by Engineering, procurement, and construction (EPC) consulting services assist organizations in managing capital projects from planning and design to construction and operation stages. EPC consulting provides a wide range of project management, project planning, cost estimating, scheduling, and project controls services to various industries including oil & gas, petrochemicals, power & energy, infrastructure, and mining. Rapid industrialization and infrastructure growth across developing regions have boosted capital investments in new plant construction, equipment installation, and process upgrades. This rising industrial capital expenditure is driving significant demand for EPC consulting services to streamline project execution, minimize delays and cost overruns.
The global EPC Consulting Market is estimated to be valued at US$ 11.4 billion 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:
One of the major trends witnessed in the EPC consulting market is the increasing adoption of digital technologies such as building information modeling (BIM), cloud computing, artificial intelligence, and blockchain. These digital technologies enable EPC consultants to enhance project planning, coordination, resource management, and cost estimation. For instance, BIM helps visualize projects in 3D format to improve design collaboration among project stakeholders. Cloud computing facilitates efficient data integration and storage across project facilities. AI and machine learning are being deployed to optimize scheduling, predict risks and bottlenecks, and streamline operations & maintenance activities post project completion. Blockchain facilitates transparent tracking of materials, equipment, workforce deployment throughout project lifecycles. Going forward, further integration of digital technologies is expected to boost the efficiency, productivity and competitiveness of EPC consulting services.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the EPC consulting market is moderate. Significant capital investment and existing long-term client relationships pose barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to the specialized skills and expertise required by EPC consulting companies. However, availability of substitutes like in-house consultancy teams is balancing this power.
Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of substitutes and lack of switching costs for buyers.
Threat of new substitutes: Threat from substitutes is moderate as some oil & gas companies are shifting to in-house engineering teams for consulting needs reducing market size.
Competitive rivalry: The market has high competition due to presence of global well-established players creating pressure on pricing and innovation.
Key Takeaways
The Global EPC Consulting Market Size is expected to witness high growth. The global EPC Consulting Market is estimated to be valued at US$ 11.4 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Regional analysis:
North America dominates the EPC consulting market currently due to presence of shale oil & gas projects and rising complexities in E&P activities. Asia Pacific is expected to grow at highest CAGR during the forecast period owing to increasing oil & gas production and demand for consulting services in developing countries of the region.
Key players:
Key players operating in the EPC consulting market are CalAmp Cor, IBERDROLA Ingeniería y Construcción, Fluor Corporation, WorleyParsons, KBR, Jacobs, SNC-Lavalin, and others. CalAmp Cor and IBERDROLA Ingeniería y Construcción collectively account for over 30% of market share currently in North America and Europe.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
