LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global EPC and EPCM Services Market - Procurement Intelligence Report.
It is intriguing to note that while demand from the construction industry is one of the chief growth drivers in the EPC and EPCM services market, the rising complexities in the construction industry are rendering procurement and contract management extremely difficult and costly. The growing political uneasiness across the globe is hindering the prospects of unveiling newer construction projects. Consequently, this is creating a negative impact on the demand growth of the EPC and EPCM services suppliers across some of the major economies. Budget overrun is another major procurement pain point of buyers in the EPC and EPCM services market. Compliance and equipment costs are some of the fringe expenses but major cost components that increase the OPEX of EPC and EPCM services suppliers. Ultimately, this results in the budget overrun of buyers by a significant margin.
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According to the forecasts, the global EPC and EPCM services market will witness an incremental spend growth of nearly USD 350 million with spend momentum accelerating at a CAGR of 4.35%. This increasing spend in the EPC and EPCM services market will be primarily attributed to a rise in the number of large-scale private sector infrastructure projects. Large-scale private sector infrastructure construction projects, especially in industries such as oil and gas, power, and petrochemicals, are the major demand centers in the EPC and EPCM services market. These projects constitute over 45% of the global demand for such services.
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What are the EPC and EPCM services price trends that are driving the overall price structure in the global EPC and EPCM services market?
- The costs of raw materials such as steel, electrical and plumbing components, cement, sand, and adhesives are expected to rise during the forecast period, owing to the growing demand from the construction industry. This is expected to increase the EPC and EPCM services market costs during the forecast period.
- Lack of solid investment backing and political uncertainty in some of the major regions such as South America and MEA are making EPC and EPCM service providers reluctant to operate in these regions, fueling the costs for such services in the EPC and EPCM services markets in these regions.
What are the scopes of optimizing procurement spend with these upward rising EPC and EPCM services price trends?
Contract compliance and adherence to all the SLA terms by EPC and EPCM services suppliers will play critical roles in not only executing the project but also help buyers to identify areas where they can compensate for their increasing procurement budget. In view of this, this report has enlisted the key EPC and EPCM services suppliers selection criteria, the leading supplier names, the SLA terms, among others that will aid buyers to make the most of their partnership and achieve cost-savings during the contract tenure with the EPC and EPCM services suppliers.
Criteria to select suppliers in the EPC and EPCM services market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to instant and real-time insights into the leading EPC and EPCM services suppliers, their cost structures, and the price performance of the overall market across regions.
In the ECI model, EPC and EPCM services suppliers are involved in the project during the initial project scope preparation phase prior to the bidding phase. This enables buyers and initial stage project planners to gain valuable insights into service providers in ensuring that the project is appropriate for their requirements. This allows planners to get an idea about the operational capability of EPC and EPCM services suppliers and design the project accordingly to achieve cost-savings.
Select EPC and EPCM Services Suppliers that have a Strong Designing and Engineering Team
The designing and engineering phase of an EPC project is critical as it produces an effective solution to buyers' requirements, which is compliant with established regulations and is cost-effective. The successful progress of successive stages of the EPC project depends on the initial project design, as any changes in design due to faults identified at the later stages of the project will incur additional cost overheads.
Some of the key topics covered in this report are:
- EPC and EPCM Services market spend segmentation by region
- Total cost of ownership analysis in the EPC and EPCM Services market
- Regional spend opportunity for EPC and EPCM Services suppliers
- EPC and EPCM Services suppliers cost structure
- EPC and EPCM Services suppliers selection criteria
- EPC and EPCM Services suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the EPC and EPCM Services market
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