Global Oil & Gas EPC Market: Overview
EPC stands for engineering, procurement and construction. These services are adopted by numerous sectors such as oil & gas companies. These services are used across the long-term projects, which require skilled labors. Rising demand for the oil & gas globally is augmenting exploration activities and likely to creating need for the advanced EPC systems. Thus, on the back of the efficiency in the current EPC system, the oil & gas EPC market is witnessing high growth.
A report by Transparency Market Research (TMR) on the global oil & gas EPC market is an adroit explanation of the forces aiding the market growth. The report analyses and discusses key trends that have benefitted the oil & gas EPC market growth from the past few years and are expected to remain a major driving factor in the coming years. Furthermore, the regional dynamics of the global oil & gas EPC market have been deftly enunciated in the report.
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Global Oil & Gas EPC Market: Notable Development
Some of the key players in the oil & gas EPC market include aipem SpA, Petrofac Limited, TechnipFmc PLC, Bechtel Corporation, and Fluor Corporation. In order to tap the robust opportunities in the developing countries the market players are investing in the new projects, despite sudden decline in the oil prices. This may lead to rise in the exploration activities of oil & gas in coming years. Additionally, growing demand for advanced EPC solutions is encouraging robust development in the product. In order to improve their product, these players are proactively engaging into the merger, collaborations, and partnerships.
- In 2018, McDermott International, Inc. announced the completion of combination with Chicago Bridge & Iron Company N.V. for integration of the providing technology, construction and engineering solutions especially for the energy sector.
Global Oil & Gas EPC Market: Drivers and Restraints
The oil & gas EPC market has been pushing toward combination. Enormous western firms are confronting rising EPC rivalry from the East. The way that the organizations are contending with a worldwide blend of players makes these mergers considerably increasingly fundamental.
The offshore and onshore stores are probably going to go about as an open door for the market contemplated later on. Main considerations driving the oil & gas EPC market contemplated are the declining working expenses of oil and gas fields, extension in the downstream division, expanding demand for LNG systems.
The decrease in raw petroleum costs, in parallel with the developing of fields in the shallow water, has contrarily affected the interest for EPC administrations. Subsequently, the upstream oil and gas industry is advancing toward the remote ocean locales for investigation and creation action, as of late.
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Global Oil & Gas EPC Market: Geographical Analysis
Based on the region, the oil & gas EPC market is segmented into five parts such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Of these, North America region is expected to account for a leading share of oil & gas EPC market followed by Europe. This growth is attributable to the rising adoption of the advanced technologies in both the regions. However, the current opportunities in the oil & gas EPC market are witnessed from Asia Pacific due to rising exploration of sources of oil & gas, expansion of natural gas, rising trading with LNG, refined products, and rising demand for petrochemicals across China and India.
The report offers a comprehensive evaluation of the oil & gas EPC market. It does so via in-depth qualitative insights, historical data, and verifiable projections about oil & gas EPC market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the oil & gas EPC market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.