Oil & Gas EPC Market is expected to expand at a CAGR of ~5% during the forecast period.

Category: Business

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.