What Does the Historical and Current Engineering Services Market Size Trend Indicate?
The engineering services market has seen considerable growth due to a variety of factors.
• Over the past few years, the engineering services market has steadily increased in size. It is forecasted to expand from $1113.21 billion in 2024 to $1151.36 billion in 2025, with a compound annual growth rate (CAGR) of 3.4%.
Factors contributing to this growth during the historical period include a heightened demand for industrial robots, an escalation in industrial automation, and the application of industry 4.0.
What is the Market Size Forecast for the Engineering Services Market?
The engineering services market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the engineering services market is anticipated to experience a consistent expansion. It is projected to increase to a massive $1323.57 billion in 2029, with a compound annual growth rate (CAGR) of 3.5%.
The projected growth during the upcoming period can be connected to numerous factors, including the surge in digitalization, the escalating demand for IoT (internet of things) solutions for smart manufacturing, the increased frequency of robotic application in the construction sector, governmental investment in the aviation sector, incessant development of smart cities, and the swift uptake of modern technologies. During this forecast period, the major trends to look out for would be increased emphasis on partnerships and collaborations, adoption of artificial intelligence, use of blockchain, investment in smart cities development, backing in low-code development, emphasis on environmentally friendly building services, and the use of industry 4.0.
What Factors Are Driving Growth In The Engineering Services Market?
The proliferation of artificial intelligence is set to spur the expansion of the engineering services market. Engineering services encompass any service or inventive work that necessitates engineering knowledge, expertise, and education, particularly in the specialized fields of mathematical, physical, and engineering sciences. The incorporation of artificial intelligence into engineering services can heighten efficiency, productivity, and profitability, alongside creating new work positions and opportunities. For example, the AI Index Report 2023 from Stanford University, a private research institution in the US, indicates that the percentage of companies implementing AI in 2022 has seen a twofold increase over the last six years, though there has been a steady fluctuation between 50% and 60% in recent years. Hence, the swelling adoption of artificial intelligence is fueling the growth of the engineering services market.
What Are The Major Segments Within The Engineering Services Market?
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
Subsegments:
1) By Civil Engineering Services: Structural Engineering, Geotechnical Engineering, Transportation Engineering, Environmental Engineering, Construction Management
2) By Electrical Engineering Services: Power Systems Engineering, Telecommunications Engineering, Control Systems Engineering, Electronics Design Engineering, Lighting Design
3) By Mechanical Engineering Services: Product Design and Development, HVAC (Heating, Ventilation, and Air Conditioning) Engineering, Robotics and Automation, Thermal Engineering, Manufacturing Engineering
4) By Other Engineering Services: Chemical Engineering Services, Aerospace Engineering Services, Software Engineering Services, Industrial Engineering Services, Marine Engineering Services
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Which Trends Are Expected To Transform The Engineering Services Market?
Key players in the engineering services market are pioneering novel products like RICOH Remote Patient Monitoring (RPM) Enablement, engineered to alleviate challenges in staffing health care facilities during a critical burnout crisis in the sector. This service is a comprehensive management offering for healthcare systems, designed to bolster more effective and sustainable RPM workflows, thereby enhancing the experience for both patients and healthcare delivery teams. For example, in October 2023, Ricoh USA Inc., a software company based in the U.S., introduced RICOH Remote Patient Monitoring (RPM) Enablement as a fully integrated service for health providers. This service seamlessly aligns with existing virtual care programs, facilitating the deployment of remote patient monitoring devices, inventory management, logistics, and device returns. The introduction of this service is timely, as many health systems are currently dealing with a massive transition to virtual health service delivery coupled with a severe deficit of healthcare workers.
Who Are the Key Players in the Engineering Services Market?
Major companies operating in the engineering services market include:
• AECOM
• WorleyParsons Limited
• 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
What Is The Most Dominant Region In The Engineering Services Market?
North America was the largest region in the engineering services market in 2024. 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
