by EPC consulting refers to engineering, procurement and construction consulting services, which help in effective project management and timely delivery of projects. EPC consulting services include assisting clients right from the conceptual design stage to commissioning and hand over the completed projects. They provide expertise across various industry verticals including oil & gas, power & energy, industrial, infrastructure and metal & mining. EPC consultants work closely with clients to define project requirements, conduct feasibility studies, develop engineering designs, procure materials and equipment, assist with contractor selection and coordination, schedule project activities, monitor progress, ensure quality standards, manage budgets and costs, handle compliancewith safety and environmental norms.
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 Dynamics:
The growing demand for efficient project management from complex capital projects is expected to drive the demand for EPC consulting services over the forecast period. With EPC consultants offering a range of expertise across project lifecycles, they help optimize costs and minimize project delays for clients. Further, the increasing investments by governments and private sector in development of infrastructure, renewable energy generation capacities and process industries is also slated to boost the need for EPC consulting. However, lack of in-house expertise at consultancy firms for new and emerging technologies may hinder the market growth.
Segment Analysis
The EPC Consulting Market is segmented into Application, Type, and Geography. By application, the market dominated by Pre-Construction segment which accounts for more than 30% market share. In Pre-Construction phase, EPC consultants are hired to analyze client’s requirements, develop conceptual design, conduct feasibility studies, prepare bids and proposals. By type, Project Management Consultancy is the dominating segment with over 25% share. EPC consultants offer array of project management services including scope and change management, risk management, budget and cost management.
PEST Analysis
Political: Favorable regulations around sustainability, energy efficiency and renewable energy targets across regions are driving demand for EPC consulting services. Economic: Growing investments in clean energy infrastructure projects worldwide due to attractive returns are fueling market growth. Social: Increasing awareness about environmental protection and focus on reducing carbon footprint is positively influencing the market. Technological: Adoption advanced technologies like artificial intelligence, IoT, blockchain etc. are enabling EPC consultants to provide digital solutions and services.
Key Takeaways
The Global EPC Consulting Market Size is expected to witness high growth at a CAGR of 13% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates currently with over 30% share led by US and Canada. The region is expected to maintain its dominance supported by presence of many global players and upcoming clean energy projects.
Key players operating in the EPC Consulting Market are CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada), Key players analysis: CalAmp Corp. is a global telematics solutions provider operating across diverse industries. Orbcomm Inc. provides connectivity solutions through its platform of satellite and cellular networks. Sierra Wireless is a leading IoT solutions provider offering various products and services including as asset tracking, transportation monitoring.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
