Global engineering services Market
Professional Services

Unlocking the Future of the Engineering Services Market: Growth Rate, Key Trends, and Opportunities for 2025-2034

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Analyzing the Growth Rate of the Engineering Services Market: What’s the Expected CAGR for the Next Decade?

The engineering services market has grown steadily in recent years. It is forecasted to rise from $1113.21 billion in 2024 to $1151.36 billion in 2025, with a CAGR of 3.4%. The growth in the past period is fueled by increased demand for industrial robots, higher industrial automation, and the implementation of industry 4.0.

The engineering services market is projected to experience steady growth over the coming years, reaching $1323.57 billion by 2029, with a compound annual growth rate (CAGR) of 3.5%. This growth can be attributed to increasing digitalization, rising demand for IoT solutions in smart manufacturing, greater use of robots in construction, government investments in aviation, the development of smart cities, and the adoption of advanced technologies. Key trends during the forecast period include an emphasis on partnerships, AI adoption, blockchain utilization, investment in smart city development, low-code development, environmentally-friendly building services, and Industry 4.0 integration.

How Are the key drivers expanding the growth of the engineering services Market?

The growing integration of artificial intelligence (AI) is anticipated to drive the engineering services market. Engineering services involve any work requiring engineering expertise, including mathematical, physical, and scientific knowledge. The adoption of AI enhances the efficiency, productivity, and profitability of engineering services while also creating new job opportunities. According to the AI Index Report 2023 from Stanford University, the proportion of companies adopting AI has more than doubled in the past six years, stabilizing between 50% and 60% in recent years. Thus, the increasing use of AI is propelling the growth of the engineering services market.

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What Are the Leading Organizations Impacting the Engineering Services Market’s Growth?

Major companies operating in the engineering services market include:

• AECOM_x000D_

• WorleyParsons Limited_x000D_

• Babcock International_x000D_

• Fluor Corporation_x000D_

• Bechtel Corporation_x000D_

What Are the Most Prominent Trends Driving Change in the Engineering Services Market?

In the engineering services market, companies like Ricoh USA are addressing healthcare staffing challenges by introducing innovative solutions like Remote Patient Monitoring (RPM) Enablement. Launched in October 2023, the service helps improve remote patient monitoring workflows, supporting health systems amidst the healthcare worker shortage.

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Which Key Segments of the Engineering Services Market Are Poised for Growth and Innovation?

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

What Regions Are Leading the Charge 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

What Key Parameters Define the Engineering Services Market’s Scope?

Engineering services can provide extensive consultation to a company needing expert advice and solutions. Engineering services firms can accept the project and work on evaluating, designing, simulating, and testing the product.

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