Oil & Gas EPC Market Size to Expand Significantly by the End of 2027Posted by Priyanka Thakare on August 2nd, 2019 Global Oil & Gas EPC Market: Overview EPC stands for engineering, procurement and construction. These services are adopted by numerous sectors such as oil & gas companies. These services are used across the long-term projects, which require skilled labors. Rising demand for the oil & gas globally is augmenting exploration activities and likely to creating need for the advanced EPC systems. Thus, on the back of the efficiency in the current EPC system, the oil & gas EPC market is witnessing high growth. A report by Transparency Market Research (TMR) on the global oil & gas EPC market is an adroit explanation of the forces aiding the market growth. The report analyses and discusses key trends that have benefitted the oil & gas EPC market growth from the past few years and are expected to remain a major driving factor in the coming years. Furthermore, the regional dynamics of the global oil & gas EPC market have been deftly enunciated in the report. Is something restraining your company’s growth in the Oil & Gas EPC Market? Ask for the report brochure here Global Oil & Gas EPC Market: Notable Development Some of the key players in the oil & gas EPC market include aipem SpA, Petrofac Limited, TechnipFmc PLC, Bechtel Corporation, and Fluor Corporation. In order to tap the robust opportunities in the developing countries the market players are investing in the new projects, despite sudden decline in the oil prices. This may lead to rise in the exploration activities of oil & gas in coming years. Additionally, growing demand for advanced EPC solutions is encouraging robust development in the product. In order to improve their product, these players are proactively engaging into the merger, collaborations, and partnerships.
Planning to lay down strategy for the next few years? Our report can help shape your plan better. Global Oil & Gas EPC Market: Drivers and Restraints The oil & gas EPC market has been pushing toward combination. Enormous western firms are confronting rising EPC rivalry from the East. The way that the organizations are contending with a worldwide blend of players makes these mergers considerably increasingly fundamental. The offshore and onshore stores are probably going to go about as an open door for the market contemplated later on. Main considerations driving the oil & gas EPC market contemplated are the declining working expenses of oil and gas fields, extension in the downstream division, expanding demand for LNG systems. The decrease in raw petroleum costs, in parallel with the developing of fields in the shallow water, has contrarily affected the interest for EPC administrations. Subsequently, the upstream oil and gas industry is advancing toward the remote ocean locales for investigation and creation action, as of late. Stuck in a neck-to-neck competition with other brands? Request a custom report on competition on Oil & Gas EPC Market here Global Oil & Gas EPC Market: Geographical Analysis Based on the region, the oil & gas EPC market is segmented into five parts such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Of these, North America region is expected to account for a leading share of oil & gas EPC market followed by Europe. This growth is attributable to the rising adoption of the advanced technologies in both the regions. However, the current opportunities in the oil & gas EPC market are witnessed from Asia Pacific due to rising exploration of sources of oil & gas, expansion of natural gas, rising trading with LNG, refined products, and rising demand for petrochemicals across China and India. Like it? Share it! More by this author |