Global Engineering, Procurement, and Construction Management (EPCM) Market: Overview
Engineering,Procurement, and Construction Management (EPCM) is a specific type ofcontracting arrangement that is used in some industries. This involves thecontractor to be responsible for end-to-end completion of a project right fromdesign to procurement of raw materials to construction to execution to handoverof the project to the end-user. The contractor is responsible for thecompletion of the project in the allocated time limit, which may be executedeither remotely or by embarking at the location site.
The globalengineering, procurement, and construction management market is dividedon the basis of end user and geography.
The reportanalyzes the global EPCM market in a ground-up manner which includes insightsinto the market dynamics that will influence the market’s growth over theforecast period.
Global Engineering, Procurement, andConstruction Management Market: Trends and Opportunities
The globalEPCM market is driven by factors such as growth of real estate, growth of theoil and manufacturing industry, and interest of people to seek consultationfrom a specialist for construction undertakings. Moreover, technologicaladvancements such as 3D printing and drone supervision are expectedto further boost the market’s growth.
However,factors such as high procurement cycle along with added production,transportation, and investments costs are restraining the market’s growth.Nonetheless, factors such as increasing infrastructure spending, increasingdemand for energy to rising population, and growth of real estate to providehousing for the growing population are expected to open opportunities for theEPCM market in the years to come.
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Moreover,the ever-increasing demand for oil and gas for everyday operations and surgingmining activities has compelled companies to deploy efficient systems in orderto magnify production. This in turn, will favor the growth of the EPCM market.
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Global Engineering, Procurement, andConstruction Management Market: Regional Outlook
Bygeography, the global EPCM market is analyzed with respect to the regionalsegments of North America, Europe, Latin America, Asia Pacific, and the MiddleEast and Africa. At present, North America holds the leading share in theglobal EPCM market owing to the use of automated systems supported bytechnology for end-to-end completion of engineering projects.
MiddleEast and Africa is expected to emerge as a significant region for EPCM over thereport’s forecast period. The region is expected to account for a considerablemarket share in the global EPCM market. This is mainly due to the highinfrastructural needs that need to be executed using automated systems.Moreover, increasing oil exports from the region has necessitated the adoptionof EPCM solutions for efficiency.
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In AsiaPacific, massive industrial development in countries such as China and India asa consequence of economic growth is pushing the growth of the EPCM market.
Global Engineering, Procurement, andConstruction Management Market: Competitive Landscape
Some ofthe leading companies in the global engineering, procurement, and constructionmanagement market are Citec, Sports Shanghai Ltd., Engineers India Limited, andAmec Foster Wheeler. Some other companies operating in the EPCM market areAnewa Engineering Pvt. Ltd., WorleyParsons, Stantec, Clark Eriksson,CONSTRUCAP, TWP, Ausenco, and Fluor Limited among others.
The EPCMindustry has been under consolidation over the past few years. Major companiesare focused on acquisitions and strategic partnerships for geographicalexpansion. This is also to diversify their service offerings and to establishtheir presence in regional and local markets.
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