The new report by Expert Market Research titled, ‘Global Oil and Gas EPC Market Report and Forecast 2021-2026’, gives an in-depth analysis of the Global Oil and Gas EPC Market Size, assessing the market based on its segments like Sector, Service and Location, and major regions which includes the United States of America and Canada.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 5.0%
Energy consumption is continuously rising due to the increasing population and per capita power demand. Although the trend in the generation of electricity from renewable sources is increasing, oil and gas output is dominant in the production of energy.
Industry Definition and Major Segments
EPC (Engineering, Procurement and Construction) is a model for project execution based on contracts. For large-scale and long-term projects requiring skilled labour and fine-tuned project management, oil and gas companies often rely on EPC contractors.
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On the basis of sector, the industry is divided into:
- Upstream
- Midstream
- Downstream
Based on service, the industry can be segmented into:
- Engineering
- Procurement
- Construction
- Fabrication
Based on service, the industry can be segmented into:
- Onshore
- Offshore
Based on Regions, the market can be divided as follows:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The growth of the industry is largely driven by the growing car industry. There is a positive impact on the consumption of petroleum products such as petrol, diesel and CNG due to the rising number of vehicles. It is anticipated that technical developments and the increased viability of deep water and ultra-deep-water projects would drive the growth of the industry.
The key drivers of growth in demand are increased per capita incomes in developing countries and an increasing population.
Key Market Players
The major players in the market are Laxness AG, Huanghua Pengfa Chemical Co., Ltd, Perstop Holding AB, GEO Specialty Chemicals, Inc, Shandong Baoyuan Chemicals Co., Ltd, Jiangxi Kosin Frontier Technology Co., Ltd. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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