Latest Trends Driving Significant Changes in the EPC Domain

Posted by DanielWatson on December 31st, 2019

As a result of huge changes occurring with rapid speed, the EPC sector has been evolving significantly and witnessing path-breaking innovations. The emergence of new technologies like cloud and mobility have made is very crucial to bring a complete transformation in this industry vertical. Not only the technology but the business models are also changing positively adhering to the ever-increasing market needs. Whether it is a cement or oil & gas, material handling EPC company in India, each market player is looking forward to cope-up with the contemporary technologies and grow along with them. In this era of IT dominance, the EPC  domain is undergoing a much-needed evolution that will open more opportunities as well as explore various growth prospects. In the current scenario, the following trends are shaping the EPC industry with great impact:

• Market trend

The EPC market is currently and majorly focusing on energy production and distribution. The geography is also taken into consideration for energy distribution. Whether it is EPC terminal project or oil & gas energy management, technology has made life easy for almost everything. The backend technology that are supporting high-end power plants with huge capacity, this approach seems highly relevant and effective. Investment in renewable energy like wind, solar, and biofuel energy is also promising fruitful results. The rate of investment in this area is highly increasing because of growing awareness about adopting environment-friendly approaches, decreasing carbon footprints, and minimizing high emissions. 

• Business Trend

Global players are highly interested in emerging economies to boost their growth potential, thus bringing in global project management and LPG terminal projects handling experience. However, this has equated the possibility of business competition everywhere. The required capacity and expertise of the local players must comply with the global standards. Along with the increasing competition, it hash brought in huge opportunities in terms of the need for collaboration with industry giants to manage complex projects.  Now, more business-friendly policies are created to build a healthy environment that helps global businesses to expand locally. Another proven business trend is the interchangeability of the roles that are now common in the EPC industry.

• Technology Trend 

There is a tremendous transformation in the realm of technology over the last few decades. The emergence of IT is now not confined to being an enabler, but also a proven driver of business growth. The EPC space including project management and material handling now utilizes the strategic IT approaches. Due to this, the current projects in this area are cloud-dependent and a bit complex. The EPC industry is now planning to invest more on empowering the IT infrastructure by improving the wireless data connectivity, mobility, cloud solutions, etc. The inexpensiveness of these technological advancements has also led to a significant increase in IT expenditure in the EPC industry.

When it comes to hiring an EPC company that makes use of cutting edge technologies in its services, Simon India private limited would the most relevant and appropriate choice. They are one of the flagship oil and gas EPC company in India with a proven track record. They are known to blend strategy, technology and customer feedback for offering best-in-class EPC services.