Market Size of Southeast Asia Oil and Gas EPC Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.56 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Southeast Asia Oil and Gas EPC Market Analysis
The Southeast Asian oil and gas EPC market is estimated to register a negative CAGR of around 2.56% during the forecast period of 2022-2027, valuing USD 37.60 billion in 2027 compared to USD 42.74 billion in 2020. With the COVID-19 pandemic in 2020, the market witnessed a significant negative impact. For instance, Indonesia postponed its six oil & gas bidding rounds, and companies like Petronas delayed its Kelidang cluster in Brunei and Malaysia. The increasing share of natural gas in the energy mix is expected to be a primary driver for the growth of the EPC market in many emerging markets in the Southeast Asian region. On the flip side, players continue to face a myriad of challenges, which result in lengthy development times of up to 12 years for deepwater projects and are likely to restrain the EPC market in the region during the forecast period.
- The downstream segment is estimated to account for the largest share in the Southeast Asian oil and gas EPC market in 2021. The segment has been undergoing major upgrades in the existing refineries and petrochemical complexes.
- Countries such as Brunei, Vietnam, and Myanmar have enormous potential for the oil and gas industry across all three sectors, namely, upstream, midstream, and downstream. This is likely to act as an opportunity for the Southeast Asian oil and gas EPC market.
- Indonesia is expected to dominate the Southeast Asian oil and gas EPC market in 2021, owing to a large number of new refineries being constructed.
