IMARC Group, a leading market research company, has recently releases report titled “Oil and Gas EPC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global oil and gas EPC market share, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Oil and Gas EPC

Oil and gas engineering, procurement, and construction (EPC) is a comprehensive approach that encompasses the entire lifecycle of energy projects and ensures the efficient, safe, and timely development of oil and gas facilities. It involves planning, designing, procuring materials and equipment, constructing, installing, and commissioning facilities in the oil and gas sector. It ensures the seamless execution of complex projects, such as refineries, petrochemical plants, pipelines, offshore platforms, conception, and operation. It streamlines project execution by integrating engineering, procurement, and construction, reduces redundancies, minimizes delays, and enhances overall efficiency. It implements rigorous safety protocols that protect the environment, safeguard workers, and improve the well-being of nearby communities. It facilitates the integration of all project phases under a single management and allows EPC companies to manage project budgets through optimized procurement, negotiations with suppliers, and reduced changes during construction.

How Big Is the Oil and Gas EPC Market?

The global oil and gas EPC market size reached US$ 50.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 76.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.

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What are the growth prospects and trends in the oil and gas EPC industry?

Rapid urbanization, industrialization, and the persistent need for cleaner and more efficient energy sources represent some of the key factors influencing the market positively. Additionally, the rising emphasis on energy security is bolstering investments in oil and gas infrastructure. Apart from this, countries are strategically building and expanding their energy assets to ensure a reliable fuel and feedstock supply.

Furthermore, the integration of advanced technologies, including digital twins, three-dimensional (3D) modeling, and Internet of Things (IoT) sensors, is strengthening the growth of the market. These technologies enhance project visualization, real-time monitoring, and predictive maintenance, improving project efficiency and reducing operational risks. Moreover, companies are often collaborating with financial institutions to secure funding and manage project budgets effectively, considering the substantial upfront capital required for such endeavors.

Besides this, various EPC firms are adopting eco-friendly designs, materials, and processes to minimize the environmental footprint of energy facilities. They are also employing rigorous risk management strategies to identify, assess, and mitigate potential risks to project timelines, budgets, and outcomes.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Sector:

• Upstream
• Midstream
• Downstream

Breakup by Service Type:

• Engineering
• Procurement
• Construction
• Fabrication

Market Breakup by Location:

• Onshore
• Offshore

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Bechtel Corporation, Fluor Corporation, Hyundai Heavy Industries Co. Ltd. (HD Hyundai), John Wood Group PLC, KBR Inc., Larsen Toubro Limited, McDermott International Ltd., National Petroleum Construction Company, Petrofac Limited, Saipem S.p.A. (Eni S.p.A.), Samsung Engineering Co. Ltd., TechnipFMC plc, Técnicas Reunidas S. A. and WorleyParsons Limited.

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