Oil and Gas EPC Market Introduction and Overview
According to SPER Market Research, the Global Oil and Gas EPC Market is estimated to reach USD 702.70 billion by 2033 with a CAGR of 5.01%.
The report includes an in-depth analysis of the Global Oil and Gas EPC Market, including market size and trends, product mix, distribution channels, and supplier analysis. Engineering, procurement, and construction activities for the midstream, upstream, and downstream oil & gas business sectors are included in oil & gas EPC. Design, fabrication, building, installation, equipment production, pre-commissioning, and maintenance agreements are some of these operations. Contracts for EPC are given to service providers by various oil and gas companies for a variety of uses. The competitive environment of this industry is made up of these service providers.
- Technological advancements: The oil and gas industry is constantly evolving with the advancement of technology. New technologies such as hydraulic fracturing (fracking), deepwater drilling, and enhanced oil recovery techniques have expanded the potential for oil and gas production. The implementation of these technologies often requires the expertise of EPC companies to design and construct specialized facilities, boosting the market growth.
- July 2022- Saipem SpA secured multiple offshore and onshore contracts worth around US dollars 1.25 billion in the Middle East. In the first set of agreements, onshore drilling contracts worth around USD 600 million in the Middle East are extended. The EPC and installation of multiple offshore jackets, decks, subsea pipelines, subsea composite cables, optic cables, and brownfield improvements are included in another four new contracts in the area. These contracts are worth a total of USD 650 million.
Market Opportunities and Challenges
One growth opportunity for the EPC industry in the oil and gas sector is the development of new offshore oil and gas reserves. EPC companies can specialize in offshore engineering and construction, offering their expertise in designing and building offshore platforms, subsea infrastructure, and pipelines. With the potential for significant offshore discoveries, this opportunity allows EPC firms to expand their capabilities, collaborate with technology providers, and secure contracts for offshore projects, contributing to the industry's growth and meeting future energy demands.
The shift towards renewable energy sources and increasing environmental concerns pose challenges for the oil and gas EPC market. Companies need to adapt their business models, technologies, and workforce skills to incorporate renewable energy solutions and meet stringent sustainability standards. This transition requires a fundamental shift in mindset and capabilities, as well as investments in research and development to optimize renewable energy technologies and improve their cost-effectiveness. EPC firms also need to address potential resistance to change and navigate regulatory complexities associated with integrating renewable energy projects into their existing portfolios.
Market Competitive Landscape
The oil & gas EPC market has been fractured into numerous components with numerous small and medium-sized enterprises occupying their fair share of the market. The worldwide oil and gas EPC sector is failing due to the rise in contracts and company collaboration. The key players in the global Oil and Gas EPC market include Bechtel, CNGS Group, Fluor Corporation, HEXA, Hyundai Engineering & Construction (Hyundai E&C), Jacobs Engineering Group Inc., JSC Stroytransgaz, KBR Inc., L&T Hydrocarbon Engineering, McDermott International Inc., Petrofac, Saipem S.p.A., Samsung Engineering Co. Ltd., TechnipFMC PLC, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Service Type, By Application, By End-User
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| Regions covered | Asia Pacific, Europe, Middle East and Africa, North America, Latin America
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| Companies Covered | Bechtel, CNGS Group, Daewoo Engineering & Construction Co. Ltd., Fluor Corporation, HEXA, Hyundai Engineering & Construction (Hyundai E&C), Jacobs Engineering Group Inc., JSC Stroytransgaz, KBR Inc., L&T Hydrocarbon Engineering, McDermott International Inc., Mott MacDonald, National Petroleum Construction Company, Petrofac, Saipem S.p.A., Samsung Engineering Co. Ltd., TechnipFMC PLC, WorleyParsons, Others
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COVID-19 Impact on Global Oil and Gas EPC Market
The COVID-19 pandemic had various effects on the global oil and gas EPC market. Safety measures and project site restrictions increased costs and productivity challenges due to social distancing, reduced manpower, and movement restrictions. Supply chain disruptions caused delays and increased costs by limiting the availability of equipment, materials, and spare parts. The decline in oil prices resulted in pricing pressures, leading to cost reductions and contract renegotiations with EPC contractors. The pandemic also accelerated the shift towards renewable energy, diverting investments away from oil and gas EPC projects. Lastly, the challenging market conditions and decreased demand prompted industry consolidation and restructuring efforts to enhance efficiency and adapt to new market realities.
Key Target Audience:
- Consulting and Engineering Firms
- Equipment Manufacturers and Suppliers
- Financial Institutions and Investors
- Government Agencies and Regulatory Bodies
- Independent Oil and Gas Operators
- International Organizations and Agencies
- National Oil Companies (NOCs)
- Oil and Gas Companies
Our in-depth analysis of the Oil and Gas EPC Market includes the following segments:
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By Service Type :
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Construction & Installation
Engineering
Fabrication & Equipment
Management Services
Procurement
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By Application :
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Offshore
Onshore
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By End-User :
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Downstream
Midstream
Upstream
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Key Topics Covered in the Report:
- Global Oil and Gas EPC Market Size (FY’2023-FY’2033)
- Overview of Global Oil and Gas EPC Market
- Segmentation of Global Oil and Gas EPC Market By Service Type (Construction & Installation, Engineering, Fabrication & Equipment, Management Services, Procurement)
- Segmentation of Global Oil and Gas EPC Market By Application (Offshore, Onshore)
- Segmentation of Global Oil and Gas EPC Market By End User (Downstream, Midstream, Upstream)
- Statistical Snap of Global Oil and Gas EPC Market
- Expansion Analysis of Global Oil and Gas EPC Market
- Problems and Obstacles in Global Oil and Gas EPC Market
- Competitive Landscape in the Global Oil and Gas EPC Market
- Impact of COVID-19 and Demonetization on Global Oil and Gas EPC Market
- Details on Current Investment in Global Oil and Gas EPC Market
- Competitive Analysis of Global Oil and Gas EPC Market
- Prominent Players in the Global Oil and Gas EPC Market
- SWOT Analysis of Global Oil and Gas EPC Market
- Global Oil and Gas EPC Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Oil and Gas EPC Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Oil and Gas EPC Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Oil and Gas EPC Market
7. Global Oil and Gas EPC Market, By Service Type (USD Million)
7.1. Global Oil and Gas EPC Market Value Share and Forecast, By Service Type, 2023-2033
7.2. Construction & Installation
7.3. Engineering
7.4. Fabrication & Equipment
7.5. Management Services
7.6. Procurement
8. Global Oil and Gas EPC Market, By Application (USD Million)
8.1. Global Oil and Gas EPC Market Value Share and Forecast, By Application, 2023-2033
8.2. Offshore
8.3. Onshore
9. Global Oil and Gas EPC Market, By End-User (USD Million)
9.1. Global Oil and Gas EPC Market Value Share and Forecast, By End-User, 2023-2033
9.2. Downstream
9.3. Midstream
9.4. Upstream
10. Global Oil and Gas EPC Market Forecast, 2019-2033 (USD Million)
10.1. Global Oil and Gas EPC Market Size and Market Share
11. Global Oil and Gas EPC Market, By Service Type, 2019-2033 (USD Million)
11.1. Global Oil and Gas EPC Market Size and Market Share By Service Type (2019-2026)
11.2. Global Oil and Gas EPC Market Size and Market Share By Service Type (2027-2033)
12. Global Oil and Gas EPC Market, By Application, 2019-2033 (USD Million)
12.1. Global Oil and Gas EPC Market Size and Market Share By Application (2019-2026)
12.2. Global Oil and Gas EPC Market Size and Market Share By Application (2027-2033)
13. Global Oil and Gas EPC Market, By End-User, 2019-2033 (USD Million)
13.1. Global Oil and Gas EPC Market Size and Market Share By End-User (2019-2026)
13.2. Global Oil and Gas EPC Market Size and Market Share By End-User (2027-2033)
14. Global Oil and Gas EPC Market, By Region, 2019-2033 (USD Million)
14.1. Global Oil and Gas EPC Market Size and Market Share By Region (2019-2026)
14.2. Global Oil and Gas EPC Market Size and Market Share By Region (2027-2033)
14.3. Asia-Pacific
14.3.1. Australia
14.3.2. China
14.3.3. India
14.3.4. Japan
14.3.5. South Korea
14.3.6. Rest of Asia-Pacific
14.4. Europe
14.4.1. France
14.4.2. Germany
14.4.3. Italy
14.4.4. Spain
14.4.5. United Kingdom
14.4.6. Rest of Europe
14.5. Middle East and Africa
14.5.1. Kingdom of Saudi Arabia
14.5.2. United Arab Emirates
14.5.3. Rest of Middle East & Africa
14.6. North America
14.6.1. Canada
14.6.2. Mexico
14.6.3. United States
14.7. Latin America
14.7.1. Argentina
14.7.2. Brazil
14.7.3. Rest of Latin America
15. Company Profile
15.1. Bechtel
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. CNGS Group
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Daewoo Engineering & Construction Co. Ltd.
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Fluor Corporation
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. HEXA
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Hyundai Engineering & Construction (Hyundai E&C)
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Jacobs Engineering Group Inc.
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. JSC Stroytransgaz
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. KBR Inc.
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. L&T Hydrocarbon Engineering
15.10.1. Company details
15.10.2. Financial outlook
15.10.3. Product summary
15.10.4. Recent developments
15.11. McDermott International Inc.
15.11.1. Company details
15.11.2. Financial outlook
15.11.3. Product summary
15.11.4. Recent developments
15.12. Mott MacDonald
15.12.1. Company details
15.12.2. Financial outlook
15.12.3. Product summary
15.12.4. Recent developments
15.13. National Petroleum Construction Company
15.13.1. Company details
15.13.2. Financial outlook
15.13.3. Product summary
15.13.4. Recent developments
15.14. Petrofac
15.14.1. Company details
15.14.2. Financial outlook
15.14.3. Product summary
15.14.4. Recent developments
15.15. Saipem SpA
15.15.1. Company details
15.15.2. Financial outlook
15.15.3. Product summary
15.15.4. Recent developments
15.16. Samsung Engineering Co. Ltd.
15.16.1. Company details
15.16.2. Financial outlook
15.16.3. Product summary
15.16.4. Recent developments
15.17. TechnipFMC
15.17.1. Company details
15.17.2. Financial outlook
15.17.3. Product summary
15.17.4. Recent developments
15.18. WorleyParsons
15.18.1. Company details
15.18.2. Financial outlook
15.18.3. Product summary
15.18.4. Recent developments
15.19. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
