North America Leading the Oil and Gas EPC Market

North America is one of the leading regional markets with a growing number of oil and gas ventures in both the United States and Canada. The region is likely to see robust growth in the coming years. The United States is among the leading producers of crude oil and natural gas. The United States has one of the biggest, technically recoverable reserves of shale gas, and the second largest tight oil reserves in the world. Technological advances in hydraulic fracturing and low breakeven prices have supported upstream oil and gas operations in the onshore area, leading to robust demand for EPC key players.

Oil and Gas EPC: Market Segmentation

EPC (Engineering, Procurement and Construction) is a contract-based model for the execution of projects. Oil and gas companies also rely on EPC contractors for large-scale and long-term projects requiring professional labour and fine-tuned project management.

Rising Energy Consumption Bolstering the Market Growth

Energy consumption is constantly rising due to the growing population and per capita power consumption. While there is a growing trend in the generation of electricity from renewable sources, the production of oil and gas is dominant in the production of energy. The growth of the industry is majorly being driven by the rising automobile industry. The growing number of cars has a positive effect on the consumption of petroleum products such as petrol, diesel, and CNG. Technological advances and the increased feasibility of deep water and ultra-deep-water projects are expected to fuel market growth. Increased per capita incomes in developed countries and a rising population are the main drivers of demand growth.