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Global Engineering Services Market Size, Share, Growth: By Services: Product Engineering, Process Engineering, Automation Related Services, Asset Management Related Services; By Delivery Model: Off-shore, On-shore; By Industry Vertical: Aerospace and Defence, Automotive, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Engineering Services Market Outlook
The global engineering services market size reached USD 1168.70 billion in 2023. The market is projected to grow at a CAGR of 4.8% between 2024 and 2032, reaching almost USD 1782.19 billion by 2032.
Key Takeaways
- In the coming years, 90%+ companies are expected to switch towards digital technologies for product and process engineering.
- Rising demand for automation-related services from the aerospace and defence sector is one of the key market trends.
- Off-shore delivery model of engineering services is expected to constitute a major portion of the market share.
With increasing investments in digital technologies by companies to boost their product and processes, the demand for digital engineering services has risen tremendously in recent years. Digital engineering services enable companies to improve their product quality, reduce costs, improve accuracy, and better efficiency of operations, which contributes towards an increase in profit margins.
The offshore delivery of models of engineering services is garnering widespread appeal among corporates and businesses. Offshoring engineering services results in significant cost savings and enables round-the-clock assessment of projects, which drives productivity and efficiency. Moreover, it allows companies to focus on their core competencies while ensuring diversification of risk by operating in multiple locations. This is expected to drive the global engineering services market expansion and innovation in the coming years.
The aerospace and defence sector is expected to emerge as a leading end user of engineering services. This is because of the growing usage of automation-related services for manufacturing aircraft parts and military equipment. The high attention towards the design, strength, and quality of each component is driving the adoption of automated services in the sector, thereby propelling the global engineering services market growth.
Market Segmentation
Global Engineering Services Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Services
- Product Engineering
- Process Engineering
- Automation Related Services
- Asset Management Related Services
Market Breakup by Delivery Model
- Off-shore
- On-shore
Market Breakup by Industry Vertical
- Aerospace and Defence
- Automotive
- Chemical and Petrochemical
- Utilities
- Mining
- Oil and Gas
- Healthcare
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Major global engineering services market players are focusing on improving service delivery quality and catering to various companies' requirements to improve their product and process planning.
The key market players are STRABAG SE, AECOM, HCL Technologies Ltd., IBM Corporation, Capgemini SE, Infosys Limited, NV5 Global, Inc., Bechtel Corporation, Jones Lang LaSalle IP, Inc., and Kiewit Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Services |
|
| Breakup by Delivery Model |
|
| Breakup by Industry Vertical |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Engineering Services Market Analysis
8.1 Key Industry Highlights
8.2 Global Engineering Services Historical Market (2018-2023)
8.3 Global Engineering Services Market Forecast (2024-2032)
8.4 Global Engineering Services Market by Services
8.4.1 Product Engineering
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Process Engineering
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Automation Related Services
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Asset Management Related Services
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Global Engineering Services Market by Delivery Model
8.5.1 Off-shore
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 On-shore
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Engineering Services Market by Industry Vertical
8.6.1 Aerospace and Defence
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Automotive
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Chemical and Petrochemical
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Utilities
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Mining
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Oil and Gas
8.6.6.1 Historical Trend (2018-2023)
8.6.6.2 Forecast Trend (2024-2032)
8.6.7 Healthcare
8.6.7.1 Historical Trend (2018-2023)
8.6.7.2 Forecast Trend (2024-2032)
8.6.8 Others
8.7 Global Engineering Services Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Engineering Services Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Engineering Services Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Engineering Services Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Engineering Services Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Engineering Services Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 STRABAG SE
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 AECOM
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 HCL Technologies Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 IBM Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Capgemini SE
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Infosys Limited
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 NV5 Global, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Bechtel Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Jones Lang LaSalle IP, Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Kiewit Corporation
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Engineering Services Market: Key Industry Highlights, 2018 and 2032
2. Global Engineering Services Historical Market: Breakup by Services (USD Billion), 2018-2023
3. Global Engineering Services Market Forecast: Breakup by Services (USD Billion), 2024-2032
4. Global Engineering Services Historical Market: Breakup by Delivery Model (USD Billion), 2018-2023
5. Global Engineering Services Market Forecast: Breakup by Delivery Model (USD Billion), 2024-2032
6. Global Engineering Services Historical Market: Breakup by Industry Vertical (USD Billion), 2018-2023
7. Global Engineering Services Market Forecast: Breakup by Industry Vertical (USD Billion), 2024-2032
8. Global Engineering Services Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Engineering Services Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Engineering Services Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Engineering Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Engineering Services Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Engineering Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Engineering Services Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Engineering Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Engineering Services Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Engineering Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Engineering Services Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Engineering Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Engineering Services Market Structure
Key Questions Answered in the Report
The market was valued at nearly USD 1168.70 billion in 2023.
The market is projected to grow at a CAGR of 4.8% between 2024 and 2032.
The market is assesses to witness a healthy growth in the forecast period to reach around USD 1782.19 billion in 2032.
The major delivery models of engineering services include off-shore and on-shore.
The different services considered in the market report are product engineering, process engineering, automation related services, and asset management related services.
The major industry verticals sing engineering services include aerospace and defence, automotive, chemical and petrochemical, utilities, mining, oil and gas, and healthcare, among others.
The major regions considered in the market report include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key market players are STRABAG SE, AECOM, HCL Technologies Ltd., IBM Corporation, Capgemini SE, Infosys Limited, NV5 Global, Inc., Bechtel Corporation, Jones Lang LaSalle IP, Inc., and Kiewit Corporation, among others.
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