"Actionable Insights to Fuel Your Growth"
Energy consumption is increasing day-by-day on account of the growing population and power consumption per capita. Although there is an increasing trend of power production from renewable sources, power production from oil and gas dominates the power production. The increasing number of cars positively influence the consumption of petroleum products like petrol, diesel, and CNG. Engineering, procurement, and construction for oil and gas industry play an important role to cater to increasing demand for oil and gas.
For Oil and Gas Industry, Engineering, Procurement, and Construction (EPC) is a form of a contract agreement. The contractor carries out detailed design and layout, procurement of equipment and material, manufacturing of systems (either my own labor or third-party), onsite assembly, and functional testing. EPC contractors deliver an operational asset to the client. Sometimes, the EPC contractors have service and maintenance contracts with the clients.
To get information on various segments, share your queries with us
Typically, EPC contractors have to implement and deliver projects within the stipulated time and agreed on financial resources. This places a risk of schedule and budget on the contractor. Majority of companies provide end to end EPC services. Large scale companies offer end-to-end EPC services. Some medium scale companies provide one or two components of EPC.
On the basis of the type of sector, oil and gas EPC market can be segmented into upstream, midstream and downstream. The upstream sector includes searching for potential underground or underwater crude oil and natural gas fields, drilling exploratory wells, and subsequently drilling and operating the wells that recover and bring the crude oil or raw natural gas to the surface. The midstream sector involves transportation (by pipeline, rail, barge, oil tanker or truck), storage, and wholesale marketing of crude or refined petroleum products.
The downstream sector is the refining of petroleum crude oil and the processing and purifying of raw natural gas, as well as the marketing and distribution of products derived from crude oil and natural gas. The downstream sector reaches consumers through products such as gasoline or petrol, kerosene, jet fuel, diesel oil, heating oil, fuel oils, lubricants, waxes, asphalt, natural gas, and liquefied petroleum gas (LPG) as well as hundreds of petrochemicals. On the basis of location, oil and gas EPC is divided into onshore facilities and offshore facilities.
The major market driver for global oil and gas EPC market is the increase in demand for oil and gas in countries like India, USA, and China. Increase in downstream activities the EPC market. Economic extraction of shale gas is expected to influence the EPC market positively. Emerging long-distance surface pipeline and subsea pipelines for transport for crude and natural oil is a new avenue for midstream EPC. As a result of low crude oil prices, investment in upstream and midstream EPC activities has reduced significantly. Some of the contracts have been canceled due to a prolonged slump in oil prices.
Some of the notable companies in the global Oil & Gas EPC market are Petrofac, Larsen & Toubro, SNC-Lavalin, Wood, McDermott, Saipem, NPCC, WorleyParsons, KBR, TechnipFMC, Galfar, Mott Macdonald, JGC Corporation, CCC, Jacobs, Dodsal Group, Bechtel, CPECC, Lamprell, Aker and OIEC.
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)
The global oil and gas EPC market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the upstream EPC market due to development of affordable shale gas exploration and extraction technology. Upgradation and refurbishment of aging oil and gas pipelines in Europe and North America have increased the mid-stream EPC market. New proposed pipelines in Asia-Pacific and Middle-East & Africa is expected to boost the mid-stream EPC market. Increase in petroleum refining activities in India, China, USA has raised the downstream EPC activities.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm