Engineering,
Procurement, and Construction Management (EPCM) is a specific type of
contracting arrangement that is used in some industries. This involves the
contractor to be responsible for end-to-end completion of a project right from
design to procurement of raw materials to construction to execution to handover
of the project to the end-user. The contractor is responsible for the
completion of the project in the allocated time limit, which may be executed
either remotely or by embarking at the location site.
The report analyzes the global EPCM market in a ground-up
manner which includes insights into the market dynamics that will influence the
market’s growth over the forecast period.
The global
EPCM market is driven by factors such as growth of real estate, growth of the
oil and manufacturing industry, and interest of people to seek consultation
from a specialist for construction undertakings. Moreover, technological
advancements such as 3D printing and drone supervision are expected to 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, increasing
demand for energy to rising population, and growth of real estate to provide
housing for the growing population are expected to open opportunities for the
EPCM market in the years to come.
Moreover, the
ever-increasing demand for oil and gas for everyday operations and surging
mining activities has compelled companies to deploy efficient systems in order
to magnify production. This in turn, will favor the growth of the EPCM market.
By geography,
the global EPCM market is analyzed with respect to the regional segments of
North America, Europe, Latin America, Asia Pacific, and the Middle East and
Africa. At present, North America holds the leading share in the global EPCM
market owing to the use of automated systems supported by technology for
end-to-end completion of engineering projects.
Middle East
and Africa is expected to emerge as a significant region for EPCM over the
report’s forecast period. The region is expected to account for a considerable
market share in the global EPCM market. This is mainly due to the high
infrastructural needs that need to be executed using automated systems.
Moreover, increasing oil exports from the region has necessitated the adoption
of EPCM solutions for efficiency.
In Asia
Pacific, massive industrial development in countries such as China and India as
a consequence of economic growth is pushing the growth of the EPCM market.
Some
of the leading companies in the global engineering, procurement, and
construction management market are Citec, Sports Shanghai Ltd., Engineers India
Limited, and Amec Foster Wheeler. Some other companies operating in the EPCM
market are Anewa Engineering Pvt. Ltd., WorleyParsons, Stantec, Clark Eriksson,
CONSTRUCAP, TWP, Ausenco, and Fluor Limited among others.
Source:
