Engineering, procurement, and construction (EPC) consulting refers to a project delivery solution where design and construction services are contracted by a client through an EPC contractor. EPC consulting services include civil engineering, mechanical engineering, electrical engineering, instrumentation engineering, and project management consulting for infrastructure projects like power plants, oil & gas facilities, chemical plants, mining & mineral processing facilities, pharmaceutical manufacturing facilities, and other industrial projects. With the rising demand for energy efficient infrastructure globally to reduce carbon footprint, EPC consulting market is expected to flourish. Consulting and planning is crucial in the early stages of a project to incorporate latest technologies and optimize design towards sustainability.

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:

The demand for EPC consulting services is primarily driven by increasing investments towards development of sustainable energy and infrastructure globally. As per International Energy Agency (IEA), annual global energy investment is estimated to be over US$ 2.5 trillion by 2030, with majority of investments towards green energy infrastructure and technologies. Consulting helps owners and developers to assess technical feasibility and associated risks & costs of deploying advanced low carbon solutions like renewable energy integration, carbon capture, green hydrogen production etc. early in project planning phase. This significantly enhances bankability and returns on capital investments. Further, digitalization and use of sophisticated engineering tools is revolutionizing EPC project delivery. Consulting supports owners and contractors leverage benefits of digital twin modeling, BIM, augmented reality, artificial intelligence etc. to improve constructability, optimize designs, reduce variations and achieve timely project completions. Combined, these factors are expected to propel demand for EPC consulting services over the forecast period.

Segment Analysis

The global EPC Consulting market is dominated by the oil and gas sub-segment, holding around 45% share of the overall market. This is because oil and gas projects typically involve huge capital investments and complex engineering challenges, thereby requiring extensive consultation from experienced EPC firms. The power generation sub-segment is another major segment, accounting for 30% share due to growing energy demand and increasing focus on renewable power sources globally.

PEST Analysis

Political: Governments across regions are pushing for faster development of oil & gas and power infrastructure to meet rising energy needs as well as transition to cleaner sources, thereby increasing business opportunities for EPC consultants.

Economic: Growing GDP and industrialization have increased demand for primary energy, driving more investments in oil/gas and power projects that need EPC consultancy services.

Social: Rising environmental concerns have led to a shift towards renewable energy, creating prospects for EPC consultants to work on solar, wind and hydro projects.

Technological: Advancements in digitalization and analytics enable EPC consultants to offer value-added services like cost optimization, remote monitoring and performance enhancement.

Key Takeaways

The Global EPC Consulting Market Demand is expected to witness high growth over the forecast period of 2023 to 2030, attributed to increasing investments in oil & gas and power infrastructure globally. The global EPC consulting market is estimated to be valued at US$ 11.4 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.

Regional analysis:

North America holds the largest share currently due to ongoing shale gas and LNG projects, while Asia Pacific is poised to dominate going forward backed by China and India’s rising energy appetite.

Key players :

Key players operating in the EPC Consulting market are CalA, John Wood Group, WorleyParsons, Stantec, AECOM and Jacobs. John Wood Group is a leader in oil & gas consulting, whereas AECOM has extensive expertise across multiple sectors including power, infrastructure, digital services etc.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it