Multiple Headwinds but Concrete Growth

In order to transition to linked construction capabilities, the EPC business has boosted its investments in digital, including through mergers and acquisitions (M&A). These technologies can improve internal operating efficiencies, save costs, and increase profits for E&C companies as they support projects like smart cities, urban air mobility, and climate change programmes. The engineering and construction industry is likely to have a thrilling year in 2022, and our annual outlook examines five important trends to pay particular attention to. As engineering companies, contractors, and other players along the value chain see the advantages of linked construction technologies and use them more frequently, the EPC landscape is quickly changing. These technologies can reduce downtime, improve asset utilisation and efficiency, and improve insight into operations. They can also help unite assets, people, processes, and project sites onto one platform, enabling everyone and every-thing to work more intelligently.

Emerging technologies, as well as the data and sophisticated analytics that these new capabilities might enable, are at the heart of linked building. The development of data, analytics, and user-based insights skills could be crucial as the sector transitions to connected building. The term 'connected construction' will probably be used to refer to significant digital expenditures made in 2022 to link, integrate, and automate business processes and put the entire value chain on a safe, intelligent infrastructure.

The main concern for the majority of E&C firms after the pandemic was how to resume work at job sites safely. Surprisingly, despite adopting the necessary safety requirements right away, the business is still struggling to find people. Unfilled positions can have a detrimental impact on E&C enterprises in a variety of ways, including project cancellations and delays, project scale backs, an inability to meet market demands, losing project bids, and a lack of innovation, among others.

Meanwhile, EPC companies have pulled up their socks to gather a strong footing in the global market. Some of these companies in this edition have overcome a plethora of challenges to become a promising name in the industry.