Engineering, procurement, and construction (EPC) consulting services help reduce project expenses and increase efficiency through complete lifecycle support ranging from concept development to commissioning and maintenance. EPC consulting ensures optimized engineering design to facilitate quick construction and commissioning. It also assists in achieving compliance with regulatory benchmarks and accommodating design changes.
The global EPC Consulting Market is estimated to be valued at US$ 11.4 Bn in 2024 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:
The increased demand for cost-effective and energy-efficient infrastructure has been a major driver of growth in the EPC consulting market over the past few years. EPC consultants help devise strategies to minimize project costs through value engineering and ensure resource optimization. They also assess various construction methodologies and materials to recommend the most economical option. Further, EPC consultants guide projects to comply with the latest energy efficiency standards by designing infrastructure with low-energy consumption materials and renewable energy integration. Such initiatives help lower clients' operating expenses. Significant focus on renewable energy generation globally has further accelerated demand for EPC consulting services to strategize integration of clean power sources into existing and upcoming projects.
Segment Analysis
The global EPC Consulting Market is dominated by four prominent segments: Project Management Consulting, Infrastructure & Artificial Lift Consulting, Process Design Consulting, and Risk Advisory Consulting. Project Management Consulting segment accounts for over 35% of the market share owing to demand for proper project planning and timely execution among oil & gas companies.
Key Takeaways
The Global EPC Consulting Market Size is expected to witness high growth over the forecast period 2023 to 2030. The market size is projected to reach US$ 11.4 Bn by 2024.
Regional analysis: North America currently dominates the EPC Consulting market with over 40% share due to presence of many oil & gas companies in the US. However, Asia Pacific is expected to witness fastest growth due to increasing investments in energy infrastructure development in major economies like China and India.
Key players: CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada) are some of the prominent players operating in the EPC Consulting market. CalAmp Corp. leads the project management consulting segment with over 15% market share owing to its expertise in planning & scheduling of large oil & gas projects. Orbcomm Inc. dominates the risk advisory consulting segment with 10% share due to its capabilities in risk assessment and advisory services for oil & gas assets. Sierra Wireless has a strong foothold in the process design consulting segment through its extensive experience in process optimization and simulation for refineries and petrochemical plants.
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