According to the recent study the oil and gas EPC market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 4% to 6% from 2023 to 2028. Growth in this market is primarily driven by rising demand for oil and gas EPC among the upstream sector and rising need for EPC due to newly discovered oil and gas resources in several nations.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in oil and gas EPC market by service type (engineering, construction & installation, procurement, management service, and fabrication & equipment), application (offshore and onshore), end use industry (upstream, downstream, and midstream), and region (North America, Europe, Asia Pacific, and the Rest of the World)
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“fabrication & equipment market is expected to remain the largest segment during the forecast period.”
Based on service type, the oil and gas EPC market is segmented into engineering, construction & installation, procurement, management service, and fabrication & equipment. Lucintel forecasts that the fabrication & equipment market is expected to remain the largest segment due to the growing integration of industrial automation and IoT software among the end use industries.
“Within the oil and gas EPC market, the upstream segment is expected to remain the largest end use industry”
Based on end use industrythe upstream segment is expected to witness the highest growth over the forecast period due to affordability, minimal complexity, less risky and more sites to access.
“Asia pacific will dominate the oil and gas EPC market in near future”
APAC will remain the largest region due to huge urbanization rate and continuous investment for the development of upstream and offshore in the region.
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