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The global EPC (Engineering, Procurement, and Construction) market reached a value of approximately USD 837.78 billion in 2023. The market is projected to grow at a CAGR of 3.20% between 2024 and 2032, reaching a value of around USD 1,112.36 billion by 2032.
Global EPC (Engineering, Procurement, and Construction) Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 837.8 |
Market Size 2032 | USD Billion | 1,112.4 |
CAGR 2018-2023 | USD Billion | XX% |
CAGR 2024-2032 | USD Billion | 3.2% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 4.1% |
CAGR 2024-2032 - Market by Country | India | 6.8% |
CAGR 2024-2032 - Market by Country | Saudi Arabia | 3.6% |
CAGR 2024-2032 - Market by Type | Construction | 3.6% |
CAGR 2024-2032 - Market by Drive Type | Power | 3.3% |
Market Share by Country 2023 | Italy | 2.7% |
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The growth in the EPC (engineering, procurement, and construction) sector is rising due to the adoption of sophisticated project management software, including AI-driven analytics and real-time monitoring systems, optimising resource allocation, scheduling, and risk management.
Investments in transportation, utilities, and smart city projects drive demand for EPC services to upgrade ageing infrastructure, enhance resilience, and incorporate digital technologies for efficient operation and maintenance. According to ABS, in March 2024, the total construction work done was USD 64,032.5m and the engineering work done was USD 30,717.4m.
Modular construction, remote monitoring and control, lean construction practices, and resilience and risk management are the major trends impacting global EPC (Engineering, Procurement, and Construction) market growth.
April 16, 2024
The CSCEC concluded the development of 7,000 social housing units in the Maldives, marking the largest affordable housing project undertaken in the country and addressing the longstanding demand for economical housing.
April 3, 2024
Samsung E&A secured the significant USD 6 billion Aramco Fadhili Gas Project to boost the Fadhili Gas Plant's capacity in Saudi Arabia, increasing daily gas processing from 2.5 billion to 3.8 billion cubic feet.
February 28, 2023
L&T Heavy Engineering became the first Indian company to attain ISO 19443:2018 Certification, highlighting its commitment to quality and safety in the nuclear supply chain and bolstering its position in both global and national nuclear reactor manufacturing.
June 24, 2021
The joint venture between Tekfen Construction and HMB Hallesche Mitteldeutsche Bau AG commenced construction of the Sulphur Recovery Unit at Tupras's Kirikkale Refinery. The EPC project, valued at USD 53.9 million, was scheduled for completion by late 2024.
Modular Construction
Adopting modular construction techniques, including prefabrication and off-site manufacturing, accelerates project delivery and reduces construction timelines. Modularisation enhances quality control, safety, and cost-effectiveness in EPC projects.
Remote Monitoring and Control
Advancements in remote monitoring and control technologies enable real-time monitoring of project progress, equipment performance, and safety conditions, enhancing project visibility, decision-making, and risk management.
Lean Construction Practices
Implementing lean construction principles, like just-in-time delivery, waste minimization, and ongoing enhancement, enhances project workflows and resource allocation, leading to heightened productivity and improved cost-effectiveness.
Resilience and Risk Management
Heightened focus on resilience and risk management is prompting EPC companies to incorporate measures for disaster preparedness, business continuity planning, and supply chain resilience into project design and execution.
The EPC (engineering, procurement, and construction) market is being driven by the integration of digital technologies such as Building Information Modeling (BIM), Internet of Things (IoT), and Artificial Intelligence (AI) in optimising project planning, design, and execution, leading to improved efficiency, cost savings, and project delivery timelines.
Growing awareness of environmental concerns and regulatory requirements is driving demand for sustainable EPC solutions. Incorporating renewable energy sources, energy-efficient designs, and green building materials into projects is becoming increasingly important.
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“Global EPC (Engineering, Procurement, and Construction) Market Report and Forecast 2024-2032 ” offers a detailed analysis of the market based on the following segments:
CAGR 2024-2032 - Market by | Type |
Construction | 3.6% |
Engineering | 3.0% |
Procurement | XX% |
Market Breakup by Type
CAGR 2024-2032 - Market by | Application |
Power | 3.3% |
Airports and Ports | 3.6% |
IT and Telecom | 3.9% |
Manufacturing | XX% |
Road, Railways, and Bridge | XX% |
Others | XX% |
Market Breakup by Application
CAGR 2024-2032 - Market by | Region |
Asia Pacific | 4.1% |
Middle East and Africa | 3.5% |
North America | 2.6% |
Europe | XX% |
Latin America | XX% |
Market Breakup by Region
Market Share by | Country |
Italy | 3% |
USA | XX% |
Canada | XX% |
UK | XX% |
Germany | XX% |
France | XX% |
China | XX% |
Japan | XX% |
India | XX% |
Australia | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
The engineering led to the EPC (engineering, procurement, and construction) market growth by tailoring EPC solutions to meet each project's unique needs and specifications, ensuring optimal performance, safety, and compliance with regulatory requirements.
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.
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.
Building construction contributes to the EPC (engineering, procurement, and construction) market share through technological innovations such as advancements in building information modelling (BIM), modular construction, and sustainable building practices.
The growing demand for residential, commercial, and industrial infrastructure worldwide fuels the need for EPC services. Governments and private sector entities invest in construction projects such as highways, bridges, airports, and urban development, driving the demand for EPC services.
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.
The companies are a provider of services including oil and gas, infrastructure, construction, aviation, transportation, and others.
Fluor Corporation: Established in 1912 in Texas, this multinational construction and engineering corporation operates worldwide through subsidiaries, providing infrastructure, oil and gas, and power services, ranking among industry leaders.
Larsen & Toubro Limited: Established in 1938 and presently based in Maharashtra, India, this company goes beyond conventional engineering and construction. Its diverse portfolio includes technology, manufacturing, hydraulics, shipbuilding, valves, and construction and mining equipment.
Saipem SpA: Established in 1957 in Italy, this company excels in energy and infrastructure project engineering, operating through five core business lines: asset-based services, energy carriers, offshore wind, sustainable infrastructures, and robotics.
Mitsubishi Heavy Industries, Ltd.: The company is headquartered in Chiyoda-ku, Tokyo. The company offers various products including energy, aviation, space, transportation, automotive, environment, and others.
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.
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The Europe region is the powerhouse behind the global EPC market's growth. This is due to their booming economies with rapid urbanisation and industrialisation, requiring extensive infrastructure development.
CAGR 2024-2032 - 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% |
According to Eurostat, in July 2023, compared to June 2023, the seasonally adjusted production in the construction sector increased by 0.8% in the euro area and by 0.7% in the EU.
Additionally, being the world's largest energy consumer, APAC constantly needs new power plants and refineries, all projects that rely on EPC services. Government support for infrastructure and renewable energy further fuels the market's growth in this region.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Database Management System (Dbms) Market
EPC (Engineering, Procurement, and Construction) Market Size
EPC (Engineering, Procurement, and Construction) Market Share
EPC (Engineering, Procurement, and Construction) Market Growth
EPC (Engineering, Procurement, and Construction) Market Trends
EPC (Engineering, Procurement, and Construction) Market Regional Analysis
EPC (Engineering, Procurement, and Construction) Manufacturers
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global EPC (Engineering, Procurement, and Construction) Market Analysis
8.1 Key Industry Highlights
8.2 Global EPC (Engineering, Procurement, and Construction) Historical Market (2018-2023)
8.3 Global EPC (Engineering, Procurement, and Construction) Market Forecast (2024-2032)
8.4 Global EPC (Engineering, Procurement, and Construction) Market by Type
8.4.1 Engineering
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Procurement
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Construction
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global EPC (Engineering, Procurement, and Construction) Market by Application
8.5.1 Chemicals
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Power
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Oil and Gas
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Manufacturing
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 IT and Telecom
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Roads, Railways, and Bridges
8.5.6.1 Historical Trend (2018-2023)
8.5.6.2 Forecast Trend (2024-2032)
8.5.7 Airports and Ports
8.5.7.1 Historical Trend (2018-2023)
8.5.7.2 Forecast Trend (2024-2032)
8.5.8 Building Construction
8.5.8.1 Historical Trend (2018-2023)
8.5.8.2 Forecast Trend (2024-2032)
8.5.9 Others
8.6 Global EPC (Engineering, Procurement, and Construction) Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.1.3 Breakup by Type
8.6.1.4 Breakup by Application
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.2.3 Breakup by Type
8.6.2.4 Breakup by Application
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.3.3 Breakup by Type
8.6.3.4 Breakup by Application
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.4.3 Breakup by Type
8.6.4.4 Breakup by Application
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.5.3 Breakup by Type
8.6.5.4 Breakup by Application
9 North America EPC (Engineering, Procurement, and Construction) Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe EPC (Engineering, Procurement, and Construction) Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific EPC (Engineering, Procurement, and Construction) Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America EPC (Engineering, Procurement, and Construction) Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa EPC (Engineering, Procurement, and Construction) Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Mitsubishi Heavy Industries, Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 McDermott International Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Fluor Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Bechtel Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Saipem S.p.A.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 DEPCOM Power, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Petrofac Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Blue Ridge Power
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Blattner Energy Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 John Wood Group PLC
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Quanta Services, Inc.
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 The Shaw Group Inc.
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 Sentry Electrical Group, Inc.
15.2.13.1 Company Overview
15.2.13.2 Product Portfolio
15.2.13.3 Demographic Reach and Achievements
15.2.13.4 Certifications
15.2.14 Larsen & Toubro Limited
15.2.14.1 Company Overview
15.2.14.2 Product Portfolio
15.2.14.3 Demographic Reach and Achievements
15.2.14.4 Certifications
15.2.15 Sinopec Engineering (Group) Co., Ltd.
15.2.15.1 Company Overview
15.2.15.2 Product Portfolio
15.2.15.3 Demographic Reach and Achievements
15.2.15.4 Certifications
15.2.16 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global EPC (Engineering, Procurement, and Construction) Market: Key Industry Highlights, 2018 and 2032
2. Global EPC (Engineering, Procurement, and Construction) Historical Market: Breakup by Type (USD Trillion), 2018-2023
3. Global EPC (Engineering, Procurement, and Construction) Market Forecast: Breakup by Type Media (USD Trillion), 2024-2032
4. Global EPC (Engineering, Procurement, and Construction) Historical Market: Breakup by Application Type (USD Trillion), 2018-2023
5. Global EPC (Engineering, Procurement, and Construction) Market Forecast: Breakup by Application (USD Trillion), 2024-2032
6. Global EPC (Engineering, Procurement, and Construction) Historical Market: Breakup by Region (USD Trillion), 2018-2023
7. Global EPC (Engineering, Procurement, and Construction) Market Forecast: Breakup by Region (USD Trillion), 2024-2032
8. North America EPC (Engineering, Procurement, and Construction) Historical Market: Breakup by Country (USD Trillion), 2018-2023
9. North America EPC (Engineering, Procurement, and Construction) Market Forecast: Breakup by Country (USD Trillion), 2024-2032
10. Europe EPC (Engineering, Procurement, and Construction) Historical Market: Breakup by Country (USD Trillion), 2018-2023
11. Europe EPC (Engineering, Procurement, and Construction) Market Forecast: Breakup by Country (USD Trillion), 2024-2032
12. Asia Pacific EPC (Engineering, Procurement, and Construction) Historical Market: Breakup by Country (USD Trillion), 2018-2023
13. Asia Pacific EPC (Engineering, Procurement, and Construction) Market Forecast: Breakup by Country (USD Trillion), 2024-2032
14. Latin America EPC (Engineering, Procurement, and Construction) Historical Market: Breakup by Country (USD Trillion), 2018-2023
15. Latin America EPC (Engineering, Procurement, and Construction) Market Forecast: Breakup by Country (USD Trillion), 2024-2032
16. Middle East and Africa EPC (Engineering, Procurement, and Construction) Historical Market: Breakup by Country (USD Trillion), 2018-2023
17. Middle East and Africa EPC (Engineering, Procurement, and Construction) Market Forecast: Breakup by Country (USD Trillion), 2024-2032
18. Global EPC (Engineering, Procurement, and Construction) Market Structure
The market was valued at USD 837.78 billion in 2023.
The market is projected to grow at a CAGR of 3.20 % between 2024 and 2032.
The revenue generated from the EPC (engineering, procurement, and construction) market is expected to reach USD 1,112.36 billion in 2032.
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.
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