Engineering, Procurement, & Construction Management (EPCM) Market Estimated to Experience a Hike in Growth by 2024

Engineering, Procurement, and Construction Management (EPCM) is a specific type of contracting arrangement that is used in some industries. This involves the contractor to be responsible for end-to-end completion of a project right from design to procurement of raw materials to construction to execution to handover of the project to the end-user.

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The contractor is responsible for the completion of the project in the allocated time limit, which may be executed either remotely or by embarking at the location site. The report analyzes the global EPCM market in a ground-up manner which includes insights into the market dynamics that will influence the market’s growth over the forecast period.

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The global EPCM market is driven by factors such as growth of real estate, growth of the oil and manufacturing industry, and interest of people to seek consultation from a specialist for construction undertakings. Moreover, technological advancements such as 3D printing and drone supervision are expected to further boost the market’s growth.

However, factors such as high procurement cycle along with added production, transportation, and investments costs are restraining the market’s growth. Nonetheless, factors such as increasing infrastructure spending, increasing demand for energy to rising population, and growth of real estate to provide housing for the growing population are expected to open opportunities for the EPCM market in the years to come.

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Moreover, the ever-increasing demand for oil and gas for everyday operations and surging mining activities has compelled companies to deploy efficient systems in order to magnify production. This in turn, will favor the growth of the EPCM market.

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