Global Oil & Gas EPC Market Outlook to 2024 with Saipem, TechnipFMC, Petrofac, Fluor Corp, and Bechtel Corp Dominating - ResearchAndMarkets.com

The "Global
Oil & Gas EPC Market - Growth, Trends and Forecast (2019 - 2024)"
report has been added to ResearchAndMarkets.com's
offering.

The market for oil & gas EPC stood at USD 155.54 billion, and is
expected to grow during the forecast period of 2019-2024.

Major factors driving the market studied are the declining operating
costs of oil & gas fields, expansion in the downstream sector,
increasing demand for LNG infrastructure, among others.

The upstream sector accounted for more than half of the market share, in
2018. In 2018, the number of FIDs (for reserves of volume more than 25
million boe, excluding shale/tight) in upstream sector increased by more
than 80% compared to 2016.

The deepwater and ultra-deepwater reserves are likely to act as an
opportunity for the market studied in the future.

Expansion of downstream infrastructure, especially in Asia-Pacific, is
expected to result in the significant demand for EPC services in the
coming years. China and India are expected to add large refining
capacity in the coming years.

Scope of the Report

The oil & gas EPC market report include:

• Sector
• Geography
• Key Market Trends
• Changing Dynamics of EPC market in oil & gas industry

The oil and gas EPC industry is moving toward consolidation. Big western
firms are facing rising EPC competition from the East. The fact that the
companies are competing against a global mix of players makes these
mergers even more essential.

Shallow water drilling operations in the last few years have been
severally affected, mainly due to the maturing of oil and gas fields in
the shallow water. The decline in crude oil prices, in parallel with the
maturing of fields in the shallow water, has negatively impacted the
demand for EPC services. As a result, the upstream oil and gas industry
is moving toward the deep-sea regions for exploration and production
activity, in recent times.

The global demand for natural gas is expected to increase by 1.6% a year
between 2016 and 2022, with additional consumption of 370 billion cubic
meters by 2022, up from 3630 bcm in 2016.

Europe and North America have traditionally dominated the global oil and
gas EPC market. However, the current market equilibrium is shifting
toward Asia-Pacific due to several reasons, including the rising
offshore oil and gas discovery, expansion of natural gas pipeline,
increasing trade of LNG, and growing demand for refined products and
petrochemicals in China, India, Australia, Malaysia, Indonesia, and
Vietnam. This has resulted in a shift of EPC contractors from West to
East.

North America Region to Dominate the Market

With the increasing number of oil & gas projects in countries such as
the United States, Canada, and Mexico, the region is likely to witness
robust growth in the coming years. The United States is one of the
largest producers of crude oil and natural gas, accounting for around
14.1% and 20% of the global production, respectively, in 2017. The
production surged in 2017, mainly due to robust drilling in its shale
reserves, led by Permian basin.

The country has one of the largest, technically-recoverable shale gas
reserves and the second-largest tight oil reserves in the world. The
technological developments in hydraulic fracturing and low breakeven
prices have supported the upstream oil and gas activity in the onshore
region, resulting in high demand for EPC companies.

Canada is one of the largest producers of oil and gas in the world. The
oil and gas industry plays an important role in the country's economy.
Oil sands remain its primary source of hydrocarbon production,
comprising over 90% of the country's total oil reserves.

As per the Canadian Association of Petroleum Producers (CAPP), the oil
production in the country is expected to reach 5.4 billion bbl/d in
2030, and oil sands are expected to account for 70.7% of the total
production. The aforementioned factors are contributing to the
increasing demand for oil & gas EPC services in the region during the
forecast period.

Major Players

• Saipem
• TechnipFMC
  
• Petrofac
  
• Fluor Corp
• Bechtel Corp

Key Topics Covered

1. INTRODUCTION

1.1 Scope of Study

1.2 Market Definition

1.3 Study Assumptions

1.4 Study Deliverables

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

4.1 Market Overview

4.1.1 Introduction

4.1.2 Market Size and Demand Forecast till 2024 (in USD billion)

4.1.3 Recent Trends and Developments

4.2 Market Drivers

4.3 Market Restraints

4.4 Supply Chain Analysis

5. MARKET SEGMENTATION

5.1 Sector

5.1.1 Upstream

5.1.2 Midstream

5.1.3 Downstream

5.2 Geography

5.2.1 North America

5.2.2 Asia-Pacific

5.2.3 Europe

5.2.4 Middle East & Africa

5.2.5 South America

6. COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions

6.2 Collaborations and Joint Ventures

6.3 Strategies Adopted by Leading Players

6.4 Market Share Analysis

6.5 Company Profiles

6.5.1 Samsung Engineering Co. Ltd.

6.5.2 Hyundai Heavy Industries Co. Ltd.

6.5.3 Hyundai Engineering & Construction Co. Ltd.

6.5.4 John Wood Group PLC

6.5.5 TechnipFMC PLC

6.5.6 Bechtel Corporation

6.5.7 Saipem S.p.A.

6.5.8 McDermott International Inc.

6.5.9 KBR Inc.

6.5.10 Jacobs Engineering Group Inc.

6.5.11 Fluor Corporation

6.5.12 Daewoo Engineering & Construction Co. Ltd.

6.5.13 Tecnicas Reunidas S.A.

6.5.14 Petrofac Limited

6.5.15 National Petroleum Construction Company

List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/research/jg2q5k/global_oil_and?w=4

View source version on businesswire.com: https://www.businesswire.com/news/home/20190402005909/en/