Engineering, Procurement, and Construction Market is Projected to Reach US$ 13,800.2 Billion by 2032

In 2022 Global Engineering, Procurement, and Construction Market is anticipated that the will be worth US$ 7,927.5 billion. By the end of 2032, it is anticipated to grow at a CAGR of 5.7% to reach US$ 13,800.2 billion.

The global EPC market grew at a CAGR of 4.2% between 2017 and 2021, according to a survey by Fact.MR, a provider of market research and competitive intelligence. Over one-third of the global EPC market share is held by the North American area, which is the industry leader.

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The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

• Over the long term, factors such as the increases in electricity generation and energy consumption demand and changing power generation industry dynamics are expected to drive demand for the power. Moreover, investments in the power sector, including increased government spending on renewable energy, are further expected to boost the market.
• On the other hand, the phasing out of coal-based power plants, which account for a major share in power generation around the globe, and volatile crude oil prices leading to delays in several upstream projects are expected to hinder the growth of the power EPC market.
• Nevertheless, new and efficient technologies like supercritical and ultra-supercritical coal power plants and government initiatives to increase renewable energy’s share are expected to create several opportunities for the power in the future.
• Asia-Pacific is expected to be the largest market during the forecast period, owing to the high urbanization growth rate and growing electricity demand, mainly from China and India.

 Competitive Analysis:

Market Share: Determine the market share of major EPC companies operating in the industry. This information can help assess their dominance and competitive positioning.

Project Portfolio: Evaluate the size, complexity, and diversity of the project portfolios of different EPC companies. Consider the types of projects they undertake, such as infrastructure, energy, industrial, or commercial, and determine if they align with current market demands.

Geographic Presence: Examine the geographic reach of EPC firms. Assess whether they have a global presence or focus on specific regions. Companies with a broader geographic footprint may have a competitive advantage in terms of market reach and access to diverse opportunities.

Expertise and Capabilities: Assess the technical expertise, capabilities, and experience of EPC firms. Consider their engineering capabilities, procurement networks, and construction management skills. Evaluate if they have specialized expertise in certain industries or sectors.

Financial Strength: Analyse the financial performance and stability of EPC companies. Review their revenue growth, profitability, liquidity, and debt levels. Financial strength is crucial in executing large-scale projects and sustaining growth.

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Key Players:

• Bechtel
• Hyundai Engineering & Construction
• Fluor
• Technip FMC
• Saipem
• Bilfinger
• Petrofac
• Técnicas Reunidas
• KBR
• Samsung Engineering
• SK Engineering & construction
• Daewoo Engineering & Construction Co., Ltd.
• Daelim Industrial
• GS Engineering & Construction Corporation
• Wood, Plc

Engagement of EPC with Businesses Offers Greater Cost-Efficiency

EPC companies are in charge of planning, acquiring, and building projects at the client’s request. These businesses are also in charge of commissioning and delivering completed projects to owners or clients by a specified timeframe and at a predetermined cost.

These businesses are made up of engineers and staff members with specialized knowledge in a certain field who provide adequate solutions for setting up a project in a sensible method. By selecting an EPC company, clients can profit from avoiding losses brought on by changes in raw material prices or any other uncertainties (natural or artificial) during the construction of a project. This element may increase demand for EPC companies globally.

Segmentation of EPC Industry Survey

• By End-use Industry:
  • Power
  • Oil & Gas
  • Energy
  • Roads & Bridges
  • Railways
  • Ports, Airports, and Inland Water Transport
  • Building Construction
  • Telecom
  • Utilities
  • Others (Not Covered Elsewhere)

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