Market Report Global Oil & Gas EPC Market to Reach 62-Billion-Dollars by 2027: Research and Markets

Source: Press release

The analytical company Research and Markets has shared in its report that the growth of the global oil and gas EPC market will be owing to the significant expansion in the industry all over the world, government initiatives for generating electricity from renewable resources, technological advancements as well as the rising demand for oil and gas EPC in the upstream sector.

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Oil and gas sectors rely on EPC contractors for long-term and large-scale projects that require skilled professional labor and fine-tuned project management.
Oil and gas sectors rely on EPC contractors for long-term and large-scale projects that require skilled professional labor and fine-tuned project management.
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Dublin/Ireland – The global oil & gas EPC market reached a value of 44.70 billion dollars in 2021 and is expected to reach a value of 62.34 billion dollars by 2027 exhibiting a CAGR of 5.40 % during 2022-2027, according to the ‘Oil & Gas EPC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027’ report by Research and Markets.

Oil and gas, engineering, procurement, and construction (EPC) is a contract-based model that delivers a package of resources to complete infrastructure projects. The contractor carries out designing and detailed layout, onsite assembly, functional testing, procurement of equipment material, and manufacturing of systems.

Oil and gas sectors rely on EPC contractors for long-term and large-scale projects that require skilled professional labor and fine-tuned project management. EPC contractors specialize in designing plans for aboveground storage tanks, power generation environmental controls, natural gas processing facilities, industrial power distribution, and material handling. It offers enhanced performance, flexibility, cost-effectiveness, and a single point of responsibility. EPC establishes a communication channel that allows the owners to manage all the relationships and infrastructure projects.

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The significant expansion in the oil and gas industry across the globe is one of the key factors driving the market growth. EPC is widely adopted for designing and project execution, such as building storage systems, drilling platforms, and advanced systems for exploration. In line with this, the rising power consumption, increasing population, and initiatives undertaken by the governments to generate electricity from renewable resources are favoring the market growth. Moreover, various technological advancements, such as the integration of the Internet of Things (IoT) for EPC contractors, are providing an impetus to the market growth.

Additionally, the increasing demand for oil and gas EPC in the upstream sector as it offers fewer complexities, more accessibility to sites, lower investment requirement, and lower risk is positively impacting the market growth. Apart from this, the rapidly expanding automotive industry, the growing consumption of petroleum products, such as petrol, diesel, and CNG, and the implementation of various government initiatives to promote the oil and gas projects are creating a positive outlook for the market.

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