The word EPC means engineering, procurement, and construction. It is a contract-based project delivery model. The oil and gas industry highly relies on EPC services for their large-scale and long-term projects that require skilled labor and proper project management. The EPC market for oil and gas is primarily driven by the increasing complexity of oil & gas projects, growing investment in new oil and gas projects, and increasing focus on safety and environmental protection. According to the report Middle East region accounted highest share due to the availability of a number of oil & gas refineries and rapid development in the countries.
Highlights from Oil and Gas EPC- Market Study
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The key Players profiled in the report are Galfar (Oman), NPCC (UAE), Descon (Pakistan), Fluor Corporation (United States), Larsen & Toubro Ltd (India), Samsung Engineering (South Korea), AECOM (United States), Bechtel Corporation (United States), Worley (Australia), McDermott (United States), H+M Industrial (United States), Target Engineering (UAE), KBR, Inc. (United States) and Kiewit Corporation (United States).
Geographic Breakdown and Segment Analysis
The Global Oil and Gas EPC- market presents a comprehensive analysis of the Oil and Gas EPC- market by end-user/application (Upstream, Midstream and Downstream), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Oil and Gas EPC- industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest. For instance, while the holds majority of market share of the Oil and Gas EPC- market
Analyst at AMA have segmented the market study of Global Oil and Gas EPC- market by Type, Application and Region.
Influencing Trend:Use of Advanced Technologies by Manufacturers for Designing and Prototyping Services
Market Growth Drivers:Growing Demand for Oil & Gas EPC for Upstream Sector due to Increasing Construction & Installation Activities and Increasing Complexity of Oil & Gas Projects and Focus on Safety and Environmental Protection
Challenges:Inadequate Project Budgets and Cost Overruns Can Create Challenges for Large Size or Complex Projects
Restraints:Growing Popularity of Renewable Energy Sources Across the Globe May Hamper Oil & Gas EPC Market
Opportunities:Government’s Investment in Asia Pacific Countries in Oil & Gas and Coal Industry is Likely to Create Significant Opportunities
The key players are targeting the innovations of the Solutions with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions in order to maintain their presence in the market.
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Oil & Gas EPC Solutions & Services Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and Others