Global Oil and Gas EPC Market Growth Strategy and Industry Development to 2025

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Oil and Gas Industry Shows Tremendous Reliance on
EPC Contractors for Critical Project
Management Technological advancements in the oil
and gas industry call for greater sophistication
in the approaches followed by engineering,
procurement, and construction (EPC) contractors.
To undertake large-scale and ineradicable
projects, EPC contractors need to build an army
of skilled labor along with a resilient project
management base. The success of these contractors
in achieving this feat is expected to emerge as
a crucial function of market growth. However,
exorbitantly-priced bidding processes followed by
logjams and dearth of proficient personnel often
curtails the development of small-scale
businesses in the oil and gas EPC market. The oil
and gas industry is expected to deck-up its
processes in order to accommodate the needs of
EPC contractors, thus, driving market
demand. Request a Sample Copy of this Report _at_
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-and-gas-epc-market/request-sample Mounting
Expenditure on Digitalization Could Add to the
Woes of EPC Contractors Focus on Low-Carbon
Projects Comes to the Rescue of the Latter The
outlay on digitalization for shale gas
exploration is a supreme driver of growth for the
oil and gas EPC market. However, due to the
outbreak of the COVID-19, supply chain
disruptions brought the process of shale gas
transmission to a screeching halt. This also
strained the development plans of EPC
contractors in the oil and gas industry. To meet
the thriving demands of customers, EPC suppliers
have now begun to leverage digital offerings for
operational paradigms and packages. They are
also focusing on adhering to geopolitical
prerequisites to keep trade running.
Furthermore, the EPC domain has witnessed a
remodeling of capital investment to provide
cleaner and low-carbon business. Organizations
like Petrofac, Aker Solutions, and TechnipFMC
have revamped their operations to make room for
low-carbon projects. It is worthwhile to mention
that oil and gas activities saw a downfall due to
rapid increment in the price of offshore oil.
The invention of new onshore and offshore oil and
gas assets has led to the evolution of upstream,
midstream, and downstream activities.
Consequently, the EPC firms are envisaged to
grow exponentially and spawn lofty turnovers in
the times to follow. North America - A Dominion
for Shale Gas EP Venture in EPC Market The Gulf
of Mexico, being the hub of EP activities and
fulcrum of shale, elicits North America to
dominate the global oil and gas EPC market. Asia
Pacific is also a budding market with consistent
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advancements in oil and gas operations across
emerging economies such as India and China.
Moreover, North Africa and oil-rich Arab
countries have a striking share in the
international market. The vertical integration
of national oil companies is a strategic move by
these nations to maneuver the growth of the EPC
contractors in the region. Oil and Gas EPC
Market Front-runners Across the Globe Remarkable
and most combative contractors in the oil and gas
EPC market are Woodside, Equinor ASA, CNOOC
Limited, Petrobras, and ExxonMobil Corporation.
Additionally, the other competitors of the oil
and gas EPC market include Saipem SpA,
TechnipFMC, Plc, McDermott International,
Petrofac Limited, Mott MacDonald, WorleyParsons
Limited, John Wood Group PLC, Aker Solutions,
TechnipFMC, LARSEN TOUBRO LIMITED, Inc., and
Fluor Corporation. The strategic moves taken by
these contractors are due to play a key role in
future growth of the market. Check Complete
Report Details of market _at_ https//www.fairfieldm
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