Oil And Gas EPC Market Size, Share, Growth, Trends, Global Industry Analysis By Type (Public Type, And, Private Type) By Application (Oil Industry, And, Gas Industry), Regional Insights and Forecast From 2025 To 2033

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OIL AND GAS EPC MARKET OVERVIEW

The global oil and gas epc market size was valued at USD 202.9 billion in 2024 and market is projected to touch USD 328.53 billion by 2033 at a CAGR of 5.4% during the forecast period from 2025 To 2033. Asia Pacific is dominating the oil and gas epc market share in 2025.

EPC in oil and gas market stands for engineering, Procurement, and Construction. There are certain firms that provide EPC and they help in delivering a package of all the necessary resources required to complete the construction of infrastructures. EPC firms become the source that is single-handedly responsible for completing the entire project.

Requirement of energy everywhere has increased tremendously. The rising need for oil and gas has propelled the market growth. This is considered as the latest trend in the market.

Hydrocarbons are in high demand. New pipelines are getting constructed to transport oil and gases across countries. All of these factors are driving the oil and gas EPC market growth.

OIL AND GAS EPC MARKET SHARE FACT AND FIGURES

Regional Breakdown

• North America holds a 30% market share, USD 60.87 billion with a 5.2% CAGR, driven by significant investments in upstream and downstream projects, technological advancements in oil extraction, and government incentives for infrastructure development.

• Asia-Pacific captures 35% of the market, or USD 71.02 billion in 2024, with a growth rate of 5.8% CAGR, attributed to increasing energy demand, major infrastructure projects in China and India, and the growing role of LNG terminals in the region.

• Europe accounts for 25% of the market, or USD 50.73 billion in 2024, with a 5.1% CAGR, supported by a focus on sustainability, investment in greenfield projects, and the refurbishment of aging oil and gas infrastructure.

• Rest of the World holds approximately 10% of the global market, equating to USD 20.29 billion in 2024, with a 5.0% CAGR, driven by exploration activities in Africa, the Middle East, and Latin America.

Product Segments Breakdown

• Public Type EPC Projects dominate the market with 60% of sales, amounting to USD 121.74 billion in 2024, growing at a 5.6% CAGR, driven by government-led initiatives for energy security and infrastructure modernization.

• Private Type EPC Projects account for 40% of the market, or USD 81.16 billion in 2024, with a 5.2% CAGR, supported by investments from private firms in advanced technologies and offshore exploration projects.

This detailed breakdown showcases the crucial numbers, growth trends, and dynamics shaping the oil and gas epc market, emphasizing the evolving landscape of energy infrastructure development. 

COVID-19 IMPACT

Decline In The Business Of Oil And Gas Market Decreased Market Growth

The pandemic of COVID-19 had an adverse effect on all the markets. This reduced the demand for all products. Pandemic also proved detrimental to the oil and gas market which in turn affected the EPC market.

Loss faced by the commercial sector was the primary reason for the downfall of the market during the pandemic. Energy and power required to run the machines was not available sufficiently. There was shortage of power as well as raw materials. Many contracts were abruptly stopped in between without any prior notice. High supply and low demand also affected the market to a great extent. These factors were responsible for the decline in the oil and gas EPC market share.

LATEST TRENDS

Rising Consumption of Energy All Over the World to Increase Market Growth

Energy in the form of fuel like petrol, diesel, kerosene, and electricity have become the primary requirement of people. Offices, factories, and industries cannot work without the presence of energy. Oil and gas form the main source of energy.

Growing population, increasing number of industries, and factories, higher per capita power consumption, have all increased the demand for energy sources. Even though renewable sources of energy are being developed, the usage of oil and gas is still dominant in many areas. This has become a favorable factor in developing the oil and gas EPC market.

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OIL AND GAS EPC MARKET SEGMENTATION

By Type

The market can be divided on the basis of type into the following segments:

Public type, and, Private type. The public type segment is anticipated to dominate the market during the forecast period.

By Application

Classification based on application into the following segment:

Oil industry, and, Gas industry. The oil industry segment is predicted to dominate the market during the research period.

DRIVING FACTORS

Growing Demand for Hydrocarbon to Accelerate Market Growth

Hydrocarbons are required by different industries in large amounts. There has been a constant increase in the need for hydrocarbons. In order to satiate the need of hydrocarbons governments and private institutions have taken up the initiative to make investments in large-scale exploration of hydrocarbons. This is an important factor accelerating the market growth.

Technological developments, change in the population and economical growth of various countries have had an impact on the prices of oil. Economy of middle East countries is totally dependent on their reserve of oil and gases. Another major factor that has positively impacted the market growth is the steadily improving exploration of oil and gases.

Building of New Pipelines in Gas and Oil Sector to Propel the Market Growth

One of the positive improvements that has taken place in this market is the construction of new pipelines for transporting oil and gases from countries to countries. The contracts between companies have also increased recently. Government initiatives are augmenting the market growth. Government of several countries have come forward in order to remove hurdles from on going projects. Many projects are getting re-bids.

Government is following certain mechanisms like long-term funding and is promoting low oil prices in order to increase External Commercial Borrowing (ECB). Rapid developments in aviation, automotive, automobile, construction, manufacturing is indirectly having a good impact on the market. Urbanization and industrialization are the two most vital factors that have resulted in market growth. Developing and growing transportation channels have increased the demand for hydrocarbons, oils, and gases.

RESTRAINING FACTOR

Growing Concern About Environment to Bring Down the Market Growth

Hydrocarbons, oils, and gases are the major sources of pollution. Emission of green house gases have resulted in the depletion of the ozone layer. Also, oils and gases are non-renewable sources of energies and can deplete in the near future. Hence people are shifting their focus on extracting renewable sources of energy. This can hamper the oil and gas EPC market growth.

Another reason that can restrain the market growth is the constant fluctuation of oil and gas prices. Wind, solar, and geothermal energies are being put to better use to generate reliable source of energy. Shift of customer preferences from fuel-based vehicles to electric vehicles have also had a negative impact on the market as electric vehicles do not use oil and gases for their operations. The above-mentioned factors are preventing the market growth.

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OIL AND GAS EPC MARKET REGIONAL INSIGHTS

Asia Pacific to Dominate the Market in Upcoming Years

Asia Pacific is the largest shareholder of the oil and gas EPC market. China is one of the highly flourishing markets in Asia Pacific due to its upper hand in technological advancements. Similarly South Korea, India, and, Japan have many key industrial players contributing to the share of Asia Pacific.

Natural gas has gained tremendous demand in this region. Along with natural gas LNG that is liquified natural gas facilities are also being developed. Noticeable offshore oil and gas exploration as well as production activities are contributing to the market development.

KEY INDUSTRY PLAYERS

Leading Players adopt Acquisition Strategies to Stay Competitive

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Top Oil And Gas EPC Companies

• WorleyParsons (Australia)
• CB&I (India)
• Technip (France)
• Hyundai Heavy Industries (Korea)
• Saipem (Italy)
• Wood (U.K.)
• GS Engineering & Construction Corporation (South Korea)
• Daelim Industrial (South Korea)
• Daewoo Engineering & Construction (South Korea)
• SK Engineering & construction
• Samsung Engineering (South Korea)
• KBR (U.S.)
• Técnicas Reunidas (Spain)
• Petrofac (U.K.)
• Bilfinger (Germany)
• NPCC (India)
• TATA Projects (India)

REPORT COVERAGE

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations