logo

Southeast Asia Oil and Gas EPC Market Size (2024 - 2029)

The Southeast Asian oil and gas EPC market is experiencing challenges that impact its market size, with a notable decline projected over the forecast period. The COVID-19 pandemic significantly affected the market, leading to delays in key projects across the region. Despite these setbacks, the increasing role of natural gas in the energy mix presents growth opportunities, particularly in emerging markets. The downstream segment holds the largest market share, driven by upgrades in refineries and petrochemical complexes. Countries like Brunei, Vietnam, and Myanmar offer substantial potential across all sectors, while Indonesia is anticipated to lead the market due to its numerous new refinery constructions.

Home Market Analysis Energy & Power Research Oil and Gas Research Oil and Gas EPC Research Southeast Asia Oil and Gas EPC Industry Market Size

Market Size of Southeast Asia Oil and Gas EPC Industry

Southeast Asia Oil and Gas EPC Market - Market Summary
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

rd-img

*Disclaimer: Major Players sorted in no particular order

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.

Southeast Asia Oil and Gas EPC Industry Segmentation

The Southeast Asian oil and gas EPC market includes:

Sector
Upstream
Midstream
Downstream
Geography
Indonesia
Malaysia
Thailand
Rest of Southeast Asia
Need A Different Region Or Segment?
Customize Now

Southeast Asia Oil and Gas EPC Market Size Summary

The Southeast Asia oil and gas EPC market is experiencing a challenging phase, with a projected decline in market size over the forecast period. The COVID-19 pandemic significantly impacted the sector, causing delays in key projects and bidding rounds across the region. Despite these challenges, the increasing integration of natural gas into the energy mix is anticipated to drive growth in the EPC market, particularly in emerging markets within Southeast Asia. However, the sector faces obstacles such as prolonged development timelines for deepwater projects, which may hinder market expansion. The downstream segment is expected to hold the largest share of the market, driven by substantial upgrades in refineries and petrochemical complexes across countries like Brunei, Vietnam, and Myanmar, presenting opportunities for market players.

Indonesia is poised to dominate the Southeast Asia oil and gas EPC market, supported by its significant oil and gas reserves and ongoing construction of new refineries. The region's refining sector is witnessing growth due to rising demand for refined products, with countries like Malaysia and Singapore making substantial investments in refining and petrochemical assets. The midstream industry is also expected to see significant growth, driven by the need for enhanced oil transportation infrastructure. Major international firms continue to invest in the region, with projects like the Indonesia Deepwater Development highlighting the ongoing expansion efforts. The market remains moderately fragmented, with key players such as TechnipFMC, Fluor Corporation, and Saipem SpA actively participating in various projects across the region.

Explore More

Southeast Asia Oil and Gas EPC Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, until 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Market Dynamics

      1. 1.4.1 Drivers

      2. 1.4.2 Restraints

    5. 1.5 Supply Chain Analysis

    6. 1.6 Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Consumers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitutes Products and Services

      5. 1.6.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Sector

      1. 2.1.1 Upstream

      2. 2.1.2 Midstream

      3. 2.1.3 Downstream

    2. 2.2 Geography

      1. 2.2.1 Indonesia

      2. 2.2.2 Malaysia

      3. 2.2.3 Thailand

      4. 2.2.4 Rest of Southeast Asia

Southeast Asia Oil and Gas EPC Market Size FAQs

The Southeast Asia Oil and Gas EPC Market is projected to register a CAGR of 2.56% during the forecast period (2024-2029)

TechnipFMC plc, Saipem SpA, Bechtel Corporation, Fluor Corporation and PT. JGC Indonesia are the major companies operating in the Southeast Asia Oil and Gas EPC Market.

Southeast Asia Oil and Gas EPC Market Report Snapshots

Southeast Asia Oil and Gas EPC Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)