Global Engineering, Procurement, and Construction Management (EPCM) Market: Overview
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 global engineering, procurement, and construction management market is divided on the basis of end user and geography.
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.
Global Engineering, Procurement, and Construction Management Market: Trends and Opportunities
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.
Global Engineering, Procurement, and Construction Management Market: Regional Outlook
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.
Global Engineering, Procurement, and Construction Management Market: Competitive Landscape
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.
The EPCM industry has been under consolidation over the past few years. Major companies are focused on acquisitions and strategic partnerships for geographical expansion. This is also to diversify their service offerings and to establish their presence in regional and local markets.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.