Engineering Services Global Market Report 2024

Engineering services play a vital role in offering extensive consultation to companies seeking expert advice and solutions. These firms can undertake projects, engaging in tasks such as evaluating, designing, simulating, and testing the product.

The primary categories of engineering services include civil engineering services, environmental engineering services, construction engineering services, mechanical engineering services, and other engineering services. Civil engineering services cover a broad spectrum of activities, ranging from the planning, design, and construction of commercial and residential structures to the development of transportation infrastructure such as roads, bridges, and railways. Additionally, these services extend to water distribution systems, such as dams, sewers, and sewage treatment, as well as environmental infrastructure, including landscaping, urban planning, and parks. Industrial infrastructure, construction management, construction technology, and more are also part of civil engineering services. Various engineering disciplines, such as civil, mechanical, electrical, piping, and structural engineering, are delivered through both offshore and onsite models. These services find applications across diverse sectors, including automotive, industrial manufacturing, healthcare, aerospace, telecommunications, information technology, energy and utilities, among others.

The engineering services market research report is one of a series of new reports from The Business Research Company that provides engineering services market statistics, including engineering services industry global market size, regional shares, competitors with an engineering services market share, detailed engineering services market segments, market trends and opportunities, and any further data you may need to thrive in the engineering services industry. This engineering services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 expansion witnessed in the historical period can be ascribed to the heightened demand for industrial robots, the surge in industrial automation, and the implementation of Industry 4.0. Challenges that impeded growth during this period included deficiencies in quality control and safety concerns among 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 anticipated growth in the upcoming period can be linked to the growing trend of digitalization, increasing demand for IoT (Internet of Things) solutions for smart manufacturing, the growing significance of robots in the construction industry, government investments in the aviation sector, ongoing advancements in smart cities, and the swift adoption of advanced technologies. Key trends projected for the forecast period encompass an emphasis on partnerships and collaborations, the adoption of artificial intelligence, utilization of blockchain, investments in the development of smart cities, focus on low-code development, an emphasis on environment-friendly building services, and the adoption of Industry 4.0.

The increasing adoption of artificial intelligence is anticipated to drive the expansion of the engineering services market in the future. Engineering services encompass any service or creative work that necessitates engineering education, training, and expertise in applying specialized knowledge of mathematical, physical, and engineering sciences. The integration of artificial intelligence can enhance the efficiency, productivity, and profitability of engineering services, leading to the creation of new job roles and opportunities. For instance, Stanford University's AI Index Report 2023 reveals that the proportion of companies adopting AI doubled between 2016 and 2022, plateauing in recent years at 50% to 60%. This growing adoption of artificial intelligence is a key driver for the engineering services market.

Steady economic growth in developed and developing countries is expected to be a favorable factor for the engineering services market. The International Monetary Fund (IMF) projects a global real GDP growth of 3.6% from 2021 to 2023, with a focus on Asia and Africa driving this trend. The report highlights that Asia is anticipated to constitute 66% of the global middle-class population by 2030. Consequently, the sustained economic growth in developed and developing nations is contributing to the growth of the engineering services market.

Leading companies in the engineering services market are introducing innovative products to address industry challenges. An example is Ricoh USA Inc., a US-based software company, which launched RICOH Remote Patient Monitoring (RPM) Enablement in October 2023. This end-to-end managed services offering for health systems aims to streamline remote patient monitoring workflows, addressing healthcare staffing challenges amid a significant industry burnout crisis. The service supports the integration of remote patient monitoring devices into existing virtual care programs, covering inventory tracking, logistics, and device returns. This launch coincides with the healthcare industry's shift to virtual care delivery and a shortage of healthcare workers.

The latest trend in the engineering services market is the widespread adoption of the Internet of Things (IoT) globally. IoT is a system of interconnected devices that facilitate data transmission across various networks. It enables continuous innovation in real-time data analytics, product design, and development, fostering faster business growth. Engineering service providers are increasingly leveraging industrial IoT to optimize production processes by improving energy usage, resource allocation, and asset management. As an example, PureSoftware, an engineering service company, has successfully integrated IoT into its services, creating a robust IoT platform to enhance the speed and accuracy of data retrieval.

In June 2023, UES, a US-based engineering and consulting company, acquired Riner Engineering for an undisclosed amount, aiming to expand its geotechnical expertise. The acquisition was expected to bolster UES's capabilities in geotechnical engineering, construction materials testing, and environmental consulting. Additionally, it provided Riner Engineering with access to UES's resources and expertise, enabling the firm to extend its services and geographic reach. Riner Engineering, a US-based geotechnical engineering and construction materials testing firm, was the subject of this strategic acquisition.

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

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

The countries covered in the engineering services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain

The engineering services market consists of revenue earned by entities that advise, prepare feasibility studies, prepare preliminary and final plans and designs, provide technical services during the construction or installation phase, and inspect and evaluate engineering projects. Engineering services' companies apply physical laws and principles of engineering in the design, development, and utilization of machines, materials, instruments, structures, processes, and systems. Engineering services include technical application of engineering in product designing, innovations and others in industries such as building construction, mining, power and energy, transportation, manufacturing and others. The engineering services market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Engineering Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on engineering services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for engineering services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The engineering services market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product Type: Non-Dairy Milk; Butter; Cheese; Yogurts; Ice Cream; Others
• 2) By Source: Almond; Soy; Oats; Hemp; Coconut; Rice; Other Sources
• 3) By Distribution Channel: Supermarkets; Health Food Stores; Pharmacies; Convenience Stores; Online Stores; Other Distribution Channels
• Companies Mentioned: AECOM; WorleyParsons Limited; SNC-Lavalin; Babcock International; Fluor Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.