Engineering, Procurement and Construction EPC Consulting Market is Estimated to Witness High Growth Owing to Opportunity in Infrastructure Development

Engineering, Procurement and Construction (EPC) consulting involves conceptual designing, viability assessment, cost estimation, tendering assistance and construction management services for large infrastructure projects. EPC consultants help organizations in planning, designing and executing various infrastructure projects related to transportation, power & energy, water & environment and other sectors. They play an important role in optimizing project costs and timelines through value engineering studies and ensure adherence to quality standards.

The global EPC Consulting Market is estimated to be valued at US$ 11.4 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The demand for EPC consulting is driven by the growing infrastructure investment in developing countries for sectors like transportation, energy and utilities. As per estimates, over US$ 94 trillion is required to be invested globally towards infrastructure by 2040. This presents a huge market opportunity for EPC consultants to provide value-added services for large scale projects. EPC consultants can capitalize on this opportunity by scaling up service capabilities, opening new regional offices and collaborating with international financing institutions to bid for infrastructure development contracts across emerging markets. Adopting advanced technologies like BIM and IoT can also help EPC consultants to streamline project workflows and costs, making infrastructure development more efficient.

Porter’s Analysis

Threat of new entrants: The EPC consulting market requires substantial expertise and capital investment. The intellectual property of existing large players also poses a barrier.

Bargaining power of buyers: Large project owners have significant bargaining power to negotiate prices downwards. However, quality services and specialized expertise limits alternatives.

Bargaining power of suppliers: Specialized skillsets and technical know-how give consultants bargaining power over customers.

Threat of new substitutes: Alternate project delivery methods pose a potential threat but EPC capabilities remain crucial for complex, large-scale projects.

Competitive rivalry: The market comprises major global consultancies competing intensely on quality, reputation and price.

SWOT Analysis

Strengths: Established reputations and track records attract new clients. In-house expertise across various industries and technologies.

Weaknesses: Over-reliance on few long-term clients increases concentration risks. High employee costs reduce margins.

Opportunities: Rising investments in process industries and power generation boost demand. Infrastructure development across developing regions opens new avenues.

Threats: Economic slowdowns and project delays impact revenues. Increasing local competitor presence in certain markets.

Key Takeaways

Global EPC Consulting Market Size is expected to witness high growth over the forecast period owing to rising investments in core industries worldwide. The global EPC Consulting Market is estimated to be valued at US$ 11.4 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030.

The Asia Pacific EPC consulting market holds the leading share currently and is expected to maintain its dominance through 2030. China accounts for the largest market share in the region supported by its growing investments in manufacturing, utilities and infrastructure sectors. India is projected to emerge as the fastest growing country on account of government initiatives to develop smart cities and expand renewable energy generation capacity.

Key players related content: Key players operating in the EPC consulting market are CalAmp Corp, eLogger, Orbcomm Inc, Sierra Wireless Inc, Tracker Systems, Azure Technologies, Verizon Wireless, Atrack Technology Inc, Laird PLC, Nextraq AG. CalAmp Corp leads the market with specialized offerings in transportation and construction verticals. Meanwhile, Sierra Wireless focuses on developing advanced IoT solutions for asset tracking and fleet management.

Explore More Related Article On This Topic: https://www.pressreleasebulletin.com/epc-consulting-market-share/

 

Explore More Related Article On: https://webyourself.eu/blogs/241183/Training-Market-is-Estimated-to-Witness-High-Growth-Owing-to

Trending

Hot