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Global Oil & Gas EPC Market - Growth, Trends and Forecast (2019 - 2024)

Global Oil & Gas EPC Market - Growth, Trends and Forecast (2019 - 2024)

  • March 2019
  • 193 pages
  • ID: 5778175
  • Format: PDF
  • By Mordor Intelligence LLP

Summary

Table of Contents

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Market Overview
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.
Segmentation - Oil & Gas EPC Market

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 20.0% 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.

Regional - Oil & Gas EPC Market

Competitive Landscape
The major companies include Saipem SpA, TechnipFmc PLC, Petrofac Limited, Fluor Corporation, and Bechtel Corporation.

Major Players
Saipem SpA
TechnipFmc PLC
Petrofac Limited
Fluor Corporation
Bechtel Corporation

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