technological advancements like hydraulic fracturing boosting production.

Breakup by Region:
• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa
North America is driven by substantial reserves and the US shale revolution. Asia-Pacific experiences rapid growth from industrialization and expanding fields in China and India. Europe is focused on mature fields and sustainability. Latin America benefits from deep-water reserves like Brazil's pre-salt fields. The Middle East and Africa leverage vast conventional reserves and large-scale projects.

Regional Insights
North America, particularly the United States, is a dominant region due to its rich oil and natural gas reserves and technological advances like hydraulic fracturing. The Canadian market is propelled by oil sands and LNG projects. This region benefits from major EPC contractors and favorable policies, with focus on environmental sustainability and modern technologies.
Asia Pacific is a rapidly growing market owing to heightened energy consumption in China and India, along with investments in LNG and oil and gas infrastructure in Australia and Indonesia, providing substantial opportunities for EPC companies.

Recent Developments & News
• In December 2024, Samsung E&A secured a contract worth USD 955 million to develop a biorefinery in Malaysia for Sustainable Aviation Fuel (SAF) production, processing about 650,000 tons of raw materials annually, in partnership with PETRONAS and Euglena Co., Ltd.
• November 2024, NMDC Group UAE won a USD 300 million EPC contract from TA'ZIZ to develop a chemicals port and transition fuels ecosystem.
• October 2024, Petrofac received a multi-million-dollar two-year contract to expand production in Bahrain, involving pipelines and well hook-ups to support increased gas demand.

Key Players
• Bechtel Corporation
• Fluor Corporation
• John Wood Group PLC
• KBR Inc.
• Larsen & Toubro Limited
• McDermott
• NMDC Group
• Petrofac Limited
• SAIPEM SpA
• Samsung E&A
• TechnipFMC plc
• Técnicas Reunidas S. A.
• Worley

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.

Request for customization: https://www.imarcgroup.com/request?type=report&id=4997&flag=E

Contact Us
IMARC Group,
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No: (D) +91 120 433 0800
United States: +1-201971-6302

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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