Market Size of Southeast Asia Oil and Gas EPC Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.56 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Southeast Asia Oil and Gas EPC Market Analysis
The Southeast Asian oil and gas EPC market is estimated to register a negative CAGR of around 2.56% during the forecast period of 2022-2027, valuing USD 37.60 billion in 2027 compared to USD 42.74 billion in 2020. With the COVID-19 pandemic in 2020, the market witnessed a significant negative impact. For instance, Indonesia postponed its six oil & gas bidding rounds, and companies like Petronas delayed its Kelidang cluster in Brunei and Malaysia. The increasing share of natural gas in the energy mix is expected to be a primary driver for the growth of the EPC market in many emerging markets in the Southeast Asian region. On the flip side, players continue to face a myriad of challenges, which result in lengthy development times of up to 12 years for deepwater projects and are likely to restrain the EPC market in the region during the forecast period.
- The downstream segment is estimated to account for the largest share in the Southeast Asian oil and gas EPC market in 2021. The segment has been undergoing major upgrades in the existing refineries and petrochemical complexes.
- Countries such as Brunei, Vietnam, and Myanmar have enormous potential for the oil and gas industry across all three sectors, namely, upstream, midstream, and downstream. This is likely to act as an opportunity for the Southeast Asian oil and gas EPC market.
- Indonesia is expected to dominate the Southeast Asian oil and gas EPC market in 2021, owing to a large number of new refineries being constructed.
Southeast Asia Oil and Gas EPC Industry Segmentation
The Southeast Asian oil and gas EPC market includes:
| Sector | |
| Upstream | |
| Midstream | |
| Downstream |
| Geography | |
| Indonesia | |
| Malaysia | |
| Thailand | |
| Rest of Southeast Asia |
Southeast Asia Oil and Gas EPC Market Size Summary
The Southeast Asia oil and gas EPC market is experiencing a challenging phase, with a projected decline in market size over the forecast period. The COVID-19 pandemic significantly impacted the sector, causing delays in key projects and bidding rounds across the region. Despite these challenges, the increasing integration of natural gas into the energy mix is anticipated to drive growth in the EPC market, particularly in emerging markets within Southeast Asia. However, the sector faces obstacles such as prolonged development timelines for deepwater projects, which may hinder market expansion. The downstream segment is expected to hold the largest share of the market, driven by substantial upgrades in refineries and petrochemical complexes across countries like Brunei, Vietnam, and Myanmar, presenting opportunities for market players.
Indonesia is poised to dominate the Southeast Asia oil and gas EPC market, supported by its significant oil and gas reserves and ongoing construction of new refineries. The region's refining sector is witnessing growth due to rising demand for refined products, with countries like Malaysia and Singapore making substantial investments in refining and petrochemical assets. The midstream industry is also expected to see significant growth, driven by the need for enhanced oil transportation infrastructure. Major international firms continue to invest in the region, with projects like the Indonesia Deepwater Development highlighting the ongoing expansion efforts. The market remains moderately fragmented, with key players such as TechnipFMC, Fluor Corporation, and Saipem SpA actively participating in various projects across the region.
Southeast Asia Oil and Gas EPC Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, until 2027
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1.3 Recent Trends and Developments
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1.4 Market Dynamics
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1.4.1 Drivers
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1.4.2 Restraints
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1.5 Supply Chain Analysis
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1.6 Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitutes Products and Services
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Sector
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2.1.1 Upstream
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2.1.2 Midstream
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2.1.3 Downstream
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2.2 Geography
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2.2.1 Indonesia
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2.2.2 Malaysia
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2.2.3 Thailand
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2.2.4 Rest of Southeast Asia
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Southeast Asia Oil and Gas EPC Market Size FAQs
What is the current Southeast Asia Oil and Gas EPC Market size?
The Southeast Asia Oil and Gas EPC Market is projected to register a CAGR of 2.56% during the forecast period (2024-2029)
Who are the key players in Southeast Asia Oil and Gas EPC Market?
TechnipFMC plc, Saipem SpA, Bechtel Corporation, Fluor Corporation and PT. JGC Indonesia are the major companies operating in the Southeast Asia Oil and Gas EPC Market.
