Shaping the Future of Construction: Gain Insights into the EPC (Engineering, Procurement, and Construction) Market 2023-2028

SHERIDAN, WYOMING, UNITED STATES, July 17, 2023/EINPresswire.com/ -- Market Outlook:

According to a new report by Expert Market Research titled "Global EPC (Engineering, Procurement, and Construction) Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028",, the worldwide size of the engineering, procurement, and construction (EPC) market was valued at roughly USD 8.26 trillion in 2022. As per projections, the market will continue to expand at a CAGR of 3.22% between 2023 and 2028, ultimately reaching a valuation of USD 9.92 trillion by 2028.

The market is driven by the growing demand for infrastructure development, particularly in developing economies such as India, China, and Brazil. The increasing adoption of renewable energy sources such as solar and wind is expected to drive the growth of the EPC market. Furthermore, the emergence of new technologies such as 3D printing and Building Information Modeling (BIM) is expected to offer new opportunities for the market’s growth.

Engineering Procurement and Construction (EPC) is a popular approach used in the construction industry for projects that require comprehensive services ranging from the design, procurement, and construction of projects. The EPC industry comprises of contractors, engineers, designers, and suppliers who work together to offer EPC services to clients. The market for EPC services is driven by the growing demand for infrastructure development across various industries such as oil and gas, power, chemicals, and water treatment.

Get a Free Sample Report with Table of Contents – https://www.expertmarketresearch.com/reports/epc-engineering-procurement-and-construction-market/requestsample

Market Segmentation:

The global EPC market is segmented based on service type, industry, and region.

Based on service type, the market is segmented into:

Engineering Services
Procurement Services
Construction Services

Based on industry, the market is segmented into:

Oil and Gas
Power
Chemicals
Water Treatment
Others

Get a Free Sample Report with Table of Contents – https://www.expertmarketresearch.com/reports/epc-engineering-procurement-and-construction-market

Regional Analysis:

The EPC market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific dominates the EPC market due to the increasing demand for infrastructure development and the growing adoption of renewable energy sources in the region. The region is expected to continue to dominate the market during the forecast period. North America and Europe are expected to experience significant growth due to the growing investments in the oil and gas industry.

Key Players:

The key players in the global EPC market include Bechtel Corporation, Fluor Corporation, KBR Inc., McDermott International Inc., and Petrofac Ltd. These companies are adopting strategies such as mergers and acquisitions, partnerships, and collaborations to strengthen their market position.

Market Trends and Drivers:

Increasing demand for infrastructure development
Growing adoption of renewable energy sources
Emergence of new technologies such as 3D printing and BIM
Growing investments in the oil and gas industry
Increase in demand for energy-efficient solutions

Challenges:

High competition in the market
Complexity of EPC projects
Economic and political instability in some regions

FAQs:

Q: What is the expected growth rate of the engineering procurement and construction market during the forecast period of 2023-2028?
A: The engineering procurement and construction market is expected to grow at a CAGR of 3.22% during the forecast period of 2023-2028.

Q: What are the key factors driving the growth of the engineering procurement and construction market?
A: The key factors driving the growth of the engineering procurement and construction market include increasing demand for infrastructure development, rising industrialization and urbanization, and government initiatives to support infrastructure development.

Q: Which region is expected to dominate the engineering procurement and construction market during the forecast period?
A: The Asia-Pacific region is expected to dominate the engineering procurement and construction market during the forecast period, due to increasing infrastructure development activities and rising industrialization in countries like China and India.

Q: What are the major challenges faced by the engineering procurement and construction market?
A: The major challenges faced by the engineering procurement and construction market include fluctuating prices of raw materials, shortage of skilled labor, and delay in project approvals.

Q: Which segment is expected to witness the highest growth in the engineering procurement and construction market during the forecast period?
A: The energy and power segment is expected to witness the highest growth in the engineering procurement and construction market during the forecast period, due to increasing demand for energy and power infrastructure.

Q: What are the major trends in the engineering procurement and construction market?
A: The major trends in the engineering procurement and construction market include the adoption of advanced technologies like Building Information Modelling (BIM) and the increasing use of prefabricated and modular construction techniques.

Q: Which companies are leading in the engineering procurement and construction market?
A: Some of the leading companies in the engineering procurement and construction market include Bechtel Corporation, Fluor Corporation, KBR Inc., TechnipFMC plc, and Jacobs Engineering Group Inc.

Q: How are government initiatives impacting the engineering procurement and construction market?
A: Government initiatives like investment in infrastructure development and the implementation of public-private partnerships are positively impacting the engineering procurement and construction market, by providing opportunities for growth and development.

Q: What are the factors limiting the growth of the engineering procurement and construction market?
A: Factors limiting the growth of the engineering procurement and construction market include the high cost of construction projects, regulatory and environmental constraints, and geopolitical tensions.

Q: What is the outlook for the engineering procurement and construction market in the coming years?
A: The engineering procurement and construction market is expected to witness significant growth in the coming years, due to increasing infrastructure development activities and rising demand for energy and power infrastructure. However, challenges like fluctuating prices of raw materials and shortage of skilled labor may limit the growth to some extent.

Related Reports:

OPDA (o-Phenylenediamine) Market: https://www.expertmarketresearch.com/reports/opda-o-phenylenediamine-market

Mono Ammonium Phosphate Market: https://www.expertmarketresearch.com/reports/mono-ammonium-phosphate-market

Phenolic Boards Market: https://www.expertmarketresearch.com/reports/phenolic-boards-market

North America Interior Design Services Market: https://www.expertmarketresearch.com/reports/north-america-interior-design-services-market

Middle East Silica Sand Market: https://www.expertmarketresearch.com/reports/middle-east-silica-sand-market

Middle East and North Africa Vacuum Bottom Residue Kerosene VGO and Bitumen Market: https://www.expertmarketresearch.com/reports/mena-vacuum-bottom-residue-market

Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Market: https://www.expertmarketresearch.com/reports/iraq-vacuum-bottom-residue-market

Chile Waterproofing Market: https://www.expertmarketresearch.com/reports/chile-waterproofing-market

South Korea Smart Furniture Market: https://www.expertmarketresearch.com/reports/south-korea-smart-furniture-market

South Korea Massage Chair Market: https://www.expertmarketresearch.com/reports/south-korea-massage-chair-market

About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

Edward Dugger
Expert Market Research
+1 415-325-5166
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
Instagram
YouTube
Other

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.