Global Engineering,Procurement, and Construction Management (EPCM) Market:Overview
Engineering, Procurement, and Construction Management (EPCM) isa specific type of contracting arrangement that is used in some industries.This involves the contractor to be responsible for end-to-end completion of aproject right from design to procurement of raw materials to construction toexecution to handover of the project to the end-user. The contractor isresponsible for the completion of the project in the allocated time limit,which may be executed either remotely or by embarking at the location site.
The globalengineering, procurement, and construction management market is divided on thebasis of end user and geography.
The report analyzes the global EPCM market in a ground-up mannerwhich includes insights into the market dynamics that will influence themarket’s growth over the forecast period.
Global Engineering,Procurement, and Construction Management Market: Trends and Opportunities
The global EPCM market is driven by factors such as growth ofreal estate, growth of the oil and manufacturing industry, and interest ofpeople to seek consultation from a specialist for construction undertakings.Moreover, technological advancements such as 3D printing and drone supervisionare expected to further boost the market’s growth.
However, factors such as high procurement cycle along with addedproduction, transportation, and investments costs are restraining the market’sgrowth. Nonetheless, factors such as increasing infrastructure spending,increasing demand for energy to rising population, and growth of real estate toprovide housing for the growing population are expected to open opportunitiesfor the EPCM market in the years to come.
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Moreover, the ever-increasing demand for oil and gas foreveryday operations and surging mining activities has compelled companies todeploy efficient systems in order to magnify production. This in turn, willfavor the growth of the EPCM market.
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Global Engineering,Procurement, and Construction Management Market: Regional Outlook
By geography, the global EPCM market is analyzed with respect tothe regional segments of North America, Europe, Latin America, Asia Pacific,and the Middle East and Africa. At present, North America holds the leadingshare in the global EPCM market owing to the use of automated systems supportedby technology for end-to-end completion of engineering projects.
Middle East and Africa is expected to emerge as a significantregion for EPCM over the report’s forecast period. The region is expected toaccount for a considerable market share in the global EPCM market. This ismainly due to the high infrastructural needs that need to be executed usingautomated systems. Moreover, increasing oil exports from the region hasnecessitated the adoption of EPCM solutions for efficiency.
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In Asia Pacific, massive industrial development in countriessuch as China and India as a consequence of economic growth is pushing thegrowth of the EPCM market.
Global Engineering,Procurement, and Construction Management Market: Competitive Landscape
Some of the leading companies in the global engineering,procurement, and construction management market are Citec, Sports ShanghaiLtd., Engineers India Limited, and Amec Foster Wheeler. Some other companiesoperating in the EPCM market are Anewa Engineering Pvt. Ltd., WorleyParsons,Stantec, Clark Eriksson, CONSTRUCAP, TWP, Ausenco, and Fluor Limited amongothers.
The EPCM industry has been under consolidation over the past fewyears. Major companies are focused on acquisitions and strategic partnershipsfor geographical expansion. This is also to diversify their service offerings andto establish their presence in regional and local markets.
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