Engineering, Procurement, and Construction Market Procurement Intelligence Day One Analysis Report, 2020 – 2025
Procurement Outlook EPC is an abbreviation for engineering, procurement, and construction contracts. It is a form of building contract used for a large or complex project. Here, the builder has to deliver a completed project on a turnkey basis. Here, the time frame for completion and the budget are pre-decided no matter the uncertainties, unexpected bottlenecks, or natural and artificial disruptions. Projects can be from the private sector as well as the public sector. Demand Outlook North America is the largest regional EPC market globally and is valued at USD 2,027.3 billion in 2020. It is expected to grow at a modest CAGR of 1.8% from 2020 to 2025. One of the major reasons for this slow growth is the COVID pandemic. While over 50% of the EPC projects in North America have a contract duration of 5–10 year timeframe, the pandemic has made significant supply chain disruptions and monetary constraints. This will make it challenging for the EPC contractors to deliver the turnkey pr...