Engineering Services Are Expected To Reflect Attractive Long-Term Opportunities For Market Players
Rockville, Oct. 03, 2022 (GLOBE NEWSWIRE) -- The global engineering services market is worth US$ 707.5 billion in 2022 and is predicted to expand at a CAGR of 5.6% from 2022 to 2032, according to Fact.MR, a market research and competitive intelligence provider. Global demand for engineering services is projected to grow along with rising infrastructure development worldwide.
Engineering service providers offer designing, planning, and consulting services regarding infrastructure development, which includes buildings, highways, tunnels, and others. Economies such as China and the United States spend around 15% and 2.3% of their GDP on infrastructure development, respectively. This factor drives the demand for engineering consulting services. Moreover, the global trend of the development of smart cities is creating lucrative opportunities for companies providing engineering services.
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As per the International Transport Forum, investments in inland infrastructure as a percentage of GDP varied from 0.2% to 5.8%. China accounts for a leading percentage of 5.8%, and Mexico with the least percentage of 0.2%. Market share analysis of engineering services based on service and region. Under the service segment, construction management services dominate with 23% market share in 2022.
Smart city development is a trend in both developed and developing economies. The growing development of smart cities worldwide is a major factor stimulating the demand for engineering services.
Key Takeaways from Market Study
The global engineering services market is projected to expand at a CAGR of 5.6% and be valued at US$ 1,220 billion by 2032.
The market evolved at 5.2% CAGR over the 2017-2021 historical period.
Under the service segment, construction management services lead with a valuation of US$ 154.1 billion in 2022.
North America accounted for 38% share of the global market in 2021.
Revenue from engineering services is set to increase at CAGRs of 5.5% and 6.1%, respectively, in Europe and South Asia & Oceania.
Rapid Adoption of Advanced Technologies
Modern construction, design, and engineering projects have become extremely complex these days and require engineers for essential inputs from vivid backgrounds along with advanced technologies like artificial intelligence, the internet of things, and IT solutions such as engineering analytics.
These technologies are beneficial in solving complex design issues and addressing the right solutions adequately to offer increased productivity and help in smart decision-making. Owing to such factors, demand for engineering services is expected to see significant growth in managing the complex connected infrastructure. Moreover, these technologies minimize the errors associated with the development of products and infrastructure and enhance business efficiency.
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Segmentation of Engineering Services Industry Survey
By Service :
Construction Management Services
Transportation and Traffic Engineering
Municipal Engineering/Land Development
Aircraft Modification & Certification
By Functional Area :
System Engineering and Process Engineering Support
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
Supply and Provisioning Support
In-Service Engineering, Fleet Introduction, Installation Support
By End-use Industry :
Aerospace & Defense
Energy & Power
Oil & Gas
Government & Public
By Region :
South Asia & Oceania
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Prominent engineering service providers are
Affiliated Engineers Inc
AKF Group LLC
Burns & McDonnell
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.
The competitive rivalry in the engineering services market is high with the presence of various established and new market players entering this space. Industry players are resorting to various organic & non-organic strategies to stay competitive in the market, such as Ritoch-Powell & Associates was acquired by Ardurra Group and Civalier Engineering & Surveying, Inc was acquired by Ransom Consulting.
Market players are taking rigorous action to expand their consumer base by focusing on multiple industry verticals. They are also focusing on increasing their global footprint and service offerings.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global engineering services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of service (construction management service, transportation & traffic engineering, municipal engineering/land development, bridge inspections & engineering, enterprise architecture, aircraft modification & certification, manufacturing engineering, others) and end-use industry (industrial, aerospace & defense, automotive, energy & power, healthcare, oil & gas, construction, government & public), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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