EPC (Engineering, Procurement, and Construction) Market Size, Share & Report 2024-2032

EPC (Engineering, Procurement, and Construction) Market Outlook

According to the latest report by Expert Market Research (EMR), the global EPC (Engineering, Procurement, and Construction) market size reached a valuation of USD 837.78 billion in 2023. Fueled by the burgeoning demand for infrastructure development and industrial projects worldwide, the EPC market is anticipated to expand at a robust compound annual growth rate (CAGR) of 3.20% from 2024 to 2032, aiming to achieve a market value of USD 1,112.4 billion by 2032.

The EPC market encompasses the integrated management of engineering, procurement, and construction services, delivering comprehensive solutions across various sectors including infrastructure, energy, and industrial projects. The sector’s growth trajectory is significantly influenced by the increasing need for infrastructure modernization, urbanization, and the rising emphasis on sustainable development practices.

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Drivers of Market Growth

1. Increasing Infrastructure Investments: One of the primary drivers of growth in the EPC (Engineering, Procurement, and Construction) market is the significant investment in infrastructure development worldwide. Governments and private sector entities are focusing on modernizing and expanding infrastructure to support economic growth, urbanization, and population expansion. This includes projects such as highways, bridges, airports, and public transit systems.

The surge in infrastructure investments is particularly pronounced in emerging economies, where rapid urbanization and industrialization are driving the need for robust infrastructure. In developed markets, the focus is on upgrading existing infrastructure to improve efficiency and sustainability. The ongoing and upcoming infrastructure projects globally create a substantial demand for EPC services.

2. Expansion in Energy Sector: The energy sector is a significant contributor to the EPC (Engineering, Procurement, and Construction) market, with a notable emphasis on oil and gas, renewable energy, and power generation projects. The shift towards cleaner energy sources and the expansion of renewable energy infrastructure are driving demand for EPC services. Projects such as solar farms, wind turbines, and bioenergy facilities require specialized engineering and construction expertise.

Additionally, the oil and gas sector continues to invest in exploration, production, and refining facilities, necessitating comprehensive EPC solutions to manage complex and large-scale projects. The ongoing energy transition and infrastructure development in both conventional and renewable energy sectors are key factors propelling market growth.

3. Technological Advancements: Technological advancements in construction and engineering are reshaping the EPC market. Innovations such as Building Information Modeling (BIM), modular construction, and digital project management tools enhance efficiency, accuracy, and collaboration in project execution. These technologies facilitate better planning, design, and execution, leading to cost savings and improved project outcomes.

The adoption of advanced technologies also supports the development of smart infrastructure and sustainable construction practices. As technology continues to evolve, EPC firms are increasingly incorporating these innovations to stay competitive and meet the demands of modern projects.

4. Urbanization and Population Growth: The global trend of urbanization and population growth significantly impacts the EPC (Engineering, Procurement, and Construction) market. As urban areas expand and populations increase, there is a rising demand for residential, commercial, and mixed-use developments. This includes high-rise buildings, commercial complexes, and residential communities, all requiring comprehensive EPC services for successful execution.

The growth of smart cities, which integrate advanced technologies and infrastructure solutions to improve urban living, further drives demand for EPC services. The need to accommodate growing urban populations and enhance living conditions supports the expansion of the EPC market.

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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

Market Trends and Developments

1. Sustainability and Green Building Practices: Sustainability and green building practices are emerging trends in the EPC (Engineering, Procurement, and Construction) market. There is a growing emphasis on environmentally friendly construction methods, energy-efficient designs, and sustainable materials. EPC firms are adopting green building standards and practices to meet regulatory requirements and address environmental concerns.

2. Digital Transformation: The digital transformation of the EPC (Engineering, Procurement, and Construction) market is a key trend, with the integration of digital technologies such as BIM, IoT, and AI. These technologies enhance project planning, execution, and management, improving efficiency and accuracy. Digital transformation supports the development of smart infrastructure and innovative construction solutions.

3. Focus on Safety and Risk Management: Safety and risk management are critical aspects of EPC projects. The industry is increasingly focusing on improving safety standards, mitigating risks, and ensuring compliance with regulatory requirements. Enhanced safety measures and risk management practices contribute to successful project execution and minimize potential issues.

4. Strategic Partnerships and Collaborations: Strategic partnerships and collaborations are becoming more common in the EPC market. Firms are forming alliances with technology providers, suppliers, and other stakeholders to leverage expertise, share resources, and enhance project delivery. These collaborations support innovation and improve project outcomes.

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