EPC (Engineering, Procurement, and Construction) Market Outlook
According to the report by Expert Market Research (EMR), the EPC (Engineering, Procurement, and Construction) market size reached a value of USD 8.50 trillion in 2023. Aided by increasing investments in infrastructure development, rapid urbanisation, and industrialisation in emerging economies, and the adoption of new technologies in the construction sector, the market is projected to further grow at a CAGR of 3.20% between 2024 and 2032 to reach a value of USD 11.22 trillion by 2032.
Engineering procurement and construction is a commonly used contract format in the construction sector that is mutually agreed upon by project owners and contractors. These agreements are usually carried out for extensive and intricate infrastructure projects by private entities. These projects typically begin with the creation of an engineering blueprint, followed by the acquisition of essential construction materials, and culminate in the project’s completion.
The EPC (Engineering, Procurement, and Construction) market growth is driven by increased government investments in bridge and road development projects. The construction of these infrastructure projects demands specialised engineering expertise, complex designs, and specific machinery and equipment. Governments worldwide are opting to hire engineering procurement and construction contractors for projects that require advanced skills, knowledge, and specialised equipment in a cost-effective manner.
The EPC (Engineering, Procurement, and Construction) market demand is also driven by the development of power generating facilities and the growing energy consumption. As energy production facilities expand to meet the anticipated increase in energy consumption, the market is expected to grow.
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As per the EPC (Engineering, Procurement, and Construction) market analysis, oil and gas are projected to play a significant role in the market, primarily driven by the increasing demand from sectors such as aviation, automotive, and manufacturing. This surge in demand can be attributed to the rapidly growing population and their need for essential daily commodities, leading to greater investments in reliable and continuous energy sources. A substantial portion of oil and gas is utilised for electricity generation to meet the escalating energy requirements. Additionally, the socio-economic advancements and the expansion of the global transportation sector are anticipated to further contribute to the market growth.
North America is projected to experience significant growth in the coming years, primarily due to the efforts of governments in the region to improve infrastructure. This is expected to have a positive impact on the engineering, procurement, and construction (EPC) market. On the other hand, the Asia Pacific region is witnessing rapid urbanisation and increasing electrical demands from emerging economies. These factors are also expected to contribute to the growth of the market in this region, as there is a growing need for accurate and precise engineering, procurement, and construction services to support the infrastructural developments taking place, consequently driving up the EPC (Engineering, Procurement, and Construction) market share.
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EPC (Engineering, Procurement, and Construction) Market Segmentation
The market can be divided based on the 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 mergers and acquisitions, among other major developments, of the leading companies operating in the global EPC (Engineering, Procurement, and Construction) market. Some of the major 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.Åž.
- 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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