The global EPC and EPCM services market was valued at almost USD 1 trillion in 2015 and is expected to surpass USD 2 trillion by 2020.
Procurement market intelligence analysts have announced its latest market research report on EPC and EPCM services for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the public relations services market during the forecast period. Some of the top vendors listed in this industry analysis include Vinci, ACS Group, Bechtel, Bouygues, and HOCHTIEF.
Regarding geographical analysis, the Americas accounted for more than 42% of the market’s revenue in 2015. This growth is attributed to the increase in construction activities in the region. In Latin America, the demand for the services of EPC and EPCM contractors is expected to grow at a rate of more than 4% due to an increase in mining and resource extraction activities, especially in Chile and Colombia.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “There is an increased demand for advanced technology-based solutions. Organizations across sectors emphasize on using technologies that facilitate visualization, modern economic estimations, and the formulation of FEED deliverable software. Application of detailed design activities, such as the development of 3D models and P&ID, helps buyers and developers achieve more accurate FEED estimates.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Availability of alternative financing options
Numerous construction companies are adopting newer financing options, such as PPPs, crowd-funding, and other innovative options like green bonds that are issued to promote green and sustainable construction initiatives.
Increased investments in technology
One of the prominent drivers of the market is technological advancement. Advances in technology have helped to reduce cost overruns and management effort, particularly in high-tech construction projects in sectors such as semiconductors, chemicals, and telecommunication. For instance, the EPC sector adopts a more strategic IT approach and, as a result, projects in this area are composite and mobile, thereby making them cloud dependent.
Increased industrial and commercial activity in emerging economies
Between 2014 and 2015, many emerging economies have experienced the increased demand for commercial and industrial infrastructure. Such demand is due to an increase in government spending aimed at enhancing the region’s economy.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global EPC and EPCM Services – Procurement Market Intelligence 2016.’
