Engineering Services Global Market Sees Growth Rate Of 8% Through 2022
3 Feb, 2022
The global engineering services market is expected to grow from $0.99 trillion in 2021 to $1.07 trillion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The growth in the engineering services market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The engineering services market is expected to reach $1.38 trillion in 2026 at a CAGR of 6.6%.
What is the Global Engineering Services Market?
The engineering services market consists of the sale of engineering services. 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 the technical application of engineering in product designing, innovations, and others in industries such as building construction, mining, power and energy, transportation, manufacturing, and others.
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What drives the Global Engineering Services Market?
The engineering services market is expected to benefit from steady economic growth in developed and developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth will be 3.7% over 2019, 2020, and 3.6% from 2021 to 2023. This trend will be mainly driven by regions of Asia and Africa. According to the report, Asia will represent 66% of the global middle-class population by 2030. Going forward, the Asia Pacific and Middle Eastern regions are expected to be the fastest-growing markets in the engineering services, design, animation, and graphic designing industries. Developing countries such as India and China have started attracting foreign investments to improve their infrastructure. This was mainly due to an increase in internet penetration, growth in population, and increasing economic activity.
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Global Engineering Services Market Segments
The global engineering services market is segmented:
By Type: Civil Engineering Services, Environmental Engineering Services, Construction Engineering Services, Mechanical Engineering Services, Others Engineering Services
By End User: Automotive, Industrial Manufacturing, Healthcare Sector, Aerospace, Telecommunications, Information Technology, Energy & Utilities, Others
By Engineering Disciplines: Civil, Mechanical, Electrical, Piping and Structural Engineering
By Delivery Model: Offshore, Onsite
By Geography: The regions covered in the engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Engineering Services Global Market Report 2022provides market size and growth forecasts for the global engineering services market, global engineering services market share, engineering services market segments and geographies, engineering services market competitive landscape including leading competitors’ revenues, profiles and market shares. The engineering services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Engineering Services Industry Playersinclude Tata Consulting Services (TCS), Infosys, WorleyParsons, Deaton Engineering, Inc., Aricent Group, Cybage Software Pvt. Ltd., EPAM Systems; Inc. and GlobalLogic. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.