According to a recently updated research report by Fact.MR, a market research and competitive intelligence provider, revenue from the global Engineering Services Market is estimated at US$ 1,801.75 billion in 2024 and has been projected to expand at 7.6% CAGR to reach a value of US$ 3,756.09 billion by 2034.
According to a recently updated research report by Fact.MR, a market research and competitive intelligence provider, revenue from the global Engineering Services Market is estimated at US$ 1,801.75 billion in 2024 and has been projected to expand at 7.6% CAGR to reach a value of US$ 3,756.09 billion by 2034.
The need for engineering services is growing globally because of the rising utilization of electric cars (EVs), autonomous driving technology, and smart aviation systems. These advancements necessitate expertise in several areas, including software integration, sophisticated materials, battery technology, and aerodynamic designs.
Engineering service providers are essential to preserving productivity, safety, and conformity to industry standards during the design, testing, and production stages. The ongoing innovation in the automotive and aerospace industries, which rely on specialized engineering services to develop novel solutions, is a key driver of market expansion.
In the projection period, the North American market is analyzed to lead because of growing investments in renewable energy projects, strong demand for infrastructure upgrades, and broad adoption of modern technologies. The government's initiatives to build smart cities and the existence of several top engineering service providers are also driving the market upward.
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Key Takeaways from the Market Study:
The worldwide market for engineering services is projected to achieve a value of US$ 3,756.09 billion by 2034-end.
The market in North America is estimated to generate revenue of US$ 533.51 billion in 2024.
The market in East Asia is estimated to reach a valuation of US$ 468.09 billion by the end of 2034.
The private business segment is expected to increase at 8.4% CAGR from 2024 to 2034.
The market for engineering services in China is expected to expand at 8.9% CAGR between 2024 and 2034.
By product and service, the energy & power segment is projected to generate revenue worth US$ 738.58 billion in 2024.
The market in South Korea is forecasted to reach a size of US$ 114.99 billion by 2034.
“Key engineering service providers are increasing their offerings to meet the diverse needs of several industries, including smart manufacturing, renewable energy, infrastructure development, and others for consistent revenue streams,” says a Fact.MR analyst
Energy & Power Segment Continue to Hold Leading Position
The rising requirement for development, modernization, and sustainability measures in the energy and power sector is driving up demand for engineering services. Engineering services for the design, implementation, and optimization of renewable energy systems, including solar, wind, and hydropower generation, are becoming more in demand.
Integration of smart technology and the modernization of current power grids require new engineering services. The need for engineering services in this vitally important field is driven by the emphasis on energy efficiency, carbon reduction, and energy availability.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the engineering services market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product & service (energy & power, transportation, building construction, water, sewer, & waste, industrial & manufacturing) and major market (private businesses, government bodies, construction, architectural, individuals), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Key Companies Profiled:
AECOM; Bechtel Corporation; Kiewit Corporation; WSP Global Inc.; STRABAG SE; Deloitte Consulting LLP; Jacobs Engineering Group; Turner & Townsend; Arup Group; CH2M Hill
Industry News:
In November 2024, to improve its position in the worldwide market and increase its footprint in Europe, Hinduja Tech Limited acquired the European engineering services provider TECOSIM Group. Intending to deliver cutting-edge mobility solutions and propel future automotive engineering improvements, this move combines Hinduja Tech's strengths with TECOSIM's expertise in virtual validation and body engineering.
In November 2024, to assist design teams working on consumer electronics (CE) and micromobility projects, as well as their cell manufacturing partners, Sila, a firm that specializes in next-generation battery materials, launched new Battery Engineering Services.
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