EPC (Engineering, Procurement, and Construction) Market Size, Share and Report - 2034

Insight Pro Analytic
Oct 31
6 min read

EPC (Engineering, Procurement, and Construction) Market Overview

According to the report by Expert Market Research (EMR), the global EPC (Engineering, Procurement, and Construction) market attained a value of USD 837.78 billion in 2024. Aided by the growing investments in infrastructure development, renewable energy projects, and industrial facilities across emerging and developed economies, the EPC (Engineering, Procurement, and Construction) market size is projected to grow at a CAGR of 3.20% between 2025 and 2034, reaching a value of USD 1147.96 billion by 2034.

The EPC model, which integrates the design (engineering), acquisition of materials and equipment (procurement), and execution (construction) into a unified contractual framework, plays a critical role in delivering large-scale infrastructure and industrial projects efficiently. EPC contracts are widely adopted in sectors such as oil and gas, power generation, water treatment, transportation, and manufacturing, where project timelines, costs, and quality standards must be tightly controlled.

As global economies continue to urbanize and industrialize, the demand for modern infrastructure, clean energy systems, and technologically advanced facilities is accelerating. This, in turn, is fueling the expansion of the EPC (Engineering, Procurement, and Construction) industry, as governments and corporations seek reliable and cost-efficient project delivery solutions that minimize risk and optimize performance.

EPC (Engineering, Procurement, and Construction) Market Size and Share

The global EPC (Engineering, Procurement, and Construction) market, valued at USD 837.78 billion in 2024, represents one of the most significant segments of the engineering and construction industry. The market’s steady growth trajectory reflects its indispensable role in enabling the delivery of complex infrastructure and industrial projects.

The energy and power sector accounts for a substantial share of the global EPC (Engineering, Procurement, and Construction) market, driven by the increasing construction of renewable energy projects, including solar and wind farms, as well as the modernization of thermal and nuclear power facilities. The oil and gas sector also holds a dominant position, as EPC companies continue to undertake large-scale refinery, pipeline, and LNG infrastructure projects, particularly in the Middle East, North America, and Asia Pacific.

Regionally, Asia Pacific leads the global market, supported by robust investments in infrastructure, rapid industrialization, and government-backed projects in countries such as China, India, and Indonesia. North America and Europe follow, driven by ongoing renewable energy projects, infrastructure modernization initiatives, and the expansion of smart city developments. Meanwhile, the Middle East and Africa region is emerging as a key growth hub, owing to massive oil and gas investments and ambitious construction projects under national transformation programs such as Saudi Vision 2030 and UAE Vision 2050.

Get a Free Sample Report with Table of Contents – https://www.expertmarketresearch.com/reports/epc-engineering-procurement-and-construction-market/requestsample

EPC (Engineering, Procurement, and Construction) Market Trends

The global EPC (Engineering, Procurement, and Construction) market is evolving in response to technological advancements, sustainability goals, and changing client expectations. Several key trends are shaping the industry landscape:

Shift Toward Renewable Energy Projects: The transition toward clean and sustainable energy sources is driving significant EPC activity in solar, wind, and hydroelectric power generation. EPC contractors are increasingly engaged in the design and execution of renewable energy projects as global policies prioritize carbon neutrality and reduced emissions.

Integration of Digital Technologies: The adoption of Building Information Modeling (BIM), digital twin technology, IoT-based project monitoring, and AI-driven design optimization is revolutionizing project execution. These innovations enable real-time visibility, predictive maintenance, and improved project accuracy, leading to reduced delays and cost overruns.

Modular and Prefabricated Construction: EPC contractors are increasingly utilizing modular construction techniques to improve project efficiency, safety, and scalability. Prefabricated components enable faster assembly on-site, minimizing disruptions and reducing labor costs.

Sustainability and Green Construction: With the global focus on environmental responsibility, EPC firms are adopting sustainable materials, waste reduction practices, and energy-efficient designs. Clients are increasingly seeking LEED-certified and carbon-neutral infrastructure solutions.

Strategic Partnerships and Consolidation: To strengthen their global footprint and expand technical capabilities, leading EPC firms are forming strategic alliances and pursuing mergers and acquisitions. These partnerships enhance project execution capacity and enable access to emerging markets.

Drivers of Growth

Several factors are contributing to the robust expansion of the global EPC (Engineering, Procurement, and Construction) market:

Infrastructure Development Initiatives: The growing emphasis on infrastructure modernization — including roads, railways, airports, ports, and smart cities — is a major driver of EPC (Engineering, Procurement, and Construction) demand. Government-backed investments in urban development and transportation networks are stimulating large-scale EPC contracts worldwide.

Energy Transition and Decarbonization Goals: Global efforts to reduce greenhouse gas emissions and transition to renewable energy sources have spurred investment in wind, solar, and hydroelectric power facilities. EPC firms are playing a central role in designing and constructing these sustainable energy projects.

Industrialization and Urbanization: Rapid urban growth and industrial expansion, especially in emerging economies such as India, Indonesia, and Brazil, are generating demand for new factories, power plants, and utilities. EPC firms provide integrated solutions to meet these expanding infrastructure needs.

Technological Advancements: The integration of advanced project management software, automation, and smart monitoring systems has enhanced efficiency and reduced project delivery times. This technological evolution is making EPC contracts more attractive to clients seeking precision and transparency.

Government and Private Sector Investments: Increased funding for public infrastructure, combined with private sector participation through Public-Private Partnerships (PPP), is significantly expanding the scope of EPC projects across multiple regions and industries.

Technology and Advancement

Technological innovation is transforming the EPC landscape by enhancing project efficiency, cost management, and safety standards. Digitalization is one of the most significant advancements, enabling end-to-end project monitoring through digital twins, drones, and AI-driven analytics.

Automation and robotics are being increasingly deployed in construction activities, improving productivity while reducing human error and safety risks. Additionally, cloud-based project management systems allow for better coordination across global teams, ensuring seamless communication between design, procurement, and construction phases.

Sustainable construction technologies are also gaining prominence. EPC (Engineering, Procurement, and Construction) companies are incorporating energy-efficient designs, recyclable materials, and low-carbon construction methods to align with environmental regulations and global sustainability goals. The adoption of 3D printing for construction components and smart material technologies further enhances efficiency and reduces waste.

EPC (Engineering, Procurement, and Construction) Market Segmentation

The market can be divided based on type, application, marketing channel, and region.

Market Breakup by Type

Engineering
Procurement
Construction
Design
Others

Market Breakup by Application

Chemicals
Power
Oil and Gas
Industrial
IT and Telecom
Roads, Railways, and Bridges
Airports and Ports
Building Construction
Others

Market Breakup by Marketing Channel

Offline Channel
Online Channel

Market Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Competitive Landscape

Some of the major key players explored in the report by Expert Market Research are as follows:

China State Construction Engineering Corporation Ltd.
Fluor Corporation
Prokon Engineering and Consulting Inc.
Tekfen Holding A.Ş.
Maire Tecnimont S.p.A.
SAIPEM SpA
Swinerton Incorporated
Samsung Engineering Co. Ltd
Larsen Toubro Limited
TechnipFMC plc
Wood plc
GS Engineering Construction Corporation
Others

Challenges and Opportunities

Despite its steady growth, the global EPC (Engineering, Procurement, and Construction) market faces several challenges. Rising material and labor costs, supply chain disruptions, and stringent regulatory frameworks can delay project execution and affect profitability. Additionally, the increasing complexity of large-scale projects heightens the risk of schedule overruns and budget escalations.

However, the market presents significant opportunities as well. The ongoing global energy transition, rapid technological advancements, and infrastructure investments in emerging economies provide vast growth potential. The increasing emphasis on sustainable and digital EPC (Engineering, Procurement, and Construction) solutions opens new avenues for innovation and market differentiation.

Furthermore, the demand for retrofit and modernization projects in developed economies offers new revenue streams for EPC contractors. As industries focus on efficiency, decarbonization, and smart infrastructure, EPC firms that leverage technology, sustainability, and collaboration are poised to capture a competitive edge.

EPC (Engineering, Procurement, and Construction) Market Forecast

Looking ahead, the global EPC (Engineering, Procurement, and Construction) market is anticipated to maintain its growth momentum, reaching USD 1147.96 billion by 2034. This growth will be supported by continuous infrastructure expansion, accelerating renewable energy adoption, and increasing industrial investments worldwide.

The energy sector will continue to dominate the EPC landscape, driven by the construction of renewable energy projects and the modernization of existing power infrastructure. Meanwhile, infrastructure and transportation projects will gain traction as governments prioritize smart urban development and climate-resilient construction.

Technological integration, digital project management, and sustainable design practices will redefine industry standards over the forecast period. EPC (Engineering, Procurement, and Construction) firms that adopt a holistic, technology-driven, and sustainability-focused approach will be well-positioned to thrive in the evolving global landscape.