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Report Overview

The global EPC (engineering, procurement, and construction) market size was valued at USD 837.78 Billion in 2024. The industry is expected to grow at a CAGR of 3.20% during the forecast period of 2025-2034 to reach a valuation of USD 1147.96 Billion by 2034.

The global EPC (engineering, procurement, and construction) market plays a central role in delivering large-scale infrastructure and industrial projects across sectors like energy, utilities, transportation, and manufacturing. Its integrated project delivery model—which combines design, material procurement, and construction under a single contract—makes it a preferred choice for complex projects where cost control, schedule certainty, and accountability are critical.

The market is closely aligned with broader economic and industrial trends, particularly in emerging economies where urban expansion and industrialisation are accelerating infrastructure development. In India, for instance, the government has identified significant investment opportunities in various regions, such as Uttar Pradesh, where approximately ₹50,000 crore is expected to be invested. This includes the development of industrial corridors and urban infrastructure projects in cities like Aligarh, Agra, Jhansi, Chitrakut, Kanpur, and Lucknow.

Government-led investments in transport networks, renewable energy, and public utilities are a key growth catalyst, especially in regions like Asia-Pacific, the Middle East, and North Africa. For example, in February 2023, the U.S. Infrastructure Investment and Jobs Act allocated USD 1.2 trillion toward rebuilding roads, bridges, and energy grids, boosting EPC opportunities. Rising energy projects, including renewable energy installations, are also pushing EPC firms to innovate and expand capabilities. Additionally, global trends toward industrial automation and smart infrastructure require specialised EPC services that can handle complex engineering challenges and regulatory compliance.

Chemical production trends in 2023 and 2024 had a notable impact on the Engineering, Procurement, and Construction (EPC) market, given their close linkage. BASF SE reported a global chemical production increase of just 0.3% in 2023, indicating a slow recovery. By 2024, growth picked up to 2.7%, with China—the largest chemical producer—posting a 4.0% rise. The American Chemistry Council (ACC) echoed similar figures, noting global growth of 0.3% in 2023 and a stronger 3.4% gain in 2024. This rebound in chemical output helped drive activity and demand across EPC operations during the same period.

2024

Base Year

2018-2024

Historical Period

2025-2034

Forecast Period

  • According to OFNS, in Greater Britain, new orders for construction surged by 15.9% in Quarter 1 2024 versus Quarter 4 2023.

  • According to U.S. BLS, the number of establishments in private buildings was 293,411 in the 3rd quarter of 2023.

  • According to EPC (engineering, procurement, and construction) market analysis, in March 2024, the total investment in building construction was USD 20.4 billion.

Compound Annual Growth Rate

3.2%

Value in USD Billion

2025-2034


EPC (Engineering, Procurement, and Construction) Market Outlook

*this image is indicative*

Global EPC (Engineering, Procurement, and Construction) Market Report Summary Description Value
Base Year USD Billion 2024
Historical period USD Billion 2018-2024
Forecast Period USD Billion 2025-2034
Market Size 2024 USD Billion 837.78
Market Size 2034 USD Billion 1147.96
CAGR 2018-2024 Percentage XX%
CAGR 2025-2034 Percentage 3.20%
CAGR 2025-2034 - Market by Region Asia Pacific 4.1%
CAGR 2025-2034 - Market by Country India 6.8%
CAGR 2025-2034 - Market by Country Saudi Arabia 3.6%
CAGR 2025-2034 - Market by Type Construction 3.6%
CAGR 2025-2034 - Market by Drive Type Power 3.3%
Market Share by Country 2024 Italy 2.7%

Key Trends and Recent Developments

EPC (Engineering, Procurement, and Construction) Industry Segmentation

“Global EPC (Engineering, Procurement, and Construction) Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

  • Engineering
  • Procurement
  • Construction

Key Insight: Engineering professionals assess and mitigate risks throughout the project lifecycle, identifying potential hazards, developing contingency plans, and implementing risk mitigation strategies. Engineers are critical in designing and planning EPC projects to maximise efficiency and optimise resource utilisation. They conduct detailed risk assessments to identify technical, financial, and operational hazards early on. This allows the development of contingency plans that address supply chain disruptions, design flaws, or regulatory changes. Their work helps avoid costly delays and ensures projects meet safety and quality standards.

Market Breakup by Application

  • Chemicals
  • Power
  • Oil and Gas
  • Manufacturing
  • IT and Telecom
  • Roads, Railways, and Bridges
  • Airports and Ports
  • Building Construction
  • Others

Key Insight: The growing demand for residential, commercial, and industrial infrastructure worldwide fuels the need for EPC services in building and construction sector. Governments and private sector entities invest in construction projects such as highways, bridges, airports, and urban development, driving the demand for EPC services, aiding the EPC (engineering, procurement, and construction) market. In May 2025, In the United States, Blackstone Infrastructure announced an USD 11.5 billion acquisition of TXNM Energy, a utility company serving over 800,000 customers in New Mexico and Texas. This acquisition reflects the growing demand for energy infrastructure and the strategic importance of regulated utility assets in the EPC sector.

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Key Insight: Europe is the powerhouse behind the global EPC (engineering, procurement, and construction) market growth. This is due to their booming economies with rapid urbanisation and industrialisation, requiring extensive infrastructure development. For example, the European Union’s push for climate neutrality by 2050 has accelerated funding for wind and solar projects, directly benefiting EPC companies specialising in these areas.

CAGR 2025-2034 - Market by Region
Asia Pacific 4.1%
Middle East and Africa 3.5%
North America 2.6%
Europe XX%
Latin America XX%

EPC (Engineering, Procurement, And Construction) Market Share

Procurement Segment to Gain Traction by Tailoring EPC Solutions to Meet Each Project's Unique Needs

As per the EPC (engineering, procurement, and construction) market report, effective procurement strategies optimise the supply chain by sourcing materials, equipment, and services from reliable suppliers at competitive prices. This ensures timely delivery of quality resources, minimises project delays and enhances overall project efficiency, pushing the demand of the EPC (engineering, procurement, and construction) industry. Recent shifts toward digital procurement tools and supplier relationship management are further enhancing efficiency, allowing EPC firms to respond quickly to market changes and regulatory demands.

Meanwhile, the construction segment is experiencing robust activity, especially with governments prioritising infrastructure development such as highways, railways, and renewable energy facilities. Many projects delayed during the pandemic are now moving into execution phases, fueling demand for EPC services. As per industry reports, in the offshore oil and gas sector, EPC contract awards are anticipated to total USD 54 billion in 2025, marking a 1% increase year-over-year.

Oil and Gas Sector Contributes to the Market Share Through Investments

Oil and gas companies invest in exploration and production projects to find new reserves and extract hydrocarbons. EPC firms help by designing, engineering, procuring, and constructing infrastructure like drilling rigs, production platforms, pipelines, and processing facilities needed for these activities. In May 2025, after a four-year pause over security concerns, TotalEnergies has stated that it intends to resume operations on its LNG project in Mozambique by the middle of 2025. The company and its partners in the massive Mozambique LNG project intend to resume development on the 12.8 mtpa (million tonnes per year) project.

The power sector, including renewable energy installations, is rapidly expanding with global shifts towards cleaner energy. As per the EPC (engineering, procurement, and construction) market analysis, in May 2025, leading decarbonisation solutions provider ReNew Energy Global Plc ("ReNew") said it will invest over INR 22,000 crore (about USD 2.5 billion) to establish one of India's biggest hybrid renewable energy projects in the Anantapur district of Andhra Pradesh. This would be one of the biggest RE complexes in one place in India, with a 2.8 GW generation capacity that includes 1.8 GWp solar and 1 GW wind, as well as a 2 GWh battery energy storage system (BESS). These developments underscore the dynamic nature of the EPC market, with significant investments and strategic projects shaping the future of both traditional and renewable energy sectors.

EPC (Engineering, Procurement, and Construction) Market Regional Analysis

Asia Pacific to Lead the Market, Powered by Massive Infrastructure Investments

Regionally, Asia Pacific occupies a large share in the EPC (engineering, procurement, and construction) market, powered by massive infrastructure investments in China, India, and Southeast Asia. China’s continued focus on mega projects, including high-speed rail and renewable energy plants, fuels demand. In October 2024, China launched a new renewable energy plan aiming to boost annual renewable consumption to 1 billion tons of standard coal equivalent by 2025 and 5 billion tons by 2030, focusing on infrastructure upgrades and green industry electrification.

CAGR 2025-2034 - Market by Country
India 6.8%
China 4.0%
Saudi Arabia 3.6%
Canada 3.0%
USA 2.6%
UK XX%
Germany XX%
France XX%
Italy XX%
Japan 2.5%
Australia XX%
Brazil XX%
Mexico XX%

North America follows with strong growth in power and industrial EPC projects, supported by technological advancements and energy sector investments. The U.S. has seen a surge in EPC activity, especially in power generation, where the Inflation Reduction Act has fueled renewable energy projects worth billions. Additionally, Canada is investing in upgrading its ageing infrastructure and clean energy projects, further boosting the EPC sector.

Competitive Landscape

Key players in the global EPC (engineering, procurement, and construction) market are investing heavily in digital technologies to enhance project management, improve efficiency, and reduce costs. They are expanding their service offerings to include sustainable and green construction solutions, aligning with global environmental goals. Strategic partnerships and joint ventures help these companies access new markets and share expertise, especially in complex infrastructure and energy projects. These firms are also focusing on risk management and supply chain resilience to navigate geopolitical and economic uncertainties. Emphasising innovation, they adopt automation, modular construction, and advanced analytics to accelerate project delivery and improve quality, maintaining competitiveness in a rapidly evolving market.

Fluor Corporation

Fluor Corporation, headquartered in Texas, United States, is a global EPC firm specialising in engineering, procurement, construction, and maintenance services. It serves industries such as energy, infrastructure, and government. Fluor is known for managing complex projects worldwide, combining technical expertise with innovation to deliver efficient, safe, and sustainable solutions.

Larsen & Toubro Limited

Larsen & Toubro Limited, based in Mumbai, India, is a leading multinational EPC company with diverse operations in construction, engineering, and manufacturing. It serves sectors including infrastructure, power, and heavy engineering. Renowned for large-scale projects, L&T integrates technology and sustainable practices to drive growth in India and international markets.

Saipem SpA

Saipem SpA is an Italian EPC company headquartered in San Donato Milanese, Italy. It specialises in engineering and construction services for the oil, gas, and energy industries worldwide. Saipem focuses on offshore and onshore projects, emphasising innovation, safety, and environmental responsibility to meet evolving industry demands.

Mitsubishi Heavy Industries, Ltd.

Mitsubishi Heavy Industries, Ltd., headquartered in Tokyo, Japan, is a diversified EPC and engineering company. It operates in sectors such as energy, aerospace, and transportation. Known for technological innovation, MHI delivers complex infrastructure and industrial projects globally, with a strong focus on sustainability and advanced engineering solutions.

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other global EPC (engineering, procurement, and construction) market key players are John Wood Group plc, McDermott International Ltd., Bechtel Corporation, DEPCOM Power, Inc., Petrofac Limited, Blue Ridge Power, Blattner Energy Inc., Quanta Services, Inc., The Shaw Group Inc., Sentry Electrical Group, Inc., and Sinopec Engineering (Group) Co., Ltd., among others.

Key Features of the Report

  • In-depth quantitative analysis of the global EPC (engineering, procurement, and construction) market size and growth.
  • Detailed study of market drivers, challenges, and emerging opportunities.
  • Regional segmentation highlighting key markets and investment hotspots.
  • Competitive profiling of major EPC companies and their strategies.
  • Examination of technological trends transforming project execution.
  • Forecasts and market trends through 2025 for strategic planning.

Why Choose Expert Market Research?

  • Reliable and data-backed insights for accurate market understanding.
  • Actionable intelligence tailored to industry and investment decisions.
  • Expert analysts with deep knowledge of global EPC trends.
  • Timely updates reflecting the latest market developments and forecasts.

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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The EPC (engineering, procurement, and construction) market was valued at USD 837.78 Billion in 2024.

The market is projected to grow at a CAGR of 3.20% between 2025 and 2034.

The revenue generated from the EPC (engineering, procurement, and construction) market is expected to reach USD 1147.96 Billion in 2034.

The market is categorised according to the type, which includes engineering, procurement, and construction.

The market key players are Fluor Corporation, Larsen & Toubro Limited, Saipem SpA, Mitsubishi Heavy Industries, Ltd., John Wood Group plc, McDermott International Ltd., Bechtel Corporation, DEPCOM Power, Inc., Petrofac Limited, Blue Ridge Power, Blattner Energy Inc., Quanta Services, Inc., The Shaw Group Inc., Sentry Electrical Group, Inc., and Sinopec Engineering (Group) Co., Ltd., among others.

Based on the application, the market is divided into chemicals, power, oil and gas, manufacturing, it and telecom, roads, railways, and bridges, airports, and ports, building construction, and others.

The market is broken down into North America, Europe, Asia Pacific, Latin America Middle East, and Africa.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2024
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Application
  • Region
Breakup by Type
  • Engineering
  • Procurement
  • Construction
Breakup by Application
  • Chemicals
  • Power
  • Oil and Gas
  • Manufacturing
  • IT and Telecom
  • Roads, Railways, and Bridges
  • Airports and Ports
  • Building Construction
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis 
  • Porter's Five Forces Analysis 
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Mitsubishi Heavy Industries, Ltd.
  • McDermott International Ltd.
  • Fluor Corporation
  • Bechtel Corporation
  • Saipem S.p.A.
  • DEPCOM Power, Inc.
  • Petrofac Limited
  • Blue Ridge Power
  • Blattner Energy Inc.
  • John Wood Group PLC
  • Quanta Services, Inc.
  • The Shaw Group Inc.
  • Sentry Electrical Group, Inc.
  • Larsen & Toubro Limited
  • Sinopec Engineering (Group) Co., Ltd.
  • Others

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