by Engineering, procurement and construction (EPC) consulting provides integrated engineering services across different industry verticals for complex projects. EPC consulting offers value added services such as feasibility studies, design engineering, procurement assistance, project financing, construction management and commissioning. With growing infrastructure development and industrialization activities globally, the demand for efficient project execution and management is rising tremendously. EPC consulting helps in seamless coordination of engineering and construction functions to deliver projects on-time and within budget.
The global EPC Consulting Market is estimated to be valued at US$ 11.4 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for integrated engineering services is a major trend fueling the growth of EPC consulting market. EPC consulting offers a single point responsibility for project planning, design and construction through a specialized contract. This helps clients focus on their core businesses without worrying about complex project execution. EPC consultants take care of engineering design, procurement, project management and provide guaranteed services. They leverage advanced BIM and 3D modeling technologies to visualize complex projects virtually and seamlessly coordinate construction works. This streamlines project delivery, reduces costs and ensures on-schedule completion of projects. Moreover, EPC consulting is gaining popularity among oil & gas, power and infrastructure sectors globally for delivering mega projects successfully.
SWOT Analysis
Strength: EPC consulting services provide end-to-end project management expertise and help in timely project completion. They help reduce project risks and cost overruns.
Weakness: High dependency on oil & gas industry increases vulnerability to volatility in crude prices. Fragmented nature of industry with many small players.
Opportunity: Strong growth in renewable energy offers new opportunities. Rising investments in infrastructure globally boost demand.
Threats: Economic slowdowns can delay projects and impact spending. Stringent emission norms increase compliance costs.
Key Takeaways
Global EPC Consulting Market Size is expected to witness high growth. With increasing investments in renewable energy and infrastructure segments, the demand for EPC consulting is set to rise substantially. The global EPC Consulting Market is estimated to be valued at US$ 11.4 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the EPC consulting market owing to massive investments in new energy and infrastructure projects across China, India and Southeast Asian countries.
Key players operating in the EPC Consulting market are CalAmp Corp, Accenture, Black & Veatch, Fluor Corporation, Jacobs, WSP, and Stantec. These companies provide a comprehensive range of project management consulting and advisory services to clients operating in industries like oil & gas, utilities, renewable energy, chemicals, mining and transportation sectors. They help in project planning, design, cost estimation, procurement, and stakeholder management.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
