EPC Consulting Market Primed for Growth Owing to Rising Demand for...

EPC Consulting Market Primed for Growth Owing to Rising Demand for Energy Efficient Infrastructure

Posted 2024-01-18 07:00:56

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Engineering, procurement, and construction (EPC) consulting involves project management services from planning and design to construction completion for infrastructure projects. EPC consultants help infrastructure owners and developers maximize returns through optimal design, cost-effective procurement, and timely execution. They consult on diverse aspects including planning, design specifications, cost estimates, construction schedules, permitting, health & safety compliance, and commissioning. Their knowledge of local regulations, materials availability, and workforce capabilities ensures projects are completed within budget and 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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising demand for energy efficient infrastructure across industries and commercial buildings is a key driver boosting growth of the EPC consulting market. EPC consultants help design infrastructure that optimizes energy usage through efficient design such as adequate insulation, use of renewable materials, and integrated HVAC systems. They also advise on emerging technologies like solar panels, LED lighting, and smart controls to minimize operational costs.

Another factor fueling market growth is rapid urbanization in developing nations. burgeoning populations strain existing infrastructure requiring expansion and upgrades. EPC consultants play a crucial role in planning smart and sustainable cities with efficient transportation and utilities networks. Their project management expertise streamlines implementation of large urban infrastructure projects within budgets and deadlines.

SWOT ANALYSIS

Strength: EPC consulting market's strength lies in its ability to offer end-to-end project management services for engineering, procurement and construction projects. EPC consultants help identify key requirements, examine project feasibility and ensure timely completion of projects. They play a crucial role in mitigating project risks and delays through their expertise.

Weakness: Dependency on other stakeholders like equipment suppliers and construction firms can hamper progress if timelines are not met. Also, lack of in-house resources forces EPC consultants to outsource some tasks, adding to project costs. Further, obtaining quality resources with specialized skills remains a challenge.

Opportunity: Rising investments in sectors like energy, infrastructure and manufacturing offer significant opportunities for EPC consultants. Sectors like renewable energy and 5G networks are expected to drive strong demand. Further, automation and building information modeling tools are allowing EPC consultants to optimize designs and streamline processes.

Threats: Economic uncertainties and delays in project approvals can negatively impact business conditions. Changing government policies and regulations regarding project standards also introduce compliance complexities. Intense competition from top global consulting firms further intensifies pricing pressures.

KEY TAKEAWAYS

Global EPC Consulting Market Size is expected to witness high growth over the forecast period supported by rising infrastructure development 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 to 2030.

Asia Pacific dominates currently owing to large ongoing investments in China, India and Southeast Asian countries to develop transport, energy and digital infrastructure. Countries like China, India and Indonesia are expected to remain major revenue generators.

Key players operating in the EPC consulting market are CalAmp Corp., Actsoft Inc., Global Navigation Satellite Systems Ltd., Geokno India Pvt. Ltd., Esri, and Hexagon AB. These consulting firms provide specialized solutions and services for diverse sectors including transportation, utilities, oil & gas and manufacturing. They leverage technologies such as GIS, remote sensing, IoT and AI to offer innovative solutions for evolving project needs.

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