Engineering, Procurement, And Construction Market Is Anticipated To Reach US$ 13,800.2 Billion By 2032

The global Engineering, Procurement, and Construction (EPC) market is estimated to reach US$ 792.7 billion in 2022 and is poised to grow at a compound annual growth rate (CAGR) of 5.7% to attain US$ 1.380 trillion by the conclusion of 2032.

EPC firms play a pivotal role in the execution of projects, encompassing design, procurement, and construction, as per the client's specifications. Additionally, these firms oversee commissioning, ensuring the timely delivery of fully operational projects within agreed-upon deadlines and budgets.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7765

Comprising engineers and specialized personnel across various sectors, EPC firms provide cost-effective solutions for project establishment. Clients benefit from mitigating losses associated with fluctuations in raw material prices or uncertainties, both natural and artificial, during project execution. Consequently, this factor is anticipated to drive the demand for EPC firms on a global scale.

𝐆𝐫𝐨𝐰𝐭𝐡 𝐓𝐫𝐞𝐧𝐝𝐬:

Infrastructure Development: The increasing need for infrastructure development, particularly in emerging economies, is driving the demand for EPC services. Governments and private investors are investing in various infrastructure projects such as roads, bridges, airports, and energy facilities, which require comprehensive engineering, procurement, and construction expertise.

Renewable Energy Projects: The transition towards renewable energy sources, such as solar, wind, and hydroelectric power, is driving significant growth in the EPC market. EPC firms are involved in the design, procurement, and construction of renewable energy projects, including solar and wind farms, as well as hydroelectric power plants, to meet the growing demand for clean energy.

Oil and Gas Industry: Despite fluctuations in oil prices, the oil and gas industry continues to invest in exploration, production, and refining projects, driving demand for EPC services. EPC firms play a crucial role in the development of oil and gas infrastructure, including pipelines, refineries, and petrochemical plants, to meet global energy demand.

Urbanization and Population Growth: Rapid urbanization and population growth in many parts of the world are creating demand for new residential, commercial, and industrial infrastructure. EPC firms are involved in the construction of residential complexes, commercial buildings, industrial facilities, and urban infrastructure such as roads, water supply systems, and sewage treatment plants.

Technological Advancements: Technological advancements such as Building Information Modeling (BIM), modular construction, and advanced materials are driving innovation in the EPC industry. These technologies enable EPC firms to improve project efficiency, reduce costs, and minimize risks, thereby enhancing their competitiveness and driving market growth.

Focus on Sustainability and Environmental Regulations: Increasing focus on sustainability and environmental regulations is driving demand for EPC services in sectors such as renewable energy, water and wastewater treatment, and green building construction. EPC firms are increasingly incorporating sustainable design principles, energy-efficient technologies, and environmentally friendly materials into their projects to meet regulatory requirements and client preferences.

Globalization and Market Expansion: EPC firms are expanding their global footprint and seeking opportunities in new markets and regions. Globalization, coupled with increasing cross-border investments and international trade, is driving demand for EPC services in diverse sectors and geographies.

𝐊𝐞𝐲 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐏𝐫𝐨𝐟𝐢𝐥𝐞𝐝

• 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

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The engineering, procurement, and construction market is highly competitive with the presence of several established companies. Companies are aggressively securing contracts and offering EPC services to establish plants and production facilities in different industry verticals.

For instance:
• In May 2022, Tata power solar, a wholly-owned subsidiary of Tata Power, secured a single solar EPC contract of 1 GW from SJVN Ltd. The project is aimed at the reduction of 2,287,128 kg of carbon emissions and will generate around 2,500 million units of energy annually.
• In January 2021, Larsen and Toubro (L&T) secured an EPC contract for a 200 MW of grid-connected solar power project in Gujarat, India, through an e-reverse auction initiated by NTPC Limited.
• In June 2022, Cal Solar Inc. announced the launch of EPC services to provide services to solar and energy development companies by leveraging its team of in-house engineers, estimators, and state-wide installation crew.
Fact.MR has provided detailed information about EPC service providers positioned across regions, revenue growth, and service offering expansion, in the recently published report.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐄𝐏𝐂 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐒𝐮𝐫𝐯𝐞𝐲

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

• By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o Middle East & Africa

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞: https://www.factmr.com/report/epc-engineering-procurement-and-construction-market

𝐌𝐨𝐫𝐞 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭:

Engineering Services Market: https://www.factmr.com/report/engineering-services-market

Power Bank Market: https://www.factmr.com/report/4687/power-bank-market

Bath & Shower Toiletries Market: https://www.factmr.com/report/63/bath-shower-toiletries-market

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