Global EPC (Engineering, Procurement, and Construction) Market Outlook
According to a new report by Expert Market Research titled “Global EPC (Engineering, Procurement, and Construction) Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the global EPC (engineering, procurement, and construction) market reached a value of approximately USD 8.24 trillion in 2022. Aided by the increasing demand for infrastructural development and the expanding applications of EPC services across various industries, the market is projected to further grow at a CAGR of 3.20% between 2023 and 2028 to reach a value of USD 9.89 trillion by 2028.
EPC is a prevalent form of contracting agreement within the construction industry, where the EPC contractor is made responsible for all activities from design, procurement, construction, to commissioning and handover of the project to the end-user or owner. The model reduces project risks for the owner and leads to the delivery of the projects within the allocated time and budget. EPC contracts are widely used in the energy, telecommunications, and infrastructure sectors.
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The escalating demand for infrastructural development across various sectors is primarily driving the global EPC (engineering, procurement, and construction) market growth. With the rapid urbanisation and industrialisation, there has been a substantial shift towards robust and time-bound project delivery models, leading to a surge in demand for EPC services. Additionally, the growing trend of digitalisation in construction and project management has further bolstered the EPC market, as it leverages advanced technologies for enhanced project design, management, and delivery.
The expanding applications of EPC in various sectors also play a significant role in accelerating the EPC (engineering, procurement, and construction) market development. In the energy sector, EPC contracts are widely used in projects related to oil and gas, solar power, and wind power. The telecommunications sector leverages EPC services for the robust and efficient construction of network infrastructures. Infrastructure sectors, including transportation, water, and urban development, also significantly depend on EPC services for timely and budgeted project delivery.
Moreover, the growing focus on renewable energy projects worldwide has led to an increased focus on EPC as a reliable contracting model. With the rise in environmental concerns and the increasing popularity of sustainable energy solutions, EPC has emerged as a critical component in the implementation of renewable energy projects such as solar farms and wind farms, thereby boosting the EPC (engineering, procurement, and construction) market expansion.
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EPC (Engineering, Procurement, and Construction) Market Segmentation
The market can be divided based on type, application, marketing channel, and region.
Market Breakup by Type
- Engineering
- Procurement
- Construction
- Design
- Others
Market Breakup by Application
- Chemicals
- Power
- Oil and Gas
- Industrial
- IT and Telecom
- Roads, Railways, and Bridges
- Airports and Ports
- Building Construction
- Others
Market Breakup by Marketing Channel
- Offline Channel
- Online Channel
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global EPC (Engineering, Procurement, and Construction) companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- China State Construction Engineering Corporation Ltd.
- Fluor Corporation
- Prokon Engineering and Consulting Inc.
- Tekfen Holding A.Ş.
- Maire Tecnimont S.p.A.
- SAIPEM SpA
- Swinerton Incorporated
- Samsung Engineering Co. Ltd
- Larsen & Toubro Limited
- TechnipFMC plc
- Wood plc
- GS Engineering & Construction Corporation
- Others
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