EPC (Engineering, Procurement, and Construction) Market Size, Share & Report | 2034

EPC (Engineering, Procurement, and Construction) Market Outlook

According to the report by Expert Market Research (EMR), the global EPC (Engineering, Procurement, and Construction) market size reached a value of USD 837.78 billion in 2024. Aided by rapid urbanisation, increasing infrastructure projects, and technological advancements in construction, the market is expected to grow at a CAGR of 3.20% between 2025 and 2034 to reach a value of USD 1,112.4 billion by 2034.

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The EPC model plays a crucial role in the development of large-scale projects across various industries, including energy, oil and gas, power generation, transportation, and water treatment. It encompasses comprehensive services from project planning and engineering to procurement of materials and full-scale construction. The ability of EPC contractors to deliver cost-effective and timely project execution has significantly contributed to its rising adoption globally.

Market Size and Share

The global EPC (Engineering, Procurement, and Construction) market has experienced substantial growth due to increasing government and private sector investments in infrastructure development. In 2024, the market reached a valuation of USD 837.78 billion, with the Asia-Pacific region holding the largest market share due to extensive infrastructure and industrial development in China and India. North America and Europe also represent significant markets, driven by investments in renewable energy, smart cities, and modern transportation systems.

The oil and gas sector remains a key contributor to the EPC (Engineering, Procurement, and Construction) industry, particularly in the Middle East and North America. Additionally, power and renewable energy projects have emerged as critical drivers, with the increasing global focus on sustainability and clean energy.

Key Market Drivers

The growing demand for infrastructure development is a key factor propelling the global EPC (Engineering, Procurement, and Construction) market. Rapid urbanization, particularly in emerging economies, has led to increased investment in roads, bridges, airports, and smart cities. Governments worldwide are allocating substantial budgets toward modernizing existing infrastructure and developing new projects, driving the growth of EPC contracts.

The energy sector represents another significant driver for the EPC (Engineering, Procurement, and Construction) market. With the rising demand for power, coupled with the global transition toward renewable energy, EPC services are witnessing increased adoption in the construction of solar farms, wind energy projects, hydroelectric power plants, and nuclear energy facilities. Additionally, the expansion of liquefied natural gas (LNG) terminals and refineries is further boosting the EPC industry's growth.

In the oil and gas industry, EPC companies are playing a crucial role in upstream, midstream, and downstream projects. The ongoing exploration and production activities, along with the increasing demand for pipeline infrastructure and petrochemical facilities, have created lucrative opportunities for EPC contractors.

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Industrial Applications and Emerging Trends

EPC (Engineering, Procurement, and Construction) services are widely utilized across various industries beyond energy and infrastructure. In the transportation sector, EPC contractors are responsible for designing and constructing metro rail systems, highways, and tunnels, ensuring seamless connectivity and efficient transportation networks.

The mining sector also relies on EPC firms for the development of extraction sites, processing plants, and material handling systems. As demand for critical minerals increases, particularly for use in electric vehicle (EV) batteries and electronics, mining-related EPC projects are expected to witness substantial growth.

A notable trend in the EPC (Engineering, Procurement, and Construction) market is the increasing integration of digital technologies. The adoption of Building Information Modeling (BIM), Artificial Intelligence (AI), and the Internet of Things (IoT) is revolutionizing the way EPC projects are designed, managed, and executed. These technologies enhance project efficiency, reduce costs, and improve risk management, making them indispensable for future EPC developments.

Another emerging trend is the growing emphasis on sustainability in construction. With stricter environmental regulations and a shift toward green buildings, EPC (Engineering, Procurement, and Construction) companies are focusing on energy-efficient designs, eco-friendly materials, and carbon-neutral construction practices. The integration of smart grids and water conservation solutions in EPC projects further underscores the market's evolution towards sustainability.

EPC (Engineering, Procurement, and Construction) Market Segmentation

The market can be divided based on 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 acquisitions and mergers, among other major developments, of the global EPC (Engineering, Procurement, and Construction) companies. Some of the major key 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.Ş.
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 Challenges and Opportunities

Despite its promising growth trajectory, the global EPC (Engineering, Procurement, and Construction) market faces several challenges, including fluctuating raw material prices, labor shortages, and regulatory complexities. The COVID-19 pandemic exposed vulnerabilities in supply chains, highlighting the need for more resilient procurement strategies.

However, ongoing technological advancements and increasing public-private partnerships (PPPs) are expected to mitigate these challenges. The expansion of modular construction techniques and prefabrication is streamlining project execution, reducing costs, and minimizing waste.

The growing emphasis on smart infrastructure and digitalization presents immense opportunities for EPC firms. Companies that invest in automation, robotics, and AI-driven project management tools will gain a competitive edge in the evolving EPC (Engineering, Procurement, and Construction) landscape.

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