EPC (Engineering, Procurement, And Construction) Market Outlook Report 2025-2034 Rise In Energy Projects Fuels Expansion Across Key Regions

(MENAFN- GlobeNewsWire - Nasdaq) The global EPC market is poised for growth, driven by infrastructure projects in emerging economies, government investments in transport, renewables, and utilities, as well as advancements in digital technologies like IoT and AI. Modular construction and lean practices enhance efficiency, while resilience strategies boost project reliability.

Dublin, Sept. 02, 2025 (GLOBE NEWSWIRE) -- The "EPC (Engineering, Procurement, and Construction) Market Outlook - Forecast Trends, Market Size, Share and Growth Analysis Report (2025-2034)" report has been added to ResearchAndMarkets.com's offering.
The global EPC (engineering, procurement, and construction) market size was valued at USD 837.78 Billion in 2024 . The industry is expected to grow at a CAGR of 3.20% during the forecast period of 2025-2034 to reach a valuation of USD 1.14 trillion by 2034 .
The global EPC (engineering, procurement, and construction) market plays a central role in delivering large-scale infrastructure and industrial projects across sectors like energy, utilities, transportation, and manufacturing. Its integrated project delivery model - which combines design, material procurement, and construction under a single contract - makes it a preferred choice for complex projects where cost control, schedule certainty, and accountability are critical.
The market is closely aligned with broader economic and industrial trends, particularly in emerging economies where urban expansion and industrialisation are accelerating infrastructure development. In India, for instance, the government has identified significant investment opportunities in various regions, such as Uttar Pradesh, where approximately INR50,000 crore is expected to be invested. This includes the development of industrial corridors and urban infrastructure projects in cities like Aligarh, Agra, Jhansi, Chitrakut, Kanpur, and Lucknow.
Government-led investments in transport networks, renewable energy, and public utilities are a key growth catalyst, especially in regions like Asia-Pacific, the Middle East, and North Africa. For example, in February 2023, the U.S. Infrastructure Investment and Jobs Act allocated USD 1.2 trillion toward rebuilding roads, bridges, and energy grids, boosting EPC opportunities. Rising energy projects, including renewable energy installations, are also pushing EPC firms to innovate and expand capabilities. Additionally, global trends toward industrial automation and smart infrastructure require specialised EPC services that can handle complex engineering challenges and regulatory compliance.
Chemical production trends in 2023 and 2024 had a notable impact on the Engineering, Procurement, and Construction (EPC) market, given their close linkage. BASF SE reported a global chemical production increase of just 0.3% in 2023, indicating a slow recovery. By 2024, growth picked up to 2.7%, with China - the largest chemical producer - posting a 4.0% rise. The American Chemistry Council (ACC) echoed similar figures, noting global growth of 0.3% in 2023 and a stronger 3.4% gain in 2024. This rebound in chemical output helped drive activity and demand across EPC operations during the same period.
Modular Construction
Adopting modular construction techniques, including prefabrication and off-site manufacturing, accelerates project delivery and reduces construction timelines. Modularisation enhances quality control, safety, and cost-effectiveness in EPC projects. By shifting components of construction off-site to controlled factory environments, companies are able to standardise processes, improve quality control, and minimise on-site risks. This shift also leads to better safety outcomes, as fewer workers are exposed to hazards in complex construction zones.
Remote Monitoring and Control
Advancements in remote monitoring and control technologies enable real-time monitoring of project progress, equipment performance, and safety conditions, enhancing project visibility, decision-making, and risk management, impacting the EPC (engineering, procurement, and construction) market. A notable development in this domain is the USD 920 million EPC contract awarded by ADNOC Onshore to Jereh Oil & Gas Engineering for the expansion of its AI-powered well digitalisation program, in November 2024. This initiative aims to enable remote monitoring and control of over 2,000 wells, incorporating advanced remote sensing and well-operating equipment across multiple onshore fields.
Lean Construction Practices
Implementing lean construction principles, like just-in-time delivery, waste minimisation, and ongoing enhancement, enhances project workflows and resource allocation, leading to heightened productivity and improved cost-effectiveness. These practices lead to enhanced resource allocation, reduced project timelines, and improved cost-effectiveness. For instance, the integration of Building Information Modeling (BIM), Artificial Intelligence (AI), and Internet of Things (IoT) technologies is streamlining project planning, design, and execution, resulting in improved efficiency and cost savings. Such practices will eventually aid the EPC (engineering, procurement, and construction) market expansion.
Resilience and Risk Management
Heightened focus on resilience and risk management is prompting companies in the EPC (engineering, procurement, and construction) market to incorporate measures for disaster preparedness, business continuity planning, and supply chain resilience into project design and execution. The rise of climate-related disasters has prompted the inclusion of more robust structural designs and adaptive construction methods. Recent infrastructure projects reflect this trend, integrating contingency planning and flexible timelines to respond quickly to disruptions. These measures improve project reliability and stakeholder confidence, highlighting how risk management is reshaping the EPC landscape today.
Integration of BIM and IoT
The demand of the EPC (engineering, procurement, and construction) market is being driven by the integration of digital technologies such as Building Information Modeling (BIM), Internet of Things (IoT), and Artificial Intelligence (AI) in optimising project planning, design, and execution, leading to improved efficiency, cost savings, and project delivery timelines. The digital thread facilitates predictive analytics, allowing project managers to proactively foresee potential. According to a report by McKinsey, digital transformation in EPC can lead to cost reductions of up to 15% and time savings of 20% to 30%. Competitive Landscape
Key players in the global EPC (engineering, procurement, and construction) market are investing heavily in digital technologies to enhance project management, improve efficiency, and reduce costs. They are expanding their service offerings to include sustainable and green construction solutions, aligning with global environmental goals. Strategic partnerships and joint ventures help these companies access new markets and share expertise, especially in complex infrastructure and energy projects.
These firms are also focusing on risk management and supply chain resilience to navigate geopolitical and economic uncertainties. Emphasising innovation, they adopt automation, modular construction, and advanced analytics to accelerate project delivery and improve quality, maintaining competitiveness in a rapidly evolving market.
Fluor Corporation
Fluor Corporation, headquartered in Texas, United States, is a global EPC firm specialising in engineering, procurement, construction, and maintenance services. It serves industries such as energy, infrastructure, and government. Fluor is known for managing complex projects worldwide, combining technical expertise with innovation to deliver efficient, safe, and sustainable solutions.
Larsen & Toubro Limited
Larsen & Toubro Limited, based in Mumbai, India, is a leading multinational EPC company with diverse operations in construction, engineering, and manufacturing. It serves sectors including infrastructure, power, and heavy engineering. Renowned for large-scale projects, L&T integrates technology and sustainable practices to drive growth in India and international markets.
Saipem SpA
Saipem SpA is an Italian EPC company headquartered in San Donato Milanese, Italy. It specialises in engineering and construction services for the oil, gas, and energy industries worldwide. Saipem focuses on offshore and onshore projects, emphasising innovation, safety, and environmental responsibility to meet evolving industry demands.
Mitsubishi Heavy Industries, Ltd.
Mitsubishi Heavy Industries, Ltd., headquartered in Tokyo, Japan, is a diversified EPC and engineering company. It operates in sectors such as energy, aerospace, and transportation. Known for technological innovation, MHI delivers complex infrastructure and industrial projects globally, with a strong focus on sustainability and advanced engineering solutions.
Other global EPC (engineering, procurement, and construction) market key players are John Wood Group plc, McDermott International Ltd., Bechtel Corporation, DEPCOM Power, Inc., Petrofac Limited, Blue Ridge Power, Blattner Energy Inc., Quanta Services, Inc., The Shaw Group Inc., Sentry Electrical Group, Inc., and Sinopec Engineering (Group) Co., Ltd., among others.

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Competitive Landscape

• Supplier Selection
• Key Global Players
• Key Regional Players
• Key Player Strategies
• Company Profiles
  • Mitsubishi Heavy Industries, Ltd.
  • McDermott International Ltd.
  • Fluor Corporation
  • Bechtel Corporation
  • Saipem S.p.A.
  • DEPCOM Power, Inc.
  • Petrofac Limited
  • Blue Ridge Power
  • Blattner Energy Inc.
  • John Wood Group PLC
  • Quanta Services, Inc.
  • The Shaw Group Inc.
  • Sentry Electrical Group, Inc.
  • Larsen & Toubro Limited
  • Sinopec Engineering (Group) Co., Ltd.

Key Topics Covered:
1 Executive Summary
1.1 Market Size 2024-2025
1.2 Market Growth 2025(F)-2034(F)
1.3 Key Demand Drivers
1.4 Key Players and Competitive Structure
1.5 Industry Best Practices
1.6 Recent Trends and Developments
1.7 Industry Outlook
2 Market Overview and Stakeholder Insights
2.1 Market Trends
2.2 Key Verticals
2.3 Key Regions
2.4 Supplier Power
2.5 Buyer Power
2.6 Key Market Opportunities and Risks
2.7 Key Initiatives by Stakeholders
3 Economic Summary
3.1 GDP Outlook
3.2 GDP Per Capita Growth
3.3 Inflation Trends
3.4 Democracy Index
3.5 Gross Public Debt Ratios
3.6 Balance of Payment (BoP) Position
3.7 Population Outlook
3.8 Urbanisation Trends
4 Country Risk Profiles
4.1 Country Risk
4.2 Business Climate
5 Global EPC (Engineering, Procurement, and Construction) Market Analysis
5.1 Key Industry Highlights
5.2 Global EPC (Engineering, Procurement, and Construction) Historical Market (2018-2024)
5.3 Global EPC (Engineering, Procurement, and Construction) Market Forecast (2025-2034)
5.4 Global EPC (Engineering, Procurement, and Construction) Market by Type
5.4.1 Engineering
5.4.2 Procurement
5.4.3 Construction
5.5 Global EPC (Engineering, Procurement, and Construction) Market by Application
5.5.1 Chemicals
5.5.2 Power
5.5.3 Oil and Gas
5.5.4 Manufacturing
5.5.5 IT and Telecom
5.5.6 Roads, Railways, and Bridges
5.5.7 Airports and Ports
5.5.8 Building Construction
5.5.9 Others
5.6 Global EPC (Engineering, Procurement, and Construction) Market by Region
5.6.1 North America
5.6.2 Europe
5.6.3 Asia Pacific
5.6.4 Latin America
5.6.5 Middle East and Africa

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