Transparency Market Research

Engineering, Procurement, & Construction Management (EPCM) Market Looks Bright with the Rising Focus on Oil and Manufacturing Industry, Trends by 2024

Transparency Market Research has published a new research report titled “Engineering, Procurement, & Construction Management (EPCM) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024” to their report store.


Albany, NY -- (SBWIRE) -- 02/08/2017 -- Engineering, Procurement, and Construction Management (EPCM) is an explicit practice of contracting procedure. Here, the engineering, procurement, and construction contractor is entrusted with all the activities related to a project, from procurement, design, and construction, to delivery of the project to the customer or end-user. In an engineering, procurement, and construction management arrangement, the client selects a freelancer who offers "management services" for the entire project of the client. The contractor coordinates all design, construction, and procurement work. The contractor also ensures that the entire project is finished in the allocated time limit. The EPCM contractor might or might not embark on actual location work. Engineering, procurement, and construction management is a service-only contract between the owner and the EPCM contractor.

The global EPCM market is governed by factors such as rising real estate, growth in demand in the oil and manufacturing industry, and affinity of people to consult a specialist when it comes to infrastructure building. Technological innovations such as 3D printing and drone supervision will drive the market over the forecast period.

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High procurement cycle time along with increase in production, transportation, and investment costs are some of the major factors which restrict the market from expansion. Nonetheless, some factors such as increase in infrastructure spending, high demand for real estate due to rising population, and high demand for natural resources such as gas and oil are likely to make the global EPCM market lucrative in the coming years. Moreover, soaring demand for oil, gas, and a surge in mining activities has pushed companies to aim for better setups in order to boost production. This in turn will fuel the overall EPCM market.

The engineering, procurement, and construction management market is segregated based on end-user and geography. By end-user, the market is segmented into mining, oil & gas, infrastructure, aviation, and others. The oil and gas sector held the largest market share among the end user industries. Rise in consumption leading to higher demand, and eventually opting for infrastructure building to meet the rising demand, has made this sector most attractive.

In terms of geography, the global EPCM market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Presently, the North America region has the maximum market share in the global EPCM market. This is due to rapid urbanization and presence of various industries in this region. Middle East and Africa, and Asia Pacific are poised to grow at a significant rate over the forecast period. There are high infrastructural needs in the Middle East, especially in the UAE, which is likely to dominate the growth pattern in this region. Moreover, global rise in demand for oil has forced these countries to opt for engineering, procurement, and construction management. Massive industrial development in emerging economies such as China and India is likely to push the EPCM market growth in this region in a positive direction. Middle East & Africa accounts for a considerable market share in the EPCM market.

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The EPCM sector has been in the consolidation phase for a few years. Companies are now considering growth through acquisitions and geographical expansion. They want to enter new regional and vertical markets, in order to diversify their service offerings, and to become more integrated as an organization.The key players operating in the global EPCM market are Citec (Finland), Engineers India Limited (India), Sports Shanghai Ltd. (China), and Amec Foster Wheeler (Scotland). Some of the other EPCM service providers include Anewa Engineering Pvt. Ltd. (ANEWA) (India), CONSTRUCAP (Brazil), WorleyParsons (South Africa), TWP (US), Stantec (France), Ausenco (Australia), Clark Eriksson (U.S), and Fluor Limited (U.K) among others.