Overview and Scope
Engineering services can provide extensive consultation to a company needing expert advice and solutions. Engineering services firms can accept the project and work on evaluating, designing, simulating, and testing the product.
Sizing and Forecast
The engineering services market size has grown steadily in recent years. It will grow from $1147 billion in 2023 to $1188.41 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to increased demand for industrial robots, a rise in industrial automation and implementation of industry 4.0. factors that negatively affected growth in the historic period were the lack of quality control and safety concerns of engineering firms.
The engineering services market size is expected to see steady growth in the next few years. It will grow to $1366.8 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to increasing digitalization, rising demand for iot (internet of things) solutions for smart manufacturing, rising prominence of robots in the construction industry, government investments in the aviation industry, continuous development of smart cities and a rapid adoption of advanced technologies. Major trends in the forecast period include focus on partnerships and collaborations, adoption of artificial intelligence, use of blockchain, investment in development of smart cities, investment in low-code development, focus on environment-friendly buildings services and use of industry 4.0.
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Segmentation & Regional Insights
The engineering services market covered in this report is segmented –
1) By Type: Civil Engineering Services, Electrical Engineering Services, Mechanical Engineering Services, Others Engineering Services
3) By Engineering Disciplines: Civil, Mechanical, Electrical, Piping and Structural Engineering, Other Engineering Disciplines
2) By End-User: Transportation Infrastructure, Other Infrastructure, Automotive, Industrial Manufacturing, Healthcare Sector, Aerospace, Telecommunications, Information Technology, Oil And Gas, Energy And Utilities, Other End-Users
North America was the largest region in the engineering services market in 2023. Western Europe was the second largest region in the global engineering services market share. The regions covered in the engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing adoption of artificial intelligence is expected to propel the growth of the engineering services market going forward. Engineering services refer to any service or creative work that requires engineering education, training, and experience in the application of special knowledge of the mathematical, physical, and engineering sciences. The adoption of artificial intelligence can help engineering services to improve efficiency, productivity, and profitability, while also creating new job roles and opportunities. For instance, according to the AI Index Report 2023 by Stanford University, a US-based private research university reveals that the proportion of companies adopting AI in 2022 has more than doubled in the past six years, though it has plateaued in recent years between 50% and 60%. Thus, the growing adoption of artificial intelligence is driving the engineering services market.
Key Industry Players
Major companies operating in the engineering services market report are AECOM, WorleyParsons Limited, SNC-Lavalin, Babcock International, Fluor Corporation, Bechtel Corporation, Kiewit Corporation, WSP Global Inc, John Wood Group PLC, NV5 Global Inc, Arup Group, DNV, SGS S.A, ICS Engineering Services, Engineers India Limited, Laserbond, Cyient, Wipro, Samsung Engineering, Porsche Engineering (Shanghai) Co Ltd, Hyundai Engineering (HEC), UGL, Cybage Software Pvt. Ltd, China Overseas Engineering Group, China Engineering Consultants, Inc. (CECI), China International Engineering Consulting Corporation, SMEC, ALTEN Group, JLL engineering services, Dyson UK, Stork , SNC Lavalin , J. Murphy & Sons Limited , Arcadis, Alstom , Areva, Artelia, llc aecon, 10Clouds, Techno Engineering & Associates, GT Ground Engineering & Construction Services, International Business Machines Corporation, Capgemini, AKTIAS tech , Oracle, Deaton Engineering, Inc, Aricent Group, EPAM Systems, Inc, GlobalLogic, Jensen Hughes, Henderson Engineers, Thermal Specialties, MCW Group of Companies , McElhanney, Quasar Consulting Group, Accenture SRL, Globant, Cognizant Technology Solutions Corporation, Saudi Engineering Group International (SEGI), HRS Engineering Ltd, Oiltek Engineering Co. Ltd, Mugesan Engineering & Marine Specialist Co. Inc, Al Mostaqbal Consulting Engineering, Aroma International Building Contracting LLC, Al Baha Engineering Consultants , Smartcities Building Contracting LLC, Thelo DB, Dorman Long Engineering Limited, Decagon, Advanced Engineering Consultants (ACE), CDR Engineering Consultancy Nigeria Limited, ILF Engineers Nigeria Limited, Africa Engineering Consulting Services (AECS), Ingplan Consulting Engineers
The engineering services market report table of contents includes:
1. Executive Summary
2. Engineering Services Market Characteristics
3. Engineering Services Market Trends And Strategies
4. Engineering Services Market – Macro Economic Scenario
5. Global Engineering Services Market Size and Growth
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32. Global Engineering Services Market Competitive Benchmarking
33. Global Engineering Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Engineering Services Market
35. Engineering Services Market Future Outlook and Potential Analysis
36. Appendix
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