Oil & Gas EPC Market (2020 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Oil & Gas EPC market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
“Oil & Gas EPC Market report is anticipated to register a CAGR of XX% over a five years forecast period (2020 – 2023).”
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List of Major Key players operating in the Global Oil & Gas EPC Market are –
- TechnipFmc Plc
- Bechtel Corporation
- Samsung Engineering Co.
- Saipem SPA
- National Petroleum Construction Company
- McDermott International
- KBR Inc.
- Jacobs Engineering Group Inc.
- Hyundai Heavy Industries Co. Ltd.
- Hyundai Engineering & Construction Co. Ltd.
- Fluor Corporation
- Daewoo Engineering & Construction Co. Ltd.
- CNGS Group
- Hexa Oil & Gas Services Llc
In 2016, the global spending on oil and gas projects was about USD 437 , a decrease of nearly 41.7% when compared to that of 2014. Factors, such as a decline in the investments in oil and gas projects and cancellation of projects, worth USD 380 since 2014, have resulted in a severe downturn in the global oil & gas EPC market. As a result, it is tough to maintain the profit margins, which has fueled the level of competition between EPC contractors. Oil & gas EPC companies are partnering with seasoned companies to complement their skillset, increase strength and improve the overall business portfolio.
Increasing Demand for Oil & Gas – Accelerates Growth
If the new projects are not approved, the global oil supply is expected to fall behind the global oil demand by 2020. Two scenarios can be considered due to this situation. Firstly, a majority of operating companies anticipate such situation and take the risk of investing in new projects, even if the oil prices are low; however until the prices rise, the companies can delay the production to prevent the oversupply. In this scenario, companies are expected to invest in exploration, so that the discovered oil reserves are utilized later when the oil & gas prices rise, resulting in the growth of upstream exploration contracts during the forecast period; while midstream and downstream contracts are expected to rise after 2020. The second scenario is that, if the majority of operating companies do not take the risk of investing in new projects due to low sustained oil prices, then the supply of oil and gas is expected to fall behind the demand, leading to a drastic rise in the oil prices. In this case, the oil & gas EPC contracts are expected to rise substantially during the forecast period. Therefore, in either case, the contracts in oil & gas sector are expected to increase within next five years. The low crude oil prices and lack of skilled labor are the major restraints for the growth of the global oil & gas EPC market.
Variable Effect of Oil Price on Upstream, Midstream and Downstream EPC Market
A decline in crude oil prices has led to a slump in the upstream oil & gas industry. On the other hand, it has had a variable effect on the downstream oil & gas industry based on geography. For instance, in Europe, the decline in crude oil prices has increased the profit margins for the downstream industry; while in the United States, the low oil prices have resulted in an oversupply of end-product in the downstream industry. This has led to the demand-supply deficit, which, in turn, has had an adverse effect on the US downstream oil & gas industry. The midstream oil & gas industry witnessed a sharp decline over the years, due to a decline in the volume of investments owing to the uncertainty of oil prices.
North America to Lead the Market
The North American upstream EPC market is expected to grow at a faster rate, due to the positive outlook of the oil & gas industry in the United States, Canada, and Mexico. Oil production in the United States is expected to grow, drastically, due to the growing production from the Permian region of Texas and the Federal Gulf of Mexico. Canada provides tremendous a growth opportunity for the oil & gas EPC market as the country’s major oil reserves, like oil sand, are open to private companies and not controlled by national oil companies. Mexico is the third-largest player in the oil & gas EPC market in North America, after the United States and Canada. New oil & gas projects are expected to start in Mexico, due to the growing requirement for infrastructure development activities in the oil & gas industry. This factor is expected to fuel the market growth in Mexico. Hence, growth in the United States, exploration opportunity in Canada, and need to build infrastructure in Mexico are likely to drive the oil & gas EPC sector in North America in the coming years. Moreover, in Canada, the transparency in the oil & gas sector is expected to help in mitigating risks in EPC projects.
India to Drive the Global Oil Consumption Growth
In 2016, India accounted for about 4.6% of the global oil consumption and registered a CAGR of nearly 8% for oil consumption during 2014-2016. Industrial growth, urbanization, growing population, and increasing per capita income are the major drivers fueling the demand for Indian oil. India is expected to be a major source for the global oil & gas demand during the forecast period. This demand is expected to drive the global oil & gas investments, thus, driving the oil & gas EPC market.
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Scope of the Report:
The report analyses Oil & Gas EPC market, which includes –
- Analysis of the growth of Oil & Gas EPC market in global and regional level including Asia-Pacific, Americas, and EMEA.
- The report provides Oil & Gas EPC market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
- The report offers country level Oil & Gas EPC market volume and value by end-user segment for the period 2012-2023.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Oil & Gas EPC market are discussed.
- The report provides competitive landscape at country level for the year 2020. It also covers key policies and initiatives, key deals, and key upcoming projects.
Highlighted points of Oil & Gas EPC Market Report:
- Varying dynamics of the Oil & Gas EPC industry.
- Prospective changes in sales volumes and worldwide share growth in upcoming years (2020-2023).
- Oil & Gas EPC market report recognizes the key drivers of growth and challenges of the key industry players.
- Competitors profiles along with product description, overview, and business data.
- A complete analysis of market risks, opportunities, limitations, and growth of the market.
- Market driving and restraining factors.
- Delivers information on the historical and current market size and the future potential of the market.
- Oil & Gas EPC market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.
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Reasons to Purchase Oil & Gas EPC Market Report:
- The report analyses how stringent emission control norms will drive the global Oil & Gas EPC market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Oil & Gas EPC market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
In this study, the years considered to estimate the market size of Oil & Gas EPC:
History Year: 2013-2017
Base Year: 2017
Estimated Year: 2020
Forecast Year 2020 to 2023
Look into Table of Content of Oil & Gas EPC Market Report @ https://www.360marketupdates.com/TOC/12883443#TOC
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