What is Global Oil & Gas EPC Market?
The Global Oil & Gas EPC Market is a vast and complex sector that encompasses a wide range of activities related to the exploration, extraction, refining, and distribution of oil and gas. EPC stands for Engineering, Procurement, and Construction, which are the three main stages of any large-scale industrial project. In the context of the oil and gas industry, EPC companies are responsible for designing and building facilities such as refineries, pipelines, and offshore platforms. They also procure all the necessary equipment and materials, and oversee the construction process to ensure that everything is completed on time and within budget. The global market for these services is substantial, with companies operating in this sector contributing significantly to the economies of many oil and gas-producing countries.
Public Type, Private Type in the Global Oil & Gas EPC Market:
The Global Oil & Gas EPC Market can be broadly divided into two types: public and private. Public EPC companies are typically state-owned enterprises that have been granted exclusive rights to explore and extract oil and gas resources within a certain geographical area. These companies often have significant financial and technical resources at their disposal, and are able to undertake large-scale projects that private companies may not be able to afford. On the other hand, private EPC companies are usually smaller, more nimble organizations that are able to respond quickly to changes in the market. They often specialize in specific areas of the oil and gas industry, such as offshore drilling or shale gas extraction, and are able to provide highly customized solutions to their clients. Both types of companies play a crucial role in the global oil and gas EPC market, each with their own strengths and weaknesses.
Oil Industry, Gas Industry in the Global Oil & Gas EPC Market:
The Global Oil & Gas EPC Market plays a crucial role in both the oil and gas industries. In the oil industry, EPC companies are responsible for designing and building the infrastructure needed to extract, refine, and distribute crude oil. This includes everything from drilling rigs and pipelines to refineries and storage facilities. Without the services of EPC companies, it would be impossible to transform crude oil into the various products that we use on a daily basis, such as gasoline, diesel, and jet fuel. Similarly, in the gas industry, EPC companies are responsible for constructing the facilities needed to extract, process, and distribute natural gas. This includes drilling wells, building processing plants, and laying pipelines. The services of EPC companies are therefore essential for the functioning of both the oil and gas industries.
Global Oil & Gas EPC Market Outlook:
In 2023, the Global Oil & Gas EPC Market was valued at a substantial US$ 173290 million. Fast forward to 2030, and it's projected to reach an impressive US$ 252560 million. This represents a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period from 2024 to 2030. This growth is a testament to the vital role that EPC companies play in the oil and gas industry, providing the necessary infrastructure for the extraction, processing, and distribution of these valuable resources. It also reflects the ongoing demand for oil and gas, despite the growing emphasis on renewable energy sources.
| Report Metric | Details |
| Report Name | Oil & Gas EPC Market |
| Accounted market size in 2023 | US$ 173290 million |
| Forecasted market size in 2030 | US$ 252560 million |
| CAGR | 5.4% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | WorleyParsons, CB&I, Technip, Hyundai Heavy Industries, Saipem, Wood, GS Engineering & Construction Corporation, Daelim Industrial, Daewoo Engineering & Construction, SK Engineering & construction, Samsung Engineering, KBR, Técnicas Reunidas, Petrofac, Bilfinger, NPCC, TATA Projects |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
