EPC (Engineering, Procurement, and Construction) Market Size, Share, Growth and Report | 2033

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 attained a value of USD 837.78 billion in 2024. The growing demand for infrastructure development, technological advancements, and increasing industrialisation are driving the EPC market's expansion. The market is projected to grow at a compound annual growth rate (CAGR) of 3.20% between 2025 and 2033, reaching a value of USD 1,112.4 billion by 2033.

The EPC model is a key business approach in the construction and infrastructure sector, encompassing a broad range of services that include engineering, procurement, and construction. This business model allows clients to appoint a single contractor to handle all aspects of a project, providing comprehensive solutions from design through to execution. The demand for EPC services is being fueled by the rapid urbanisation of emerging economies, large-scale infrastructure projects, and the growing need for integrated and sustainable construction solutions.

Market Drivers

The driving forces behind the growth of the EPC (Engineering, Procurement, and Construction) market are primarily the escalating demand for infrastructure development across various industries, technological advancements in construction, and an increasing trend towards sustainable and energy-efficient projects.

• Infrastructure Development: The global push for infrastructure development in both developed and emerging economies is a key driver for the EPC (Engineering, Procurement, and Construction) market. Governments worldwide are focusing on building transportation networks, energy infrastructure, commercial properties, and residential units to meet the demands of a growing population. As urbanisation continues to accelerate in regions such as Asia-Pacific, Africa, and Latin America, the need for large-scale infrastructure projects, such as highways, airports, and power plants, is rising. This has led to an increased demand for EPC services, as companies look to streamline and integrate design, procurement, and construction processes.

• Technological Advancements: The adoption of advanced technologies is another factor propelling the growth of the EPC (Engineering, Procurement, and Construction) market. Innovations such as Building Information Modeling (BIM), 3D printing, and advanced project management tools are helping companies increase efficiency, reduce costs, and improve the quality of construction projects. BIM, for example, allows for real-time collaboration between architects, engineers, and contractors, leading to better planning, fewer errors, and faster project completion. These technological advancements are driving greater demand for EPC services as companies look for ways to deliver projects with improved accuracy and reduced timelines.

• Sustainability and Energy Efficiency: There is a growing emphasis on sustainability and energy-efficient solutions across various industries, particularly in construction. With increased awareness of environmental issues and the need to reduce carbon footprints, governments and private enterprises are investing in green buildings and energy-efficient infrastructure. EPC firms are playing a pivotal role in this transition, providing innovative solutions to help clients meet their sustainability goals. The shift towards renewable energy, such as solar, wind, and hydroelectric power, is also a key contributor to the growth of the EPC (Engineering, Procurement, and Construction) market, particularly in the energy sector.

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Key Trends in the EPC Market

• Convergence of Engineering Disciplines: The convergence of different engineering disciplines, including civil, mechanical, electrical, and environmental engineering, is one of the notable trends in the EPC (Engineering, Procurement, and Construction) market. As projects become more complex, there is a greater need for integrated solutions that combine expertise from multiple engineering fields. The ability to offer end-to-end solutions, from initial design to procurement and construction, is giving EPC firms a competitive edge. This trend has led to the emergence of larger, multidisciplinary EPC contractors that can handle all aspects of a project under one roof.

• Increase in Public-Private Partnerships (PPP): The use of public-private partnerships (PPP) is becoming increasingly popular in large-scale infrastructure projects, particularly in transportation, utilities, and urban development. These partnerships allow for shared responsibility and risk between the public and private sectors, enabling more efficient project delivery. EPC companies that are skilled at managing PPPs are well-positioned to take advantage of this growing trend, as governments seek to leverage private sector expertise and funding for critical infrastructure development.

• Smart Cities and Urban Development: The rise of smart cities and the push for smarter urban infrastructure are shaping the future of the EPC (Engineering, Procurement, and Construction) market. Smart cities utilise advanced technology, such as IoT (Internet of Things), data analytics, and automation, to improve the quality of life for residents while reducing resource consumption and environmental impact. As urbanisation increases and cities become more technologically advanced, EPC firms are expected to play a key role in the design and construction of these futuristic urban environments.

Industry Applications

The EPC (Engineering, Procurement, and Construction) market spans across several industries, each with its own unique requirements for construction, engineering, and procurement services. Some of the major industries driving the demand for EPC services include:

• Energy: The energy sector, particularly renewable energy, is a significant contributor to the growth of the EPC (Engineering, Procurement, and Construction) market. The transition towards sustainable energy solutions, such as solar, wind, and hydropower, is driving the demand for large-scale EPC projects. EPC firms are responsible for delivering the design, procurement, and construction of energy infrastructure, such as power plants, substations, and transmission lines. Additionally, the growing demand for energy storage solutions is further expanding the opportunities for EPC contractors in the energy sector.

• Oil and Gas: The oil and gas industry remains one of the largest consumers of EPC services. With continuous exploration, production, and refining activities, there is a constant need for infrastructure development, such as refineries, pipelines, and offshore platforms. The rise of unconventional energy resources, including shale oil and natural gas, has led to an increased demand for advanced EPC services in exploration and production activities.

• Construction and Infrastructure: The construction and infrastructure sector is the backbone of the EPC (Engineering, Procurement, and Construction) market. As economies continue to grow, the demand for residential, commercial, and industrial buildings is on the rise. EPC contractors are involved in the design and construction of key infrastructure, such as roads, bridges, airports, and ports. The construction of smart cities and urban developments is also driving the need for innovative and integrated solutions, further boosting demand for EPC services.

• Water and Wastewater Management: As water scarcity becomes a growing concern, the need for efficient water and wastewater management systems is increasing. EPC contractors are involved in designing and constructing water treatment plants, desalination facilities, and sewage treatment plants. This segment is expected to see continued growth, particularly in regions with growing populations and limited access to clean water.

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

Challenges and Opportunities

Despite the positive market outlook, the EPC (Engineering, Procurement, and Construction) market faces several challenges that could impact its growth. The complexity and scale of EPC projects often lead to delays and cost overruns, which can harm project profitability. Furthermore, the management of large teams, complex supply chains, and regulatory compliance remains a significant challenge for EPC firms. Ensuring high-quality project execution within budget and timeline constraints remains a critical area of focus.

However, these challenges present opportunities for companies to differentiate themselves by leveraging technology, enhancing project management capabilities, and improving risk management processes. The increasing demand for sustainable construction and energy solutions presents a unique opportunity for EPC firms to specialise in green building projects, renewable energy infrastructure, and sustainable urban development.