OIL & GAS EPC MARKET TO REACH A VALUATION OF ~US$ 64.7 BN BY 2027

Oil & Gas EPC Market: Introduction

The global oil & gas EPC market was valued at US$ 40.8 Bn in 2018 and is expected to expand at a CAGR of ~5% during the forecast period. Based on sector, the upstream segment held dominant share of the global oil & gas EPC market in 2018. Increase in investments in development of subsea projects is anticipated to boost the segment during the forecast period. In terms of service, the construction segment accounted for major share of the global oil & gas EPC market in 2018. Rise in trend toward development of more complex fields is anticipated to augment the segment in the near future. Construction engineers assist E&P companies to evaluate the structural, electrical, and mechanical condition of a project. The oil & gas EPC market in Asia Pacific is likely to expand at a significant pace during the forecast period, owing to the growth in investments in the construction of pipeline infrastructure in the region.

Key Drivers of Oil & Gas EPC Market

Of late, the oil & gas EPC market has been expanding due to the increase in efforts in exploration of new oil and gas discoveries . Several countries across the globe are making investments to explore new oilfield reserves, particularly in the Persian Gulf, Gulf of Mexico, North Sea and , South China Sea, in order to cater to the rising demand for oil and gas. About 140 discoveries of new oilfield reserves were made across the globe in 2018. The total discovered resources stood at around 9 giga barrels of oil equivalent in 2018. Offshore discoveries held 60% share, while gas resources accounted for about 40% share. These discoveries are expected to boost the development of wells and oil & gas production in the near future. Thus, increase in discovery of oil & gas reserves is estimated to drive the oil & gas EPC market during the forecast period.

Request PDF brochure

https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=67691

North America Dominates Oil & Gas EPC Market

North America dominated the global oil & gas EPC market in 2018, due to the increase in number of oil & gas projects in Canada and the U.S. The U.S. held major share of oil & gas EPC market in North America in 2018. Abundant availability of oil and gas reserves in the U.S. and Canada has encouraged E&P companies to invest in North America. This has boosted the oil & gas EPC market in the region. For instance, Ohio’s shale energy sector attracted investment worth US$ 78 Bn between 2011 and Q2 of 2018. Technological innovation in hydraulic fracturing and low breakeven prices have also supported upstream oil and gas activities in onshore regions, resulting in high demand for oil & gas EPC activities.

More Trending Reports

https://www.prnewswire.com/news-releases/advancements-in-renewable-energy-technologies-to-ignite-extensive-growth-across-floating-solar-panels-market-between-2019-and-2027-tmr-301237274.html

Major Developments in Oil & Gas EPC Market

In February 2019, TechnipFMC, a U.K.-based oil & gas EPC company, signed an EPC contract with ExxonMobil for Beaumont Refinery expansion project in Texas, the U.S. The contract value of the project ranges between US$ 500 Mn to US$ 1 Bn. The project covers installation of diesel hydrotreater, benzene recovery, and kerosene hydrotreater unit.

In November 2018, Bonatti, an Italy-based oil & gas EPC firm, won an EPC contract worth US$ 94.31 Mn from Pertamina Algeria EP for Menzel Lejmat Nord field’s gas capacity increase project. The scope of the project includes the development and upgrade of the existing facility by installation of a dehydration train and new 2 x 37.5 MMscfd compressors.

In July 2018, Abu Dhabi’s National Petroleum Construction Company won an EPC contract for the full development of the offshore Bu Haseer field from ADNOC.

Request enquiry before buying

https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=67691

Competition Landscape of Oil & Gas EPC Market

The global oil & gas EPC market is consolidated, with large players accounting for majority of the share of the market. Key players operating in the global oil & gas EPC market are TechnipFMC, Plc., WorleyParsons Limited, Saipem SpA, Petrofac Limited, Bechtel Corporation, Mott MacDonald, Fluor Corporation, L&T Hydrocarbon Engineering, John Wood Group PLC, National Petroleum Construction Company, SNC-Lavalin Group, KBR, Inc., Galfar Engineering and Contracting SAOG, and Lamprell.

Request for custom research

https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=67691

Tunnel Boring Machine Market: Applications, Revenue, Growth and Trends

Tunnel boring machines are gigantic special-purpose machines, particularly used in building tunnels for roads, railways, and pipelines. These machines are long with circular cross-sections and help in boring round holes through any rock. Tunnel boring machines are intricate assemblies of several systems working in conjunction with each other. Diameter of tunnel boring machines ranges from 1 meter to 20 meters. These machines can cut clean through rocks, sometimes along with creating concrete shields around the bored tunnels. The tunnel boring machine market is largely driven by the increase in spending on road and railway infrastructure. Countries such as China, Japan, Italy, South Korea, Norway, and Germany have vast tunnel networks. The key reason is to connect major cities within the country, sometimes even international, with minimum commute time. This largely optimizes the transportation costs and connects cities to boost commerce. The other method for building tunnels is...

GLOBAL WOOD COATINGS MARKET TO TOUCH VALUATION OF US$17.595 BN BY 2025 END

The global wood coatings market features a highly competitive landscape owing to the presence of a plethora of companies competing against one another, notes Transparency Market Research (TMR). Top players in the wood coatings market increasingly resort to forward integration strategies to gain substantial competitive benefits, which may help them to retain their stronghold over the assessment period. Several players are also focusing on product differentiations to attract more consumers and consolidate their positions in various regions. This is especially the trend among small- and medium-scale manufacturers who find this a key strategy to gain a foothold in the wood coatings market. TMR finds that the wood coatings market is also fairly consolidated as the top four players held a combined share of nearly 60.0% in 2016. These companies are RPM International Inc., Akzo Novel N.V., PPG Industries Inc., and The Sherwin Williams Company. Of these, The Sherwin Willia...

ANTHOCYANIN CONSUMPTION LEVELS TO TAKE OFF IN DEVELOPING REGIONAL MARKET

TMR projects the global anthocyanin market to reach US$ 735.9 Mn by 2026. Over this period of 2018-2026, the anthocyanin market is forecast to report a CAGR of 4.6%. Among the key end use segments, the food and beverages industry is likely to lead the market in 2018. The trend is likely to remain unchanged throughout the course of the forecast period. Regionally, the North America anthocyanin market held the leading share in the global market in 2018. The global anthocyanin market exhibits the presence of several large companies. Besides this, domestic players enjoy a stronghold in regional pockets, which has rendered the market highly competitive. According to a new study by Transparency Market Research (TMR), Archer Daniels Midlands Co., Sensient Technologies Corp, Symrise A.G., and CHR Hansen A/S held nearly 50% of the global anthocyanin market in 2018, thereby registering their dominance. To sustain growth amidst the prevailing competition, the leading players...

Transparency Market Research

Search This Blog