EPC (Engineering, Procurement, and Construction) Market Outlook: Size, Share and Report | 2034

EPC (Engineering, Procurement, and Construction) Market Outlook

According to the report by Expert Market Research (EMR), the global EPC (Engineering, Procurement, and Construction) market size attained a value of USD 837.78 billion in 2024. Aided by the increasing demand for large-scale infrastructure projects and the growing adoption of advanced construction technologies, the market is projected to further grow at a CAGR of 3.20% between 2025 and 2034 to reach a value of USD 1112.4 billion by 2034.

EPC contracts are widely used in sectors such as energy, transportation, manufacturing, and construction, where a single contractor manages the entire lifecycle of a project, from design and procurement to construction and commissioning. This turnkey approach ensures efficiency, cost control, and timely completion, making EPC an essential model for large-scale developments.

The increasing global demand for infrastructure development is one of the primary drivers of the EPC (Engineering, Procurement, and Construction) Market growth. Governments and private investors worldwide are focusing on expanding transportation networks, including roads, railways, airports, and ports, to support economic growth and urbanisation. Additionally, the rising investments in renewable energy projects, such as solar, wind, and hydropower, are bolstering the demand for EPC services in the energy sector.

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Key Drivers of the Market

One of the key drivers of the EPC (Engineering, Procurement, and Construction) Market is the increasing number of infrastructure projects worldwide. The demand for efficient transportation systems, such as highways, bridges, railways, and airports, has necessitated large-scale EPC contracts. Governments across developing nations are implementing ambitious infrastructure plans to boost economic growth, providing significant opportunities for EPC service providers.

The rapid expansion of the energy sector, particularly in renewable energy, is another critical factor supporting EPC market growth. With the global push for sustainable energy sources, solar farms, wind energy installations, and hydroelectric plants are witnessing an upsurge, with EPC firms playing a pivotal role in project execution.

Moreover, the oil and gas industry remains a significant contributor to the EPC (Engineering, Procurement, and Construction) Market. Despite the ongoing energy transition, major investments in refining, petrochemicals, and LNG facilities continue to drive demand for EPC services. The adoption of digital technologies, including AI-driven project management and remote monitoring, has enhanced operational efficiency, further boosting the market.

EPC (Engineering, Procurement, and Construction) Market Segmentation

The market can be divided based on type, application, marketing channel, and region.

Market Breakup by Type

• Engineering
• Procurement
• Construction
• Design
• Others

Market Breakup by Application

• Chemicals
• Power
• Oil and Gas
• Industrial
• IT and Telecom
• Roads, Railways, and Bridges
• Airports and Ports
• Building Construction
• Others

Market Breakup by Marketing Channel

• Offline Channel
• Online Channel

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global EPC (Engineering, Procurement, and Construction) companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• China State Construction Engineering Corporation Ltd.
• Fluor Corporation
• Prokon Engineering and Consulting Inc.
• Tekfen Holding A.Ş.
• Maire Tecnimont S.p.A.
• SAIPEM SpA
• Swinerton Incorporated
• Samsung Engineering Co. Ltd
• Larsen Toubro Limited
• TechnipFMC plc
• Wood plc
• GS Engineering Construction Corporation
• Others

Challenges and Opportunities

Despite its strong growth prospects, the EPC (Engineering, Procurement, and Construction) Market faces several challenges, including cost overruns, project delays, and regulatory complexities. The capital-intensive nature of EPC projects necessitates stringent risk management strategies to mitigate financial and operational uncertainties.

However, the market presents numerous opportunities for growth. The increasing integration of digital technologies and automation in construction processes is transforming the EPC industry, enhancing efficiency and reducing project timelines. Additionally, the expansion of modular construction techniques and prefabrication methods is streamlining project execution, minimising waste, and optimising resource utilisation.

The Middle East and Asia-Pacific regions offer immense growth potential for EPC firms. The ongoing development of smart cities, infrastructure mega-projects, and energy transition initiatives are expected to provide lucrative opportunities for EPC service providers in these regions.