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Jan. 8, 2020, 4:55 a.m. EST

Global Oil & Gas EPC Market Share Size 2020-2023 Pointing to Achieve Largest Market Growth, Leading Players and Share with Developed Economies| by Market Reports World

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Jan 08, 2020 (The Expresswire) -- International Oil & Gas EPC Market (2020) research report is a pro and in depth study accessible available on the market size, growth, share, trends, as well as business analysis.

Global " Oil and Gas EPC Market " (2020), Industry Research Report is an in-depth study on the current state of the Global Oil and Gas EPC industry. This report studies Global Oil and Gas EPC in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India with production, revenue, consumption, import and export in these regions and forecast to 2023.

Get a sample copy of the report at- https://www.marketreportsworld.com/enquiry/request-sample/12343411

TopManufacturersListed inthe Oil and Gas EPC Market Report are:

  • TechnipFmc Plc

  • Bechtel Corporation

  • Samsung Engineering Co.

  • Ltd

  • Saipem SPA

  • National Petroleum Construction Company

  • McDermott International

  • Inc.

  • KBR Inc.

  • Jacobs Engineering Group Inc.

  • Hyundai Heavy Industries Co. Ltd.

  • Hyundai Engineering and Construction Co. Ltd.

  • Fluor Corporation

  • Daewoo Engineering and Construction Co. Ltd.

  • CNGS Group

  • Hexa Oil and Gas Services Llc

  • Stroytransgaz

The global spending on oil and gas projects was about USD 437 billion, a decrease of nearly 41.7% when compared to that of 2014. Factors, such as a decline in the investments in oil and gas projects and cancellation of projects, worth USD 380 billion since 2014, have resulted in a severe downturn in the global oil and gas EPC market. As a result, it is tough to maintain the profit margins, which has fueled the level of competition between EPC contractors. Oil and gas EPC companies are partnering with seasoned companies to complement their skillset, increase strength and improve the overall business portfolio.

Increasing Demand for Oil and Gas Accelerates Growth

If the new projects are not approved, the global oil supply is expected to fall behind the global oil demand by 2020. Two scenarios can be considered due to this situation. Firstly, a majority of operating companies anticipate such situation and take the risk of investing in new projects, even if the oil prices are low; however until the prices rise, the companies can delay the production to prevent the oversupply. In this scenario, companies are expected to invest in exploration, so that the discovered oil reserves are utilized later when the oil and gas prices rise, resulting in the growth of upstream exploration contracts during the forecast period; while midstream and downstream contracts are expected to rise after 2020. The second scenario is that, if the majority of operating companies do not take the risk of investing in new projects due to low sustained oil prices, then the supply of oil and gas is expected to fall behind the demand, leading to a drastic rise in the oil prices. In this case, the oil and gas EPC contracts are expected to rise substantially during the forecast period. Therefore, in either case, the contracts in oil and gas sector are expected to increase within next five years. The low crude oil prices and lack of skilled labor are the major restraints for the growth of the global oil and gas EPC market.

Variable Effect of Oil Price on Upstream, Midstream and Downstream EPC Market

A decline in crude oil prices has led to a slump in the upstream oil and gas industry. On the other hand, it has had a variable effect on the downstream oil and gas industry based on geography. For instance, in Europe, the decline in crude oil prices has increased the profit margins for the downstream industry; while in the United States, the low oil prices have resulted in an oversupply of end-product in the downstream industry. This has led to the demand-supply deficit, which, in turn, has had an adverse effect on the US downstream oil and gas industry. The midstream oil and gas industry witnessed a sharp decline over the years, due to a decline in the volume of investments owing to the uncertainty of oil prices.

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