Oil and Gas EPC Market is driven by the growing population and the economic development | Worley Parsons, CB&I, Technip, Hyundai Heavy Industries, Saipem, Wood

New York, According to a new market research report published by Global Insight Services Oil and Gas EPC Market is expected to grow by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Oil and Gas EPC is short for Engineering, Procurement and Construction, and refers to the process of designing, procuring and constructing an oil and gas facility.

The engineering phase of an EPC project involves the development of the project’s engineering drawings and specifications, which are used to procure the necessary equipment and materials.

The procurement phase involves the purchase of all the necessary equipment and materials, as well as the contracting of any necessary construction or installation services.

Key Trends

There are several key trends in oil and gas EPC technology.

One is the trend toward more integrated operations, in which different parts of the EPC process are brought together under one umbrella. This includes everything from the initial exploration and drilling to the transportation and refining of the finished product.

Another key trend is the move toward more automated and robotic technologies. This is being driven by the need to improve safety and efficiency in the EPC process. Additionally, these technologies can help to reduce the cost of the overall process.

Key Drivers

The key drivers of the oil and gas EPC market are the increasing demand for energy, the need for efficient and cost-effective production of oil and gas, and stringent environmental regulations.

The increasing demand for energy is driven by the growing population and the economic development.

The need for efficient and cost-effective production of oil and gas is driven by the need to reduce the dependence on imported oil and gas, and to meet the rising energy demand.

The stringent environmental regulations are driving the need for cleaner and more efficient production of oil and gas.

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Market Segments

The oil and gas EPC market is segmented by contract type, end-user, and region. By contract type, the market is classified into fabrication, construction, management services, and others. Based on the end-user, it is bifurcated into upstream, midstream, and downstream. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.

Key Players

The global oil and gas EPC market includes players such as Worley Parsons, CB&I, Technip, Hyundai Heavy Industries, Saipem, Wood, GS Engineering & Construction Corporation, Daelim Industrial, Daewoo Engineering & Construction, SK Engineering & Construction, and others.

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Reasons to buy Oil and Gas EPC Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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This release was published on openPR.