석유 및 가스 EPC 시장 - 세계 산업 규모, 점유율, 동향, 기회, 예측 : 서비스 유형, 장소, 최종사용자, 지역별＆경쟁(2021-2031년)

The Global Oil and Gas EPC Market is projected to expand from USD 50.75 Billion in 2025 to USD 70.82 Billion by 2031, reflecting a Compound Annual Growth Rate of 5.71%. This market encompasses contractual frameworks where specialized firms undertake detailed engineering, material procurement, and infrastructure construction across the upstream, midstream, and downstream segments. The sector's growth is primarily fuelled by escalating global energy consumption and the critical need to upgrade aging facilities to improve operational efficiency. Furthermore, a strategic focus on energy security has accelerated capital investment in exploration and production, thereby maintaining strong demand for end-to-end project execution services.

Despite these positive indicators, the market faces substantial hurdles due to geopolitical and economic instability, which causes fluctuations in raw material prices and complicates project financing. This uncertainty frequently leads operators to postpone Final Investment Decisions, thereby interrupting the flow of upcoming projects. According to the International Energy Agency, global upstream oil and gas investment is anticipated to rise by 7% to USD 570 billion in 2024. While this statistic suggests vigorous industry activity, EPC contractors must successfully manage these volatile market conditions and strict regulatory requirements that threaten project schedules and profit margins.

Market Driver

Rising global energy demand is triggering a significant increase in upstream investments, which in turn necessitates comprehensive engineering, procurement, and construction services to operationalize new reserves. As production from mature fields dwindles, operators are forced to approve capital-intensive greenfield projects to guarantee stable supplies, leading to substantial contract awards for the fabrication and installation of facilities. According to the Organization of the Petroleum Exporting Countries' September 2024 'World Oil Outlook 2050', the global oil industry requires a cumulative investment of USD 17.4 trillion through 2050 to satisfy anticipated consumption. This substantial long-term financial commitment highlights the indispensable role of EPC contractors in developing the infrastructure necessary to maintain production amid increasing energy needs.

Additionally, the massive expansion of Liquefied Natural Gas infrastructure acts as a major market catalyst, propelled by geopolitical efforts to ensure energy security and diversification. This movement has sparked a surge in the construction of liquefaction trains and regasification terminals, demanding specialized contractors skilled in complex cryogenic projects. As stated in the International Gas Union's June 2024 'World LNG Report 2024', global LNG receiving capacity grew by 69.7 million tonnes per annum in 2023, representing the largest annual increase in over ten years. Demonstrating the scale of these opportunities, Saipem secured a strategic offshore contract from QatarEnergy in 2024 valued at roughly USD 4 billion, showcasing the immense capital currently being deployed within the sector.

Market Challenge

Geopolitical and economic instability serves as a major obstacle for the Global Oil and Gas EPC Market, chiefly by creating extreme volatility in raw material costs and capital financing. This unpredictability complicates the accurate cost forecasting essential for massive Engineering, Procurement, and Construction contracts, often resulting in contractors bearing unexpected cost overruns on fixed-price deals or engaging in difficult contract renegotiations. When the prices of crucial supply chain components, such as steel and specialized equipment, swing wildly due to regional conflicts or trade disputes, securing the financial feasibility of long-term infrastructure projects becomes arduous, leading to considerable operational friction.

Moreover, this instability stifles market expansion by forcing energy operators to delay Final Investment Decisions (FIDs) in an effort to conserve capital liquidity. These postponements arrest the project pipeline that is vital for sustaining global supply levels. The magnitude of the investment at risk is significant; according to the Organization of the Petroleum Exporting Countries, in 2024, the global oil sector requires cumulative investments of approximately USD 17.4 trillion through 2050 to effectively meet growing demand. However, enduring economic volatility deters the steady capital deployment required to achieve these targets, thereby limiting the sector's potential for growth.

Market Trends

The integration of Carbon Capture, Utilization, and Storage (CCUS) infrastructure has become a defining trend transforming the Global Oil and Gas EPC Market, spurred by strict decarbonization requirements rather than simple capacity growth. EPC contractors are increasingly responsible for engineering complex retrofits for existing plants and developing extensive pipeline networks to transport carbon emissions. This transition necessitates specialized technical knowledge in managing high-pressure CO2 and integrating geological storage, which fundamentally shifts the focus of conventional hydrocarbon projects. According to the Global CCS Institute's December 2024 '2024 Global Status of CCS Report', the global pipeline of carbon capture and storage facilities grew by 60% year-over-year to a total of 628 projects in various stages of development or operation, highlighting the speed at which this infrastructure is being adopted.

Concurrently, the industry is pursuing strategic diversification into green hydrogen and renewable energy hybrid systems to buffer against long-term volatility in fossil fuel markets. Leading contractors are adapting their business models to encompass the engineering and construction of electrolyzer facilities and the incorporation of solar or wind energy into upstream operations to lower carbon intensity. This shift is practical rather than merely ambitious, supported by significant capital redirection from traditional operators aiming to future-proof their holdings. As reported by the International Energy Agency in its June 2024 'World Energy Investment 2024' report, the oil and gas sector raised its capital expenditure on clean energy technologies to USD 30 billion in 2023, indicating a concrete structural change in project procurement needs.

Key Market Players

• Bechtel Corporation
• TechnipFMC plc
• McDermott International, Ltd
• Saipem S.p.A.
• Fluor Corporation
• Petrofac Limited
• Larsen & Toubro Limited
• Halliburton Energy Services, Inc

Report Scope

In this report, the Global Oil and Gas EPC Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Oil and Gas EPC Market, By Service Type

• Engineering
• Procurement

Oil and Gas EPC Market, By Location

• Onshore
• Offshore

Oil and Gas EPC Market, By End User

• Upstream
• Midstream

Oil and Gas EPC Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Oil and Gas EPC Market.

Available Customizations:

Global Oil and Gas EPC Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
  • 1.2.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Key Industry Partners
• 2.4. Major Association and Secondary Sources
• 2.5. Forecasting Methodology
• 2.6. Data Triangulation & Validation
• 2.7. Assumptions and Limitations

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Oil and Gas EPC Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Service Type (Engineering, Procurement)
  • 5.2.2. By Location (Onshore, Offshore)
  • 5.2.3. By End User (Upstream, Midstream)
  • 5.2.4. By Region
  • 5.2.5. By Company (2025)
• 5.3. Market Map

6. North America Oil and Gas EPC Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Service Type
  • 6.2.2. By Location
  • 6.2.3. By End User
  • 6.2.4. By Country
• 6.3. North America: Country Analysis
  • 6.3.1. United States Oil and Gas EPC Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Service Type
      • 6.3.1.2.2. By Location
      • 6.3.1.2.3. By End User
  • 6.3.2. Canada Oil and Gas EPC Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Service Type
      • 6.3.2.2.2. By Location
      • 6.3.2.2.3. By End User
  • 6.3.3. Mexico Oil and Gas EPC Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Service Type
      • 6.3.3.2.2. By Location
      • 6.3.3.2.3. By End User

7. Europe Oil and Gas EPC Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Service Type
  • 7.2.2. By Location
  • 7.2.3. By End User
  • 7.2.4. By Country
• 7.3. Europe: Country Analysis
  • 7.3.1. Germany Oil and Gas EPC Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Service Type
      • 7.3.1.2.2. By Location
      • 7.3.1.2.3. By End User
  • 7.3.2. France Oil and Gas EPC Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Service Type
      • 7.3.2.2.2. By Location
      • 7.3.2.2.3. By End User
  • 7.3.3. United Kingdom Oil and Gas EPC Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Service Type
      • 7.3.3.2.2. By Location
      • 7.3.3.2.3. By End User
  • 7.3.4. Italy Oil and Gas EPC Market Outlook
    • 7.3.4.1. Market Size & Forecast
      • 7.3.4.1.1. By Value
    • 7.3.4.2. Market Share & Forecast
      • 7.3.4.2.1. By Service Type
      • 7.3.4.2.2. By Location
      • 7.3.4.2.3. By End User
  • 7.3.5. Spain Oil and Gas EPC Market Outlook
    • 7.3.5.1. Market Size & Forecast
      • 7.3.5.1.1. By Value
    • 7.3.5.2. Market Share & Forecast
      • 7.3.5.2.1. By Service Type
      • 7.3.5.2.2. By Location
      • 7.3.5.2.3. By End User

8. Asia Pacific Oil and Gas EPC Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Service Type
  • 8.2.2. By Location
  • 8.2.3. By End User
  • 8.2.4. By Country
• 8.3. Asia Pacific: Country Analysis
  • 8.3.1. China Oil and Gas EPC Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Service Type
      • 8.3.1.2.2. By Location
      • 8.3.1.2.3. By End User
  • 8.3.2. India Oil and Gas EPC Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Service Type
      • 8.3.2.2.2. By Location
      • 8.3.2.2.3. By End User
  • 8.3.3. Japan Oil and Gas EPC Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Service Type
      • 8.3.3.2.2. By Location
      • 8.3.3.2.3. By End User
  • 8.3.4. South Korea Oil and Gas EPC Market Outlook
    • 8.3.4.1. Market Size & Forecast
      • 8.3.4.1.1. By Value
    • 8.3.4.2. Market Share & Forecast
      • 8.3.4.2.1. By Service Type
      • 8.3.4.2.2. By Location
      • 8.3.4.2.3. By End User
  • 8.3.5. Australia Oil and Gas EPC Market Outlook
    • 8.3.5.1. Market Size & Forecast
      • 8.3.5.1.1. By Value
    • 8.3.5.2. Market Share & Forecast
      • 8.3.5.2.1. By Service Type
      • 8.3.5.2.2. By Location
      • 8.3.5.2.3. By End User

9. Middle East & Africa Oil and Gas EPC Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Service Type
  • 9.2.2. By Location
  • 9.2.3. By End User
  • 9.2.4. By Country
• 9.3. Middle East & Africa: Country Analysis
  • 9.3.1. Saudi Arabia Oil and Gas EPC Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Service Type
      • 9.3.1.2.2. By Location
      • 9.3.1.2.3. By End User
  • 9.3.2. UAE Oil and Gas EPC Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Service Type
      • 9.3.2.2.2. By Location
      • 9.3.2.2.3. By End User
  • 9.3.3. South Africa Oil and Gas EPC Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Service Type
      • 9.3.3.2.2. By Location
      • 9.3.3.2.3. By End User

10. South America Oil and Gas EPC Market Outlook

• 10.1. Market Size & Forecast
  • 10.1.1. By Value
• 10.2. Market Share & Forecast
  • 10.2.1. By Service Type
  • 10.2.2. By Location
  • 10.2.3. By End User
  • 10.2.4. By Country
• 10.3. South America: Country Analysis
  • 10.3.1. Brazil Oil and Gas EPC Market Outlook
    • 10.3.1.1. Market Size & Forecast
      • 10.3.1.1.1. By Value
    • 10.3.1.2. Market Share & Forecast
      • 10.3.1.2.1. By Service Type
      • 10.3.1.2.2. By Location
      • 10.3.1.2.3. By End User
  • 10.3.2. Colombia Oil and Gas EPC Market Outlook
    • 10.3.2.1. Market Size & Forecast
      • 10.3.2.1.1. By Value
    • 10.3.2.2. Market Share & Forecast
      • 10.3.2.2.1. By Service Type
      • 10.3.2.2.2. By Location
      • 10.3.2.2.3. By End User
  • 10.3.3. Argentina Oil and Gas EPC Market Outlook
    • 10.3.3.1. Market Size & Forecast
      • 10.3.3.1.1. By Value
    • 10.3.3.2. Market Share & Forecast
      • 10.3.3.2.1. By Service Type
      • 10.3.3.2.2. By Location
      • 10.3.3.2.3. By End User

11. Market Dynamics

• 11.1. Drivers
• 11.2. Challenges

12. Market Trends & Developments

• 12.1. Merger & Acquisition (If Any)
• 12.2. Product Launches (If Any)
• 12.3. Recent Developments

13. Global Oil and Gas EPC Market: SWOT Analysis

14. Porter's Five Forces Analysis

• 14.1. Competition in the Industry
• 14.2. Potential of New Entrants
• 14.3. Power of Suppliers
• 14.4. Power of Customers
• 14.5. Threat of Substitute Products

15. Competitive Landscape

• 15.1. Bechtel Corporation
  • 15.1.1. Business Overview
  • 15.1.2. Products & Services
  • 15.1.3. Recent Developments
  • 15.1.4. Key Personnel
  • 15.1.5. SWOT Analysis
• 15.2. TechnipFMC plc
• 15.3. McDermott International, Ltd
• 15.4. Saipem S.p.A.
• 15.5. Fluor Corporation
• 15.6. Petrofac Limited
• 15.7. Larsen & Toubro Limited
• 15.8. Halliburton Energy Services, Inc

16. Strategic Recommendations

17. About Us & Disclaimer