Oil and Gas EPC

Global Oil and Gas EPC Market to Reach US$334.4 Billion by 2030

The global market for Oil and Gas EPC estimated at US$242.9 Billion in the year 2024, is expected to reach US$334.4 Billion by 2030, growing at a CAGR of 5.5% over the analysis period 2024-2030. Construction & Installation, one of the segments analyzed in the report, is expected to record a 6.1% CAGR and reach US$195.1 Billion by the end of the analysis period. Growth in the Fabrication & Equipment segment is estimated at 5.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$67.0 Billion While China is Forecast to Grow at 5.2% CAGR

The Oil and Gas EPC market in the U.S. is estimated at US$67.0 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$52.6 Billion by the year 2030 trailing a CAGR of 5.2% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.1% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.2% CAGR.

Global Oil and Gas EPC Market - Key Trends & Drivers Summarized

What is Oil and Gas EPC and Why is it Important?

Oil and gas EPC (Engineering, Procurement, and Construction) refers to the comprehensive approach used by companies to manage the design, procurement, and construction phases of oil and gas projects, from upstream exploration to downstream refining and distribution. EPC contractors are responsible for the execution of complex, large-scale projects that require specialized knowledge and the integration of engineering solutions with procurement logistics and construction expertise. This process is critical for ensuring that oil and gas projects are completed on time, within budget, and in compliance with regulatory and safety standards. EPC services are widely used for constructing refineries, pipelines, processing plants, and offshore platforms.

What Trends are Shaping the Oil and Gas EPC Market?

Several important trends are shaping the oil and gas EPC market. A significant trend is the increasing complexity and scale of projects, particularly in regions like the Middle East, North America, and offshore deepwater areas. As energy demand continues to grow, EPC contractors are tasked with building more technologically advanced and larger facilities. Another trend is the growing emphasis on sustainability and environmental considerations, driving the incorporation of renewable energy components and energy-efficient technologies into oil and gas infrastructure projects. The rise of digital technologies such as Building Information Modeling (BIM), 3D modeling, and digital twins is also transforming the EPC landscape by improving project planning, execution, and monitoring. Moreover, the market is witnessing a surge in modular construction techniques, which allow for faster, more cost-effective project completion by assembling parts off-site.

How is Technology Transforming the Oil and Gas EPC Market?

Technology is revolutionizing the oil and gas EPC market, particularly through advancements in digital tools and construction techniques. One of the most significant technological developments is the use of digital twins, which create a virtual replica of physical assets to monitor and optimize performance during both the construction and operational phases. This improves decision-making and reduces the risk of costly errors. 3D modeling and BIM technologies are enabling better project visualization, coordination, and collaboration across teams. Additionally, robotics and automation are playing a key role in construction activities, particularly in remote or hazardous environments. Modular construction, which involves building components off-site and assembling them on-site, is becoming increasingly popular due to its cost and time-saving benefits. These technologies are streamlining the EPC process, enhancing efficiency, and reducing project timelines.

What Factors are Driving the Growth of the Oil and Gas EPC Market?

The growth in the oil and gas EPC market is driven by several factors. One of the primary drivers is the increasing demand for energy infrastructure due to rising global energy consumption, particularly in emerging economies. The growing complexity and scale of oil and gas projects, particularly in deepwater and liquefied natural gas (LNG) sectors, are also fueling the demand for specialized EPC services. Technological advancements, such as digital twins and modular construction, are making it easier to manage large-scale projects, contributing to market growth. Additionally, the push toward sustainability is driving the integration of renewable energy and energy-efficient technologies into oil and gas projects, creating new opportunities for EPC contractors. Lastly, government policies and investments in infrastructure development are further accelerating the demand for EPC services in the oil and gas industry.

SCOPE OF STUDY:

The report analyzes the Oil and Gas EPC market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Contract Type (Construction & Installation, Fabrication & Equipment, Management Services, Other Contract Type); End-Use (Upstream, Midstream, Downstream)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 16 Featured) -

• Bechtel Corporation
• CNGS Group
• Daewoo Engineering & Construction Co., Ltd.
• Fluor Corporation
• HEXA
• Hyundai Engineering & Construction (Hyundai E&C)
• Hyundai Heavy Industries Co., Ltd.
• Jacobs Engineering Group Inc.
• JSC Stroytransgaz
• KBR, Inc.
• McDermott International, Inc
• NCPCC
• Saipem S.p.A.
• Samsung Engineering Co., Ltd.
• TechnipFMC PLC

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