The market for engineering services worldwide, currently valued at US$ 707 billion, is anticipated to reach a market size of US$ 1 trillion by 2032, growing at a CAGR of 5.9% between 2022 and 2032.
This rapidly expanding sector made for around 5% of all corporate professional services and provided a range of engineering services distributed across numerous industry verticals. Infrastructure improvement is important for sustaining economic activity as well as serving as a growth indicator. For the construction of infrastructure like roads, bridges, tunnels, water supplies, and other structures, engineering service organizations offer design, planning, and consulting services.
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Key findings of the Engineering Services market study:
- Regional breakdown of the Engineering Services market based on predefined taxonomy.
- Innovative manufacturing processes implemented by Engineering Services vendors in detail.
- Region-wise and country-wise fragmentation of the Engineering Services market to grasp the revenue, and growth outlook in these areas.
- Changing preferences among consumers across various regions and countries.
- Factors (Positive and Negative) impacting the growth of the global Engineering Services market.
Prominent engineering service providers are AECOM, Affiliated Engineers Inc, AKF Group LLC, Arcadis, Arora Engineers, Arup, Burns & McDonnell, CJL Engineering, Coffman Engineers, ESD, IMEG Corp., Integral Group, Interface Engineering, Jensen Hughes, Kimley-Horn, Loring Consulting Engineers, M & E Consulting Engineers, Magnusson Klemencic Associates, Martin/Martin Consulting Engineers, Mott MacDonald, RMF Engineering, Smith Seckman Reid, Stantec, Terracon Consultants, Tetra Tech High Performance Buildings Group, Vanderweil Engineers, Walter P Moore, and WSP USA.
The competitive intensity in the global engineering consortium consulting market is high with the presence of various new and established players in the market. Strategic moves by these market players, such as acquisitions, mergers, and partnerships are being implemented to upscale their presence among end users.
- In November 2021,Ardurra Group, a consulting and engineering services firm, acquired and merged with Ritoch-Powell & Associates, which is a civil engineering firm. The aim behind this initiative was to enhance the company’s service offerings and global footprint.
- In October 2021, Ransom Consulting, an environmental & engineering firm, acquired Civalier Engineering & Surveying, Inc. Through this acquisition, Ranson expanded to six new offices across the New England and Atlantic region.
- In October 2019, Balfour Beatty, an infrastructure group, signed a partnership agreement with the North Carolina Department of Transportation (NCDOT) to upgrade traffic on a 5.1-mile stretch of U.S. 70 in James City in Craven County. This project is outlined to enhance local community services and improve economic development in the area.
Fact.MR has provided detailed information about the providers of engineering services positioned across regions, sales growth, and service offering expansion, in the recently published report.
Segmentation of Engineering Services Industry Survey:
· By Service :
- Construction Management Services
- Transportation and Traffic Engineering
- Municipal Engineering/Land Development
- Bridge Inspections and Engineering
- Enterprise Architecture
- Aircraft Modification & Certification
- Manufacturing Engineering
· By Functional Area :
- System Engineering and Process Engineering Support
- Modeling, Simulation
- Prototyping, Pre-Production, Model-Making, and Fabrication Support
- System Design Documentation and Technical Data Support
- Software Engineering, Development, Programming, and Network Support
- Reliability, Maintainability, and Availability (RM&A) Support
- Human Factors, Performance, and Usability Engineering Support
- System Safety Engineering Support
- Configuration Management (CM) Support
- Quality Assurance (QA) Support
- Information System (IS) Development, Information Assurance (IA), and Information Technology (IT) Support
- Interoperability, Test and Evaluation, Trials Support
- Measurement Facilities, Range, and Instrumentation Support
· By End-use Industry :
- Aerospace & Defense
- Energy & Power
- Oil & Gas
- Government & Public
· By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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What Can Challenge the Growth of the Engineering Services Market?
“Lack of Skilled Professionals – A Market Dampener”
A large number of graduate engineers worldwide lack the skills required by the client, which is restraining the market growth. Since, the utility of advanced technologies such as mobile technologies, Artificial Intelligence, data engineering, and machine learning are in trend. However, only 3% of engineers possess the skills in these areas.
It has been found that 25% of engineers graduating from Indian engineering schools are of high quality, while 80%-85% of young people lack the skills necessary for any profession. Additionally, the engineering and industrial sectors were negatively impacted by COVID-19, with roughly 85% of employees experiencing a skills shortage in 2020.
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