Oil & Gas EPC Market Size (2024 - 2029)

The oil and gas EPC market is projected to experience growth over the forecast period, driven by increasing demand for oil and gas, rising natural gas consumption, and the need for infrastructure development. Despite challenges posed by price volatility, the discovery of new oil and gas fields presents opportunities across all sectors. The Asia-Pacific region, in particular, is expected to lead in market expansion due to the growing demand for natural gas and upcoming LNG facilities, which significantly boost the need for EPC services.

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Market Size of Oil & Gas EPC Industry

Oil & Gas EPC Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 456.91 Billion
Market Size (2029) USD 576.52 Billion
CAGR (2024 - 2029) 4.76 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Oil & Gas EPC Market Major Players

*Disclaimer: Major Players sorted in no particular order

Oil and Gas EPC Market Analysis

The Oil & Gas EPC Market size is estimated at USD 456.91 billion in 2024, and is expected to reach USD 576.52 billion by 2029, growing at a CAGR of 4.76% during the forecast period (2024-2029).

  • Over the medium term, the growing demand for oil & gas and the rising consumption of natural gas, which is creating a need to develop the natural gas infrastructure, and an increase in offshore oil and gas exploration and production (E&P) activities are also expected to drive the growth of the market studied.
  • On the other hand, the high volatility of oil and gas prices is one of the major restraints for the oil and gas EPC market.
  • Nevertheless, the discovry of new oil and gas fields in various countries are exoected to create ample opportunities for the oil and gas EPC market for all the upstream, midstream, and downstream sectors during the forecast period.
  • The Asia-Pacific region dominates the market and is also likely to witness significant growth during the forecast period. This growth is attributed to the increasing demand for natural gas and upcoming LNG facilities resulting in massive demand for EPC services.

Oil and Gas EPC Industry Segmentation

The oil and gas engineering, procurement, and construction (EPC) market comprises contract-based projects, including the engineering, procurement, and construction activities for upstream, midstream, and downstream oil and gas industries. Some of the EPC activities include design, fabrication, construction, installation, equipment production, pre-commissioning, and maintenance services involved at various stages of operations, right from the exploration and production of oil and gas and transporting the produced product to the refining and distribution activities.

The oil and gas EPC market is segmented by sector and geography. By sector, the market is segmented into upstream, midstream, and downstream. The report also covers the market size and forecasts for the oil and gas EPC market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).

Sector
Upstream
Downstream
Midstream
Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
North America
United States
Canada
Rest of North America
Europe
Germany
France
United Kingdom
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle East and Africa
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Oil & Gas EPC Market Size Summary

The oil and gas EPC market is poised for significant growth over the forecast period, driven by increasing demand for oil and gas and the rising consumption of natural gas. This demand is prompting the development of natural gas infrastructure and boosting offshore exploration and production activities. Despite the challenges posed by the volatility of oil and gas prices, the discovery of new oil and gas fields presents substantial opportunities across upstream, midstream, and downstream sectors. The Asia-Pacific region, particularly dominated by China and India, is expected to lead the market growth due to its burgeoning demand for natural gas and the establishment of new LNG facilities, which are creating a robust demand for EPC services.

In the upstream sector, both onshore and offshore EPC services are crucial, with offshore investments gaining traction due to maturing onshore fields. Offshore EPC services, including the installation and commissioning of fixed and floating platforms, are becoming increasingly important. Floating platforms, in particular, offer economic advantages for smaller oil fields and deepwater locations by eliminating the need for expensive long-distance pipelines. The market is characterized by fragmentation, with major players like Saipem SpA, TechnipFmc PLC, and Fluor Corporation actively participating in significant projects, such as QatarEnergy's North Field South project. These developments underscore the dynamic nature of the oil and gas EPC market, with ongoing investments and strategic partnerships shaping its future trajectory.

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Oil & Gas EPC Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Growing Demand to Develop the Natural Gas Infrastructure

        2. 1.5.1.2 Increase in Offshore Oil and Gas Exploration and Production (E&P) Activities

      2. 1.5.2 Restraints

        1. 1.5.2.1 High Volatility of Oil and Gas Prices

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Sector

      1. 2.1.1 Upstream

      2. 2.1.2 Downstream

      3. 2.1.3 Midstream

    2. 2.2 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

        3. 2.2.1.3 Rest of North America

      2. 2.2.2 Europe

        1. 2.2.2.1 Germany

        2. 2.2.2.2 France

        3. 2.2.2.3 United Kingdom

        4. 2.2.2.4 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 India

        3. 2.2.3.3 Japan

        4. 2.2.3.4 South Korea

        5. 2.2.3.5 Rest of Asia-Pacific

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Rest of South America

      5. 2.2.5 Middle East and Africa

        1. 2.2.5.1 Saudi Arabia

        2. 2.2.5.2 United Arab Emirates

        3. 2.2.5.3 South Africa

        4. 2.2.5.4 Rest of Middle East and Africa

Oil & Gas EPC Market Size FAQs

The Oil & Gas EPC Market size is expected to reach USD 456.91 billion in 2024 and grow at a CAGR of 4.76% to reach USD 576.52 billion by 2029.

In 2024, the Oil & Gas EPC Market size is expected to reach USD 456.91 billion.

Oil and Gas EPC Market Report Snapshots

Oil & Gas EPC Market Report - Industry Analysis, Size & Forecast Overview (2024 - 2029)