EPC Consulting Market Size and Trends

The EPC (engineering, procurement, and construction) consulting market size is expected to reach US$ 20.32 Bn by 2030, from US$ 11.40 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 8.6% during the forecast period. EPC (engineering, procurement, and construction) consulting involves providing services to support and manage large-scale construction projects in industries like oil and gas, chemicals, mining, power, and infrastructure. The key drivers of the EPC (engineering, procurement, and construction) consulting market include rising investments in renewable energy projects, increasing focus on improving operational efficiency, and growth in infrastructure development.

EPC (engineering, procurement, and construction) Consulting Market Trends

Adoption of digital twins: A digital twin is a virtual representation of a physical asset that enables visualization, simulation, and predictive insights to optimize performance. EPC consultants are leveraging digital twins across planning, design, and construction phases to virtually build and test models, identify issues earlier, and enhance Digital twin adoption is increasing, as firms realize benefits such as reduced rework, effective collaboration, proactive maintenance, and integration with IoT (Internet Of Things) data. According to the Qatar Development Bank, the US$ 8 Bn project involved master planning, design, and construction of over 28 residential, commercial and retail buildings across 4 million sqft with tight schedules.
Strategic partnerships and collaborations: EPC (engineering, procurement, and construction) consulting firms are entering into partnerships and joint ventures to combine complementary capabilities, access new markets, and leverage synergies. Strategic tie-ups also provide access to innovative technologies and specialized skillsets. In 2022, Jacobs, an American international technical professional services firm which provides engineering, technical, professional and construction services, as well as scientific and specialty consulting for a broad range of clients globally, including companies, organizations, and government agencies, partnered with Stantec (offers architectural, construction management and environmental services) to enhance their building engineering and sustainable building design capabilities, while AECOM Specialize in engineering, architecture, environmental and construction services, to bolster their digital infrastructure and federal services.
Sustainability and energy transition focus: Stakeholders across the energy value chain are prioritizing business models aligned to global sustainability goals. EPC consultants are developing expertise to support clients on their energy transition journey by providing end-to-end services for renewable energy integration, energy storage, micro grids, hydrogen adoption, biofuels, and circular solutions. In 2021, the International Renewable Energy Agency reported, that over 290 gigawatts of renewable power generation infrastructure was added globally, a new record high indicating massive growth in wind and solar industries, which is driving demand for specialized EPC consulting.
Adoption of modular and offsite construction: EPC consultants are increasingly adopting modular and offsite construction techniques as they offer several advantages over traditional onsite building. Prefabricated modules enable parallel activity, better quality control, and reduced waste. According to 2021 statistics from the U.S. Department of Housing and Urban Development, modular construction represented around 8% of the non-residential construction market, up from only 5% in 2018. To meet this increasing need, EPC consulting firms must expand their expertise in applying modern methods and new construction techniques.