The database used includes annual frequency data for 43 countries, defined by the IMF as 24 advanced countries and 19 emerging countries, for the years 1992-2018.The database contains the fiscal stress variable and a set of variables that can be classified as follows: macroeconomic and global economy (interest rates in the US, OECD; real GDP in the US, y-o-y, OECD; real GDP in China, y-o-y, World Bank; oil price, y-o-y, BP p.l.c.; VIX, CBOE; real GDP, y-o-y, World Bank, OECD, IMF WEO; GDP per capita in PPS, World Bank); financial (nominal USD exchange rate, y-o-y, IMF IFS; private credit to GDP, change in p.p., IMF IFS, World Bank and OECD); fiscal (general government balance, % GDP, IMF WEO; general government debt, % GDP, IMF WEO, effective interest rate on the g.g. debt, IMF WEO); competitiveness and domestic demand (currency overvaluation, IMF WEO; current account balance, % GDP, IMF WEO; share in global exports, y-o-y, World Bank, OECD; gross fixed capital formation, y-o-y, World Bank, OECD; CPI, IMF IFS, IMF WEO; real consumption, y-o-y, World Bank, OECD); labor market (unemployment rate, change in p.p., IMF WEO; labor productivity, y-o-y, ILO).In line with the convention adopted in the literature, the fiscal stress variable is a binary variable equal to 1 in the case of a fiscal stress event and 0 otherwise. In more recent literature in this field, the dependent variable tends to be defined broadly, reflecting not only outright default or debt restructuring, but also less extreme events. Therefore, following Baldacci et al. (2011), the definition used in the present database is broad, and the focus is on signalling fiscal stress events, in contrast to the narrower event of a fiscal crisis related to outright default or debt restructuring. Fiscal problems can take many forms; in particular, some of the outright defaults can be avoided through timely, targeted responses, like support programs of international institutions. The fiscal stress variable is shifted with regard to the other variables: crisis_next_year – binary variable shifted by 1 year, all years of a fiscal stress coded as 1; crisis_next_period – binary variable shifted by 2 years, all years of a fiscal stress coded as 1; crisis_first_year1 – binary variable shifted by 1 year, only the first year of a fiscal stress coded as 1; crisis_first_year2 - binary variable shifted by 2 years, only the first year of a fiscal stress coded as 1.

According to Cognitive Market Research, the Global EPC (engineering, procurement, and construction) Market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031.

The global EPC (engineering, procurement, and construction) Market will expand significantly by XX% CAGR between 2024 and 2031.
Based on Type, the Construction segment dominates the global EPC (engineering, procurement, and construction) market in the year 2023. Based on type, the market is divided into engineering, procurement, construction, design, and others.
Based on the application segment, the Power and Energy segment the global EPC (engineering, procurement, and construction) market. Based on application, the global EPC (engineering, procurement, and construction) market is segmented into Oil & Gas, Power, Infrastructure, Chemicals, Metals & Mining, Pharma, Petrochemicals, Others (Food & Beverage, Pulp & Paper consulting)
The North American region accounted for the highest market share in the Global EPC (engineering, procurement, and construction) Market. 
Over the course of the projection period, Asia Pacific is expected to increase at the fastest rate.

CURRENT SCENARIO OF THE EPC (ENGINEERING, PROCUREMENT, AND CONSTRUCTION) MARKET

Key factors driving the growth of EPC (engineering, procurement, and construction) Market

Infrastructure Development to Drive Demand for EPC Contractors

Development-related infrastructure projects demand large cash outlays as well as a lot of time and resources. Owing to this, many firms appoint an EPC firm while taking on a significant project.

These companies provide turnkey solutions to clients by working together throughout the project to guarantee the achievement of objectives and client satisfaction. Over the projection period (2022–2032), there will likely be a growth in demand for EPC services due to the significant increase in infrastructure construction occurring globally.

As per the World Economic Outlook, by the International Monetary Fund (IMF), infrastructure project development across the globe was around 2,500 (two thousand five hundred different projects) which is an increase of 5.5% from 2019.

Out of these projects, half were classed as sustainable infrastructure projects, including the development of renewable energy plants. EPC firms use their resources, experience, and industry knowledge to provide optimum services for client projects. This is an ideal option for a client to have a single relationship and a single point of responsibility to manage a site/infrastructure construction.

One of the main factors propelling the global market for EPC (engineering, procurement, and construction) consulting is the growing number of large-scale energy infrastructure projects. Both public and private entities are making significant investments in energy-related infrastructure such as electricity transmission networks, mining facilities, renewable energy projects, and oil and gas exploration.

According to the International Energy Agency, the global investment in energy supply infrastructure is projected to reach US$1.9 trillion annually by 2030. This will create significant demand for EPC (engineering, procurement, and construction) consulting services to ensure timely and successful execution of these complex capital projects while optimizing budgets and mitigating risks by 2030.

Therefore, Increasing number of large-scale energy infrastructure projects across the globe is a major driver for the EPC (engineering, procurement, and construction) consulting market.

Integration of Advanced Technology for Project Execution propelling the market growth 

For EPC contractors to undertake turnkey engineering projects and produce complex production units, they must possess a high degree of engineering competence in addition to sophisticated supply chain and capital management phases. Clients, regardless of any backend limitations, want absolute adherence to quality standards and timeframes.

Consequently, skid-mounted plants and technologies, remote plant management and operation, automation, and digitalization are becoming more and more commonplace in EPC services. Automation makes it possible to predict engineering resources, materials, and labour requirements with an accura...

The statistic shows the gross domestic product (GDP) per capita in India from 1987 to 2030. In 2020, the estimated gross domestic product per capita in India amounted to about 1,915.55 U.S. dollars. See figures on India's economic growth here. For comparison, per capita GDP in China had reached about 6,995.25 U.S. dollars in 2013. India's economic progress India’s progress as a country over the past decade can be attributed to a global dependency on cheaper production of goods and services from developed countries around the world. India’s economy is built upon its agriculture, manufacturing and services sector, which, along with its drastic rise in population and demand for employment, led to a significant increase of the nation’s GDP per capita. Despite experiencing rather momentous economic gains since the mid 2000s, the Indian economy stagnated around 2012, with a decrease in general growth as well as the value of its currency. Residents and consumers in India have recently shown pessimism regarding the future of the Indian economy as well as their own financial situation, and with the recent economic standstill, consumer confidence in the country could potentially lower in the near future. Typical Indian exports consist of agricultural products, jewelry, chemicals and ores. Imports consist primarily of crude oil, gold and precious stones, used primarily in the manufacturing of jewelry. As a result, India has seen a rather highly increased demand of several gems in order to boost their jewelry industry and in general their exports. Although India does not export an extensive amount of goods, especially when considering the stature of the country, India has remained as one of the world’s largest exporters.