A new report by Fact.MR, a market research and competitive intelligence provider, says that the global EPC (engineering, procurement, and construction) market stands at US$ 7,927.5 billion in 2022 and is expected to expand at a steady CAGR of 5.7% through 2032. The market is being driven by the rise in infrastructure development worldwide and government spending on the development of industry verticals such as oil & gas, power & energy, and chemicals.
Engineering, procurement, and construction firms are highly beneficial to their clients to gain expertise in projected development along with increased cost-effectiveness. With the substantial rise in infrastructure development such as roads & bridges, railways, ports, and others, demand for EPC contractors or firms has grown gradually to provide ready-to-use projects to owners or clients on a dedicated deadline and fixed price.
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EPC services are gaining popularity worldwide in the power & energy and oil & gas sectors. Various EPC firms have secured contracts and provided services to these sectors for the establishment of their production facilities and plants.
Key Takeaways from Market Study
- The global EPC market is projected to expand at a steady CAGR of 5.7% and be valued at US$ 13,800.2 billion by 2032.
- The engineering, procurement, and construction market expanded a 4.2% CAGR from 2017 to 2021.
- Under the end-use industry segment, roads & bridges account for a leading share of 17%.
- North America leads the global market with 34% market share in 2021.
- Utility of EPC services is expected to increase at CAGRs of 5.8% and 6.7%, respectively, in Europe and East Asia.
“Government initiatives for infrastructure development will drive the growth opportunity of market participants,” says a Fact.MR analyst.
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The EPC market is highly fragmented with the presence of numerous market players. Despite the extreme competition, market players are expected to enjoy significant growth opportunities over the forecast period (2022-2032) with the adoption of various organic and inorganic strategies.
Market players are securing contracts from different industry verticals such as power & energy and oil & gas, which is simultaneously expanding their consumer base worldwide.
Prominent EPC service providers are 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, and Wood, Plc.
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.
- 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.
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