EPC Market worth USD 14,286.09 million by 2033

The Market Statsville Group (MSG) publishes the new report on the "EPC Market by Type (Engineering, Procurement, Construction, Design, Others), by Application (Chemical, Petrochemical, Gasification, Electric Power, Oil & Gas, Mining, Civil Constructions, Others), By Region – Global Share and Forecast to 2033

According to the Market Statsville Group (MSG), the global epc market size is expected to grow from USD 7,927.5 million in 2022 to USD 14,286.09 million by 2033, at a CAGR of 5.5% from 2023 to 2033.

The epc market consists of sales of epc services by entities (organizations, sole traders, and partnerships). Factors such as real estate growth, the oil and manufacturing industries' growth, and people's desire to seek expert advice for construction projects drive the worldwide EPC market. Furthermore, technological breakthroughs like 3D printing and drone surveillance are expected to help the industry grow even faster. However, the market's growth is being stifled by issues such as a long procurement cycle and increased production, shipping, and investment expenses. Nonetheless, factors such as expanding infrastructure spending, rising energy demand due to a growing population, and real estate growth to supply homes for the growing population are likely to create chances for the EPC industry in the coming years.

Furthermore, the ever-increasing demand for oil and gas for everyday operations and the rise in mining activities have driven corporations to adopt efficient technologies to increase output. As a result, the EPCM market is expected to develop.

Global EPC Market Segmentation

The overall epc market has been segmented into type, application, and region.

• By Type (Engineering, Procurement, Construction, Design, Others)
• By Application (Chemical, Petrochemical, Gasification, Electric Power, Oil & Gas, Mining, Civil Constructions, Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Electric Power segment is at the highest CAGR during the forecast period

Electric Power segment is expected to grow at the highest CAGR during the forthcoming period. Factors such as increasing energy consumption coupled with the growing development of power generation facilities are driving the demand for engineering, procurement, and construction firms worldwide. Energy consumption is growing every year with an average of 1%-2% globally. In addition, government initiatives to enhance the production of renewable energy, coupled with the establishment of new facilities & plants with new & efficient technologies such as supercritical and ultra-supercritical coal power plants, will drive the demand for EPC services in the power and energy sector.

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The Asia Pacific to account for the highest CAGR during the forecast period

Over the forecast period, the Asia Pacific market is expected to grow rapidly. Due to a significant rise in urbanization and increasing electricity demand. As several power projects are in the pipeline, demand for EPC firms will have potential growth opportunities over the coming years. India is anticipating a total investment of US$ 500 billion in the renewable sector to attain its target of 450 GW of capacity by 2030, as per the Institute for Energy Economics and Financial Analysis.

India has been the fastest developing chemical sector in recent years. Chemical companies require EPC companies to execute projects in an efficient way to attract value to the investments made by companies and establish energy-efficient plants to attain competitive energy consumption in comparison to international standards.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the epc market. It also consists of the profiles of leading companies such as Flexitallic, Tecnimont, Maire Tecnimont, Samsung Engineering, Fluor, ERGIL, Saipem, Azco, Tekfen Holding, BCC Group, Velesstroy, NIPIGAS, YokoGawa, Renaissance Hi and TechnipFMC. The key players' growing research and development activities for launching innovative healthcare devices with advanced features and strategic unions are expected to drive market growth.

About Market Statsville Group

Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

MSG has an entire repository of research reports on more than 1,000 niche industries, 3,000 high-growth potentials markets, 5,000 data sets, and more than 12,000 company profiles.

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