According to the report by Expert Market Research (EMR), the global [FURL=https://bityl.co/S9F7]EPC (Engineering, Procurement, and Construction) market size[/FURL] achieved a value of USD 837.78 billion in 2023. Driven by the increasing demand for infrastructure development, energy projects, and industrial expansion, the market is projected to grow at a CAGR of 3.20% from 2024 to 2032, reaching an estimated value of USD 1,112.4 billion by 2032.

Size and Share

The EPC (Engineering, Procurement, and Construction) market is segmented into various categories, including oil and gas, power generation, infrastructure, and industrial projects. The oil and gas sector remains a dominant player, accounting for a significant share of the market due to ongoing exploration and production activities worldwide. The growing demand for renewable energy sources is also propelling the power generation segment, particularly in wind and solar energy projects. In recent years, the infrastructure segment has gained momentum, supported by government initiatives to enhance transportation networks, urban development, and public utilities.

Trends and Innovations

Several trends are shaping the future of the global EPC (Engineering, Procurement, and Construction) market. One of the most significant developments is the increasing adoption of digital technologies. Companies are investing in advanced project management software, Building Information Modeling (BIM), and artificial intelligence to improve efficiency and reduce project timelines. These innovations enable better collaboration among stakeholders, enhance resource allocation, and minimize risks associated with project execution.

Sustainability is another critical trend influencing the EPC landscape. As environmental regulations become more stringent and societal expectations shift toward sustainable practices, EPC firms are focusing on green building materials, energy-efficient designs, and waste reduction strategies. This commitment to sustainability not only helps in meeting regulatory requirements but also enhances the reputation of EPC companies among clients and investors.

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Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global EPC (Engineering, Procurement, and Construction) market. Some of the major 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.Åž.

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

Growth

The growth of the EPC (Engineering, Procurement, and Construction) market is being driven by various factors, including rising investments in infrastructure development, increasing demand for energy, and technological advancements. Governments worldwide are prioritizing infrastructure projects to stimulate economic growth, improve connectivity, and enhance the quality of life for citizens. The shift towards renewable energy sources is also creating opportunities for EPC companies, as they are called upon to develop and construct solar farms, wind farms, and other sustainable energ