Engineering, procurement, and construction (EPC) consulting refers to comprehensive project management advisory services offered from the design stage till construction completion and handover of infrastructure projects to clients. EPC consultants help owners and investors envision, plan, build and monitor projects across various sectors including energy, process industry, transport, and buildings. They leverage an interdisciplinary approach with expertise in areas like planning, design, engineering, procurement, project controls, construction management, commissioning and operations and Maintenance. The global EPC Consulting market demand is rising due to rapid infrastructural expansion worldwide driven by factors such as population growth, urbanization, industrialization and economic development across developing economies. EPC consultants play a vital role in developing large-scale complex projects on schedule and within budget targets by mitigating risks at planning stage itself.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the EPC consulting market is the adoption of disruptive digital technologies to enhance project delivery and management. Technologies such as building information modelling (BIM), internet of things (IoT), augmented/virtual reality, robotics, automation and artificial intelligence are being leveraged at various stages of EPC project lifecycle from design, engineering and planning to construction, operations and maintenance. This is helping EPC consultants improve collaboration, risk mitigation, cost controls, timely decision making and overall project quality and productivity. As infrastructure development continues globally, demand for advanced EPC consulting solutions integrated with digital technologies is expected to rise significantly over the coming years.
Porter’s Analysis
Threat of new entrants: The EPC Consulting Market has moderate threat of new entrants due to availability of various low cost service providers in the market. However, high initial investment and strong brand loyalty of existing players pose major barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are abundant service providers in the market for EPC consulting services. However, switching costs associated with changing consultants provide buyers limited power.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and less differentiation in services provided. Suppliers also have less control over pricing as buyers can easily switch to other suppliers.
Threat of new substitutes: Threat of substitutes is low as there are limited alternatives to EPC consulting services available.
Competitive rivalry: The market competition is high among existing players due to availability of abundant service providers and less product differentiation.
Key Takeaways
The Global EPC Consulting Market Size is expected to witness high growth.
Regional analysis: The North America region dominates the EPC Consulting Market currently and is expected to continue its dominance during the forecast period. This is attributed to the presence of major consulting companies such as CalAmp Corp. (US), Orbcomm Inc. (US) in the region.
Key players operating in the EPC Consulting Market are CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada). CalAmp Corp. specializes in wireless equipment for fleet and asset management. Orbcomm Inc. provides critical connectivity solutions and value-added services. Sierra Wireless is a leading provider of fully integrated device-to-cloud solutions for the Internet of Things.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it