Market Size of Russia Oil and Gas EPC Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | < 1.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Russia Oil and Gas EPC Market Analysis
Russia Oil and Gas EPC Market is projected to register a CAGR of over 1.5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.
- Over the medium term, factors such as IMO regulation and global efforts to reduce the use of coal for power generation, the demand for natural gas and low-sulfur fuel are expected to increase. This factor, in turn, is expected to promulgate the increasing EPC contracts across the midstream and the downstream sectors.
- On the other hand, the United States sanctions and restrictions on collaboration with Russia are likely to restrain the country's oil and gas EPC market.
- Nevertheless, the shift of the E&P sector toward offshore deep and ultradeep areas is expected to be the major opportunity for the Russian Oil and Gas EPC Market. Russia has been actively producing oil and gas from the Arctic shelf for quite some time. Still, with a decline in onshore hydrocarbon production, the national oil companies have no choice but to shift to complex and technologically challenging offshore deep-water and ultradeep water fields.
