Oil and Gas EPC Market Size, Share, Growth, and Industry Analysis, By Types (Public Type, Private Type), By Applications (Oil Industry, Gas Industry) , and Regional Insights and Forecast to 2034

Oil and Gas EPC Market Size

Global Oil and Gas EPC Market size was USD 56.3 billion in 2024 and is projected to touch USD 60.21 billion in 2025, USD 64.4 billion in 2026, and USD 110.24 billion by 2034, exhibiting a CAGR of 6.95% during the forecast period. The market growth is driven by 40% increasing offshore exploration, 25% rising midstream and pipeline investments, and 35% adoption of digital EPC solutions worldwide, reflecting robust demand for integrated engineering, procurement, and construction services across upstream, midstream, and downstream sectors.

US Oil and Gas EPC Market is experiencing steady growth, with 38% of new projects focused on offshore and 32% on midstream pipelines. Refinery modernization accounts for 20% of ongoing developments, while renewable integration projects represent 10%. Technological adoption, such as digital monitoring and modular construction, contributes to 25% of project efficiencies. Strategic collaborations between contractors and energy companies cover 30% of regional market activities, driving expansion across key states and strengthening the US share of the global EPC landscape.

Key Findings

• Market Size: USD 56.3 billion (2024), USD 60.21 billion (2025), USD 110.24 billion (2034), CAGR 6.95%
• Growth Drivers: 40% offshore exploration, 25% midstream and pipeline investment, 35% digital EPC adoption, 20% refinery modernization
• Trends: 30% modular construction, 25% automation technologies, 20% offshore expansions, 15% renewable integration, 10% AI project management
• Key Players: WorleyParsons, CB&I, Technip, Hyundai Heavy Industries, Saipem, & more
• Regional Insights: Asia-Pacific leads the market with 37% share, driven by offshore exploration and pipeline expansions. Middle East & Africa holds 28%, fueled by upstream investments and refinery modernization. North America contributes 20%, supported by digital EPC adoption and midstream projects. Europe accounts for 15%, focused on sustainable infrastructure and renewable integration.
• Challenges: 28% oil price volatility, 22% regulatory changes, 18% project delays, 15% labor shortage, 17% geopolitical risks
• Industry Impact: 45% energy transition focus, 30% offshore project growth, 25% refinery upgrades, 20% digital adoption
• Recent Developments: 38% offshore EPC expansion, 32% modular plant deployment, 20% digital integration, 15% midstream upgrades, 10% renewable EPC inclusion

The Oil and Gas EPC Market continues to evolve, emphasizing technological advancement, sustainability, and efficiency. Around 40% of projects now leverage automation and AI, while 30% utilize modular construction techniques to accelerate timelines and reduce costs. Offshore exploration accounts for 20% of ongoing initiatives, and renewable integration projects represent 10% of total developments. Increased collaboration between contractors and energy firms covers 25% of global projects. Collectively, these trends demonstrate the industry's adaptive nature, focusing on integrated solutions and sustainable infrastructure development to meet rising energy demands across diverse geographies.

Oil and Gas EPC Market Trends

The Oil and Gas EPC market is witnessing notable shifts driven by energy diversification, regional exploration, and infrastructure expansion. Around 42% of the market is concentrated in offshore projects, highlighting the growing demand for subsea engineering and pipeline networks. Onshore EPC projects represent nearly 38%, supported by refinery expansion and gas processing plants. Midstream activities, including transportation and storage, contribute approximately 27% of EPC activities, while downstream accounts for nearly 21%, largely due to rising global refining capacity and petrochemical demand.

Regionally, Asia-Pacific dominates with close to 37% market share, driven by increased investments in refining and LNG terminals. The Middle East holds nearly 28%, backed by large-scale offshore exploration and national oil company projects. North America contributes about 20%, mainly supported by shale gas and unconventional oil projects. Europe accounts for 10% through modernization of aging infrastructure, while Latin America represents 5% with growing offshore drilling initiatives. Additionally, renewable integration in oil and gas EPC is advancing, with about 16% of EPC contractors diversifying into hybrid and sustainable energy projects to meet decarbonization goals.

Oil and Gas EPC Market Dynamics

OPPORTUNITY

Expanding Offshore Projects

Offshore oil and gas EPC projects contribute nearly 42% of the market share, with Asia-Pacific and the Middle East holding over 61% of these activities. Subsea infrastructure accounts for about 33% of contractor expansions, while nearly 27% of firms are focusing on deepwater capabilities. This growth trend highlights significant opportunities for EPC services across offshore and subsea operations.

DRIVERS

Increasing Global Energy Demand

Rising energy demand is driving EPC investments, with natural gas representing 31% of new capacity developments. Refining expansion supports nearly 27% of EPC contracts, while LNG terminals and pipeline projects account for 24%. Asia-Pacific leads with 37% of energy-driven EPC growth, making energy infrastructure expansion the key driver shaping this market segment.

RESTRAINTS

"Project Delays and Rising Complexity"

Project execution challenges restrain EPC market expansion, with 29% of projects facing delays due to regulatory and technical barriers. Budget overruns affect nearly 23% of large-scale contracts, primarily from labor shortages and logistical disruptions. Offshore initiatives are particularly impacted, with 18% of deepwater projects encountering extended approval timelines, creating constraints for market growth.

CHALLENGE

"Cost Pressures and Environmental Compliance"

The EPC market is challenged by surging input costs and sustainability mandates. Nearly 35% of contractors face increased material costs, directly affecting project margins. Environmental compliance influences 22% of projects, requiring added investments in monitoring and technology. Moreover, around 19% of EPC operations are under pressure from carbon reduction policies, intensifying challenges for traditional oil and gas EPC players.

Segmentation Analysis

The Global Oil and Gas EPC Market size was 56.3 Billion in 2024 and is projected to reach 60.21 Billion in 2025, ultimately touching 110.24 Billion by 2034, expanding at a CAGR of 6.95% during 2025-2034. The market is segmented by Type and Application, where both categories hold distinct opportunities. Public type dominates due to national-level contracts, while private type contributes significantly through independent EPC investments. In terms of applications, the oil industry secures the majority of EPC revenues, whereas the gas industry is rapidly expanding with LNG and pipeline projects. Each type and application displays unique shares, revenue potential for 2025, and long-term CAGR growth prospects, driven by offshore exploration, refinery expansions, and infrastructure modernization.

By Type

Public Type

Public type EPC projects dominate due to state-owned oil companies and national investments. This segment contributes significantly through refinery upgrades, offshore developments, and large-scale energy infrastructure expansion. Public entities account for nearly 58% of EPC contracts globally, with stronger presence in Asia-Pacific and the Middle East.

Public Type held the largest share in the Oil and Gas EPC market, accounting for 34.92 Billion in 2025, representing 58% of the total market. This segment is expected to grow at a CAGR of 7.1% from 2025 to 2034, driven by offshore exploration, LNG terminals, and refinery capacity additions.

Major Dominant Countries in the Public Type Segment

• China led the Public Type segment with a market size of 9.12 Billion in 2025, holding a 26% share and expected to grow at a CAGR of 7.4% due to state-backed energy infrastructure projects and refinery expansions.
• Saudi Arabia held 8.13 Billion in 2025, representing a 23% share, and is projected to grow at a CAGR of 7.2% owing to offshore oil exploration and petrochemical investments.
• India accounted for 6.98 Billion in 2025, with a 20% share, and is anticipated to grow at a CAGR of 7.6% driven by LNG terminals and national refinery projects.

Private Type

Private type EPC projects are led by multinational corporations and independent operators, focusing on innovation, cost efficiency, and new energy diversification. This segment represents nearly 42% of the EPC market and plays a vital role in driving competitiveness and technology-driven developments globally.

Private Type accounted for 25.29 Billion in 2025, representing 42% of the total market. It is forecast to expand at a CAGR of 6.7% from 2025 to 2034, supported by independent offshore drilling, advanced engineering solutions, and midstream infrastructure investments.

Major Dominant Countries in the Private Type Segment

• United States led the Private Type segment with 7.33 Billion in 2025, holding a 29% share and expected to grow at a CAGR of 6.9% due to shale gas projects and pipeline expansions.
• Brazil accounted for 6.07 Billion in 2025, representing a 24% share, and is projected to grow at a CAGR of 6.5% fueled by offshore deepwater exploration.
• United Kingdom held 5.31 Billion in 2025, with a 21% share and is set to grow at a CAGR of 6.4% supported by North Sea oilfield redevelopment and sustainable EPC investments.

By Application

Oil Industry

The oil industry dominates EPC demand due to upstream exploration, midstream transportation, and refinery expansion. This segment accounts for around 63% of the EPC market, primarily driven by offshore oil exploration and global refinery modernization efforts across Asia-Pacific, Middle East, and North America.

The Oil Industry held the largest share in the Oil and Gas EPC market, accounting for 37.93 Billion in 2025, representing 63% of the total market. This segment is expected to expand at a CAGR of 7.2% from 2025 to 2034, supported by deepwater oil projects, refinery upgrades, and petrochemical developments.

Major Dominant Countries in the Oil Industry Segment

• Saudi Arabia led the Oil Industry segment with 10.23 Billion in 2025, holding a 27% share and expected to grow at a CAGR of 7.5% due to large-scale upstream and downstream investments.
• United States accounted for 8.73 Billion in 2025, representing a 23% share, with projected growth at a CAGR of 7.1% supported by shale oil and refinery expansion.
• Russia held 7.59 Billion in 2025, with a 20% share and expected CAGR of 6.9%, driven by offshore exploration and pipeline infrastructure growth.

Gas Industry

The gas industry EPC segment is expanding rapidly, fueled by global LNG infrastructure, cross-border pipelines, and growing demand for cleaner fuels. It accounts for 37% of the EPC market, strongly supported by Asia-Pacific and Europe for LNG import terminals and storage facilities.

The Gas Industry accounted for 22.28 Billion in 2025, representing 37% of the total market. This segment is projected to grow at a CAGR of 6.6% from 2025 to 2034, driven by LNG demand, pipeline expansion, and energy transition initiatives worldwide.

Major Dominant Countries in the Gas Industry Segment

• Qatar led the Gas Industry segment with 6.01 Billion in 2025, holding a 27% share and projected to grow at a CAGR of 6.8% due to LNG terminal capacity expansions.
• China accounted for 5.46 Billion in 2025, representing a 24% share, with an expected CAGR of 6.7% driven by LNG imports and pipeline connectivity.
• Australia held 4.89 Billion in 2025, representing 22% of the share, and is forecast to grow at a CAGR of 6.5% with strong LNG export capacity and offshore gas field projects.

Oil and Gas EPC Market Regional Outlook

The Global Oil and Gas EPC Market size stood at 56.3 Billion in 2024 and is projected to reach 60.21 Billion in 2025, rising further to 110.24 Billion by 2034 at a CAGR of 6.95% during 2025-2034. Regional analysis highlights North America, Europe, Asia-Pacific, and Middle East & Africa, each contributing uniquely to the overall growth. North America holds 20% of the market, Europe accounts for 15%, Asia-Pacific dominates with 37%, while Middle East & Africa represents 28%. Together, these regions cover 100% of the market share.

North America

North America’s EPC market is strongly driven by shale oil, natural gas production, and modernization of aging infrastructure. This region holds 20% of the global EPC market share, with growing investments in offshore exploration in the Gulf of Mexico and increasing pipeline projects. Midstream activities dominate nearly 36% of regional EPC contracts, while downstream refinery expansions cover 29%. Onshore EPC activities represent about 35%, reflecting the balance of upstream and midstream infrastructure expansion in the region.

North America accounted for 12.04 Billion in 2025, representing 20% of the total market. This segment is expected to expand significantly during the forecast period, driven by shale gas exploration, LNG exports, and large-scale refinery upgrades.

North America - Major Dominant Countries in the Oil and Gas EPC Market

• United States led North America with a market size of 8.26 Billion in 2025, holding a 69% share due to shale gas and refinery expansions.
• Canada accounted for 2.53 Billion in 2025, representing 21% share, supported by oil sands projects and pipeline developments.
• Mexico held 1.25 Billion in 2025, with a 10% share, driven by offshore projects in the Gulf of Mexico.

Europe

Europe holds 15% of the global EPC market share, largely influenced by modernization of aging refineries, North Sea oilfield redevelopment, and sustainable EPC investments. Offshore activities contribute nearly 41% of the regional EPC contracts, while downstream accounts for 28% due to refinery and petrochemical upgrades. Onshore pipeline and midstream projects cover around 31%, reflecting Europe’s focus on energy diversification and import infrastructure.

Europe accounted for 9.03 Billion in 2025, representing 15% of the total market. Growth is supported by North Sea redevelopment, LNG import terminals, and energy transition initiatives.

Europe - Major Dominant Countries in the Oil and Gas EPC Market

• United Kingdom led Europe with a market size of 3.42 Billion in 2025, holding a 38% share, driven by offshore North Sea projects.
• Norway accounted for 3.06 Billion in 2025, representing 34% share, supported by offshore exploration and subsea projects.
• Germany held 2.55 Billion in 2025, with a 28% share, driven by refinery modernization and midstream infrastructure.

Asia-Pacific

Asia-Pacific dominates the EPC market with 37% share, driven by rapid industrialization, refinery capacity expansion, and LNG terminal construction. Offshore exploration represents 39% of activities, with downstream and petrochemical projects contributing 33%. Midstream infrastructure like pipelines and storage accounts for 28%. China, India, and Australia play leading roles in pushing regional demand across upstream and downstream EPC projects.

Asia-Pacific accounted for 22.28 Billion in 2025, representing 37% of the total market. Growth is strongly supported by refinery upgrades, offshore exploration, and LNG infrastructure development.

Asia-Pacific - Major Dominant Countries in the Oil and Gas EPC Market

• China led Asia-Pacific with a market size of 8.90 Billion in 2025, holding a 40% share, supported by large-scale refinery and LNG terminal projects.
• India accounted for 7.14 Billion in 2025, representing 32% share, fueled by refinery expansions and pipeline developments.
• Australia held 6.24 Billion in 2025, with a 28% share, driven by LNG export capacity and offshore gas projects.

Middle East & Africa

Middle East & Africa contributes 28% of the EPC market share, led by massive offshore oilfield projects, refinery developments, and growing gas infrastructure. Offshore projects make up nearly 45% of EPC activities, while downstream accounts for 31% through petrochemical expansions. Midstream pipeline projects cover 24%, highlighting regional efforts to strengthen export and transportation infrastructure.

Middle East & Africa accounted for 16.86 Billion in 2025, representing 28% of the total market. Growth is strongly driven by large-scale offshore exploration, refinery expansions, and investments in gas processing facilities.

Middle East & Africa - Major Dominant Countries in the Oil and Gas EPC Market

• Saudi Arabia led the region with a market size of 6.41 Billion in 2025, holding a 38% share, driven by upstream exploration and petrochemical expansions.
• United Arab Emirates accounted for 5.23 Billion in 2025, representing 31% share, with growth from offshore and LNG investments.
• Qatar held 5.22 Billion in 2025, with a 31% share, driven by LNG infrastructure and pipeline projects.

List of Key Oil and Gas EPC Market Companies Profiled

Investment Analysis and Opportunities in Oil and Gas EPC Market

The Oil and Gas EPC market presents numerous investment opportunities, with 37% of global demand concentrated in Asia-Pacific and 28% in Middle East & Africa. North America contributes 20% and Europe 15% of total market share. Investors are focusing on offshore exploration, LNG terminals, and refinery upgrades, which account for over 55% of the regional project portfolios. Pipeline and midstream infrastructure projects represent 33% of market opportunities. Increased energy transition initiatives are opening new EPC contracts, with 45% of upcoming projects emphasizing cleaner fuels and sustainable development, creating significant growth potential for industry stakeholders.

New Products Development

New product development in the Oil and Gas EPC market emphasizes technological advancements and efficiency improvements. Approximately 42% of new initiatives focus on automation and digital EPC solutions, including AI-driven project management and predictive maintenance. Modular construction techniques now account for 28% of the latest projects, reducing time and costs. Offshore exploration equipment upgrades constitute 20% of new product investments, enhancing safety and operational efficiency. Midstream and pipeline technology improvements represent 10%, supporting faster and safer transport of hydrocarbons. Collectively, these innovations are reshaping EPC project execution and contributing to regional market expansion across all major regions.

Recent Developments

• WorleyParsons: Expanded offshore project portfolio in Asia-Pacific, executing 42% of new EPC contracts in offshore oilfields and enhancing digital project management capabilities in 2024.
• Technip: Completed innovative subsea pipeline projects, accounting for 38% of regional midstream developments and strengthening global presence in the Middle East & Africa.
• Hyundai Heavy Industries: Launched modular refinery construction technology adopted in 35% of regional EPC projects, improving completion time and reducing operational costs.
• Saipem: Developed next-generation LNG terminal EPC solutions, deployed in 33% of ongoing projects, enhancing efficiency and safety across offshore facilities.
• CB&I: Initiated integrated petrochemical facility upgrades in Europe and North America, representing 30% of new EPC contracts and driving sustainable infrastructure development.

Report Coverage

The Oil and Gas EPC market report provides comprehensive coverage of market dynamics, including SWOT analysis of key players, regional insights, and segmental evaluation. Strengths include strong technological capabilities with 40% of projects leveraging digital solutions, and diversified geographical presence covering 100% of global regions. Weaknesses highlight dependency on oil prices affecting 28% of EPC project viability. Opportunities are identified in LNG, offshore, and renewable integration, representing 45% of potential growth avenues. Threats include geopolitical tensions and regulatory shifts affecting 22% of ongoing projects. The report extensively analyzes market segmentation, competitive landscape, investment trends, new product developments, and recent strategic initiatives of top 17 companies, providing a holistic view for investors, stakeholders, and market strategists.