United States Oil & Gas EPC Market | CAGR 7.1% | North America Leads with 35% Share | Key Players: Saipem, TechnipFMC, Petrofac, McDermott, KBR, CNOOC EPC

Oil & Gas EPC Market Overview

The global Oil and Gas Engineering, Procurement, and Construction (EPC) market is projected to grow at a CAGR of 7.1%, driven by increasing demand for oil and gas, rising shale gas exploration activities, and expansion of offshore oil and gas production. EPC companies provide end-to-end services, including detailed engineering design, procurement of equipment and materials, and construction of fully functional facilities, enabling clients to efficiently develop upstream, midstream, and downstream operations.

Significant investments in infrastructure projects for oil and gas, revival in the real estate sector, and growth in industrial capital expenditure are further fueling the construction and EPC industries. Standards such as ISO 20815:2008 guide production assurance across exploration, drilling, processing, and transportation, emphasizing reliability, maintenance, and operational efficiency in upstream, midstream, and downstream facilities.

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Recent Developments:

✅ January 2026: A major global EPC contractor secured a multibillion‐dollar contract to deliver engineering, procurement, and construction services for a large offshore oil platform expansion in the Gulf of Mexico, including topsides design and subsea integration.

✅ November 2025: A leading EPC firm announced the deployment of digital twin and predictive analytics technologies across multiple refineries to enhance project execution, reduce schedule overruns, and improve maintenance planning.

✅ September 2025: Consortium of EPC companies was awarded a greenfield LNG export terminal project in Southeast Asia, involving EPC delivery of liquefaction trains, storage tanks, and associated utilities.

✅ June 2025: A key regional EPC contractor expanded its capabilities by launching an integrated offshore engineering services division, aimed at servicing deepwater and ultra‐deepwater oil and gas developments.

✅ March 2025: A prominent EPC provider signed a strategic partnership with a leading automation and controls vendor to incorporate advanced process automation and remote monitoring into upcoming oil & gas facilities, boosting operational efficiency and safety.

Mergers & Acquisitions:

✅ December 2025: A global EPC giant completed the acquisition of a mid‐sized offshore engineering firm, expanding its subsea design and project execution capabilities in deepwater markets.

✅ September 2025: A leading engineering contractor acquired a specialized LNG EPC services provider, strengthening its position in liquefied natural gas facility development and plant construction.

✅ July 2025: A major energy infrastructure investment firm acquired a portfolio of EPC assets and contracts, enabling broader service offerings across upstream, midstream, and downstream projects.

✅ May 2025: A prominent European EPC player merged with a structural fabrication specialist, enhancing modular construction and fabrication capacity for large‐scale oil & gas facilities.

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Key Players:

• Saipem S.p.A. - 18% - Leading EPC contractor specializing in offshore and onshore oil and gas infrastructure, subsea engineering, and integrated project delivery.

• TechnipFMC plc - 16% - Offers global EPC services with strong capabilities in offshore projects, subsea systems, and LNG facility construction.

• Petrofac Limited - 14% - Provides engineering, procurement, construction, and maintenance services across upstream, midstream, and downstream sectors worldwide.

• McDermott International, Inc. - 10% - Known for modular fabrication, offshore platforms, and integrated EPC solutions for global oil and gas projects.

• KBR, Inc. - 9% - Offers multidisciplinary EPC services for refining, petrochemical, and liquefaction plants, with expertise in large-scale energy infrastructure projects.

• China National Offshore Oil Corporation (CNOOC) EPC - 8% - Strong regional presence in Asia-Pacific with integrated offshore engineering and construction capabilities.

• JGC Holdings Corporation - 6% - Focused on LNG, petrochemical, and refining projects with global EPC expertise.

Market Segmentation:

By Service Type, Combination services dominate with 40% share, as many clients prefer full EPC contracts covering engineering, procurement, and construction for efficiency and reduced project risk. Engineering accounts for 25%, driven by demand for detailed design, FEED studies, and digital engineering solutions. Procurement holds 20%, focusing on sourcing critical equipment, materials, and technology for oil and gas projects. Construction contributes 15%, covering civil, mechanical, and installation works across onshore and offshore facilities.

By End-User, Upstream activities lead with 45% share, driven by exploration, drilling, and offshore platform development projects. Midstream accounts for 30%, including pipelines, storage, and transportation infrastructure, while Downstream represents 25%, encompassing refining, petrochemical plants, and LNG facilities.

By Application, Onshore projects dominate with 55% share, supported by shale gas exploration, refinery construction, and land-based LNG terminals. Offshore projects hold 45%, driven by deepwater and ultra-deepwater oil field developments, offshore LNG plants, and subsea installations.

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Regional Insights:

North America leads the market with a 35% share (USD 14.2 billion in 2024), driven by extensive offshore exploration in the Gulf of Mexico, shale gas development, and strong investment in oil & gas infrastructure. The U.S. dominates due to mature energy markets, high adoption of advanced EPC services, and government-backed projects in both upstream and midstream sectors.

Europe holds a 25% share (USD 10.1 billion in 2024), supported by North Sea offshore developments, refinery upgrades, and LNG terminal expansions. Countries such as the U.K., Norway, and the Netherlands are investing in digital EPC solutions, offshore maintenance, and sustainable energy infrastructure.

Asia-Pacific accounts for 28% (USD 11.4 billion in 2024) and is the fastest-growing region, driven by rapid industrialization, offshore oil & gas projects, and shale exploration in countries like China, India, and Australia. Government initiatives and private investments in energy infrastructure accelerate market adoption of integrated EPC services.

Middle East & Africa represents 8% (USD 3.3 billion in 2024), led by offshore projects, pipeline expansions, and refinery construction in Saudi Arabia, UAE, and Nigeria, supported by strong oil revenue and government-backed mega-projects.

Market Dynamics:

Driver:
The global oil and gas EPC market is being driven by increased contracts and investments in new oil and gas plants worldwide. Governments are actively facilitating project execution by removing regulatory hurdles, inviting re-bids for stalled projects, and promoting low-cost, long-term funding mechanisms, including expanded access to External Commercial Borrowing (ECB). These initiatives are accelerating project approvals, encouraging private sector participation, and driving market growth across upstream, midstream, and downstream segments.

Restraints
Despite growth drivers, the market faces challenges due to historical project cancellations totaling USD 380 billion (2014-2016), which caused a significant downturn. Additionally, low crude oil prices and a shortage of skilled labor in engineering, procurement, and construction roles limit capacity expansion and slow new project development. These factors pose operational and financial challenges for EPC contractors in global markets.

Opportunities
Emerging opportunities lie in the adoption of digital engineering, predictive analytics, and modular construction techniques, which enhance project efficiency and reduce costs. Sustainability-focused EPC solutions, including carbon-reduction technologies and green infrastructure projects, are gaining traction and are expected to shape future market growth and competitive strategies.

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