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| Global EPC Consulting Market Size |
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.
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