Global Engineering Services Market Size 2024, Forecast To 2033

11 Mar, 2024

The engineering services market has exhibited steady growth, increasing from $1147 billion in 2023 to $1188.41 billion in 2024, with a compound annual growth rate (CAGR) of 3.6% in the historic period. This growth is attributed to factors such as increased demand for industrial robots, a rise in industrial automation, and the implementation of Industry 4.0. Factors that negatively impacted growth in the historic period included the lack of quality control and safety concerns of engineering firms. Looking ahead to 2028, the market is expected to sustain steady growth, reaching $1366.8 billion at a CAGR of 3.6%. The forecasted growth is driven by factors such as increasing digitalization, rising demand for IoT (Internet of Things) solutions for smart manufacturing, the rising prominence of robots in the construction industry, government investments in the aviation industry, continuous development of smart cities, and the rapid adoption of advanced technologies. Key trends in the forecast period include a focus on partnerships and collaborations, the adoption of artificial intelligence, the use of blockchain, investments in the development of smart cities, investments in low-code development, a focus on environmentally friendly building services, and the use of Industry 4.0.

Global Engineering Services Market Key Driver

The engineering services market is poised for growth with the increasing adoption of artificial intelligence (AI). Engineering services, encompassing work requiring engineering education and expertise in mathematical and physical sciences, are leveraging AI to enhance efficiency, productivity, and profitability. Stanford University's AI Index Report 2023 indicates a significant rise in AI adoption by companies, doubling over the past six years and stabilizing between 50% and 60%. The integration of AI not only improves existing processes but also creates new job roles and opportunities within the engineering services sector. This trend is expected to drive the growth of the engineering services market throughout 2023, 2024, and 2028.

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Global Engineering Services Market Segments

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

Major Engineering Services Industry Players

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

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Engineering Services Market Overview

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.

Engineering Services Global Market Report 2023 provides data on the global engineering services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The engineering services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.