May 07, 2020
According to the research report titled ‘Global Engineering Services Market Size study, 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) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global engineering services market share accounted for USD 232.9 billion in 2018 and is expected to grow with a CAGR of 4.4% during 2019-2026.
Engineering services comprises of consulting, analysis and engineering which help enterprises with composite concerns and questions. These services include design elements of service or products, infrastructure, equipment and processes associated in producing, delivering or maintaining applications. The engineering service providers use physical principles and laws for engineering in designing, developing and using equipment, materials, systems and processes. Engineering services also play a vital role in the assembly line operations.
Booming construction activities, increasing production of automobiles and rising sales of consumer electronics are major factors driving the growth of global engineering services market. The service helps in efficient application of engineering concepts in terms of product innovations and designs in automotive, construction, power & energy and mining sectors. Increasing utilization of Internet of Things (IoT) and favorable initiatives introduced by private entities are further expanding the market size. However, scarcity of skilled professionals may hinder the overall market growth.
Considering the geographical landscape, North America engineering services industry is expected to record a momentous growth rate during the study period, primarily due to increasing shale energy exploration activities and rising adoption of industrial IoT.
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On the other hand, Asia-Pacific is slated to emerge as a lucrative growth avenue for engineering services market in the forthcoming years. Flourishing construction sector and rising production of automobiles are complimenting the business outlook in APAC.
Key players in global engineering services market are Jacobs, SNC-Lavalin, Fluor, Bechtol, AECOM, Aricent Group, Deaton Engineering Inc., WorleyParsons, Infosys and Tata Consulting Services (TCS) among others.