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PRESENT MARKET SITUATION FOR EPC CONTRACTORS

Present economy situation and oil price put all EPC contractors in very bad shape, that to especially western and Europe contractors, they can't able to compete with Korean companies and china companies. at least Korean and china companies are getting the revamping jobs and china companies are getting infrastructure projects and surviving in the market.
 
Western companies and Europe companies have added value of technology provider and provided most of the oil, gas,petrochemical, water and power sector. Most of plants are having very old technology, why can't western and European companies can challenge the market and commit to the industry and promise to upgrade in to the new technology and commit increase production on the existing plants instead of investing in to new plants, where this will create more market potential and keep them survive for this down time. Instead of switch over in to feed market potential very low. They can have joint venture with the Big local companies and be competitive in the market where this will help both the countries. this will help the locals too.
 
we all know that western, European  joint venture with Korean companies and china have failed, the present cut throat market is not good for the client as well as the contractor, client also think twice while awarding the contract completion of the project, client should calculate return on investment, if the project delay more than one year its affects both the clients as well as the contractor. contractor also should have enough time to have clear study scope of work, where this will help both client and contractor.
 
Hope world economy will improve be soon and the market will change Lets be innovative and capture the market potential based on the present market situation.
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Even though fossil fuels will continue to dominate the global energy mix over the next 20 years, more and more energy will come from renewable sources and decentralized production will be increasingly possible. This will contribute to local economic, social and human development all around the world.