Transportation delays and disruption in raw material pricing further accelerated the market decline. Also, excessive demand and low supply rendered the market towards a negative impact. Dominant players in the market had to shut down their business practices or keep them operational at 50% due to the newly restricted lockdown and social distancing measures. The spread of COVID-19 pandemic had a severe effect on the oil & gas EPC sector in terms of supply & production. Additionally, factors, such as rising oil & gas exploration activities, will increase the footprint of the market.įaltering in Supply Chains to Impact Market in a Negative Manner during Pandemic This vital information is presented by Fortune Business Insights™, in its report titled, “Oil and Gas EPC Market, 2021-2029.” Factors, such as increasing utilization of hydrocarbons and increasing shares of oil & gas, are expected to boost the market growth during the forecast period. The market is projected to grow from USD 49.58 billion 2022 to USD 80.77 billion in 2029 at a CAGR of 7.2% during the 2022-2029 period. The Oil and Gas EPC Market size was USD 46.60 billion in 2021.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |