by The EPC (Engineering, Procurement and Construction) consulting market involves planning and designing of projects along with procurement and construction management. These services help organizations efficiently manage complex infrastructure projects across various industries including oil & gas, power, chemicals and others by ensuring on-time and on-budget project delivery.
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:
Rapid digital transformation across industries has been a key driver of growth for the global EPC consulting market. As infrastructure projects are increasingly becoming data-driven and optimized through smart technologies like IoT, AI and cloud, EPC consulting firms are helping their clients integrate these digital solutions into various stages of project execution. This allows for remote monitoring of projects, predictive maintenance, speedier issue resolution, and overall better management of complex projects through real-time data insights. The integration of digital technologies by EPC consultants is expected to continue revolutionizing infrastructure development in the coming years.
SWOT Analysis
Strength: EPC consulting services offer tailor-made solutions and help businesses design and build complex infrastructure projects cost effectively.
Weakness: EPC consulting firms face stiff competition from in-house project management teams of large corporations.
Opportunity: Growing infrastructure investments in regions like Asia Pacific and Middle East provide significant growth opportunities for EPC consulting companies.
Threats: Political uncertainties and changing regulations in different countries can delay projects and impact revenues of EPC consulting firms.
Key Takeaways
The Global Epc Consulting Market Size is expected to witness high growth.
Regional analysis: North America dominates the global EPC consulting market currently owing to large infrastructure modernization projects underway in the region. The Asia Pacific region is expected to be the fastest growing market for EPC consulting services during the forecast period supported by huge investments planned for developing transportation, energy and utility infrastructure projects across major countries like China and India.
Key players operating in the EPC consulting market are CalAmp Corp. (US), Orbcomm Inc. (US), and Sierra Wireless, Inc. (Canada). CalAmp Corp. provides fleet management, asset tracking and stolen vehicle recovery solutions. Orbcomm Inc. offers satellite based communications solutions for transportation and industrial markets. Sierra Wireless specializes in device-to-cloud solutions that connect assets to business, deliver insights and help manage remote distributed assets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
