Engineering, procurement, and construction (EPC) consulting involves providing consultancy services starting from project conceptualization and design until the end of construction and commissioning of a project. EPC consulting services include feasibility studies, detailed engineering design, procurement, construction management, project management, commissioning, and operational effectiveness improvement. EPC consulting is widely used in the construction of power plants, infrastructure development projects like roads, bridges and railways, semiconductor, automotive, oil and gas, mining, and other industrial facilities.

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:
One of the key drivers for the growth of the EPC Consulting Market is the rising construction activities across various sectors such as infrastructure, power and energy, oil and gas, mining, and others. According to the Global Infrastructure Hub, the world needs to invest $94 trillion by 2040 in infrastructure to support robust economic growth. This significant increase in infrastructure spending globally is expected to drive demand for EPC consulting services. Additionally, growing investments in new energy projects such as renewable power plants, offshore wind farms, and energy storage are also anticipated to propel the market growth over the forecast period from 2023 to 2030. While construction activity and investments in new projects are estimated to fuel the demand, growing project complexities also necessitate comprehensive EPC consulting services for successful project execution, thereby contributing to the market growth.

SWOT Analysis
Strength: EPC Consulting refer to engineering, procurement, and construction management services for large infrastructure and industrial projects. EPC consulting have experienced consultants can manage complex projects, ensures projects are delivered on time and on budget. They can provide value engineering and third party review services to maximize returns on capital investment.

Weakness: EPC consultants heavily rely on projects from oil & gas, Power and infrastructure sectors which are cyclical in nature. Drop in projects during recession can impact revenues of EPC consultants. Also, availability of skilled manpower is challenging which can delay projects.

Opportunity: Growing power demand and renewable energy integration is driving new power plant construction worldwide. This offers significant opportunity for EPC consultants. Government investment in rail, road and urban infrastructure to boost economic growth also presents opportunities. Emerging economies investing in development offer global EPC firms scope to expand.

Threats: Stiff competition from local and regional EPC consulting companies offering similar services at lower costs. Volatility in commodity prices can delay or cancel big-ticket projects impacting demand for consulting services. Stringent environment norms and policy changes pose challenges to timely completion of projects.

Key Takeaways
The Global EPC Consulting Market Size is expected to witness high growth. The market size is projected to reach US$ 11.4 Billion by 2024 growing at a CAGR of 13% during the forecast period of 2023 to 2030.

Regional analysis: The Asia Pacific region dominates the EPC consulting market currently due to strong infrastructure development in China and India. Countries are investing heavily in rail, road, power and urban infrastructure development which is driving demand for EPC consultants in the region. The Middle East & Africa region is also expected to offer lucrative opportunities with oil producing countries diversifying their economies and investing in non-oil sectors likes power, transportation which require EPC consulting services.

Key players: Key players operating in the EPC consulting market are CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada). They provide integrated solutions for various industries including oil & gas, power transmission & distribution utilities and transportation & logistics sectors.

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