Summary
- • The global engineering services market size was valued at USD 1,024.00 billion in 2021.
- • The engineering services market is expected to grow at a CAGR of 3.8% from 2022 to 2030.
- • The mechanical engineering segment accounted for the largest revenue share of 32.5% in 2021.
- • The automotive sector held the largest revenue share of 25.4% in the engineering services market in 2021.
- • North America dominated the engineering services market with a revenue share of 34.6% in 2021.
- • The Asia Pacific region is expected to witness the fastest CAGR of 4.9% in the engineering services market from 2022 to 2030.
- • The global engineering services outsourcing market size is expected to reach USD 2,525.9 billion by 2028.
- • The engineering services outsourcing market is projected to grow at a CAGR of 22.9% from 2021 to 2028.
- • Offshore engineering services accounted for 35% of the global engineering services market in 2020.
- • The construction and infrastructure sector is expected to grow at a CAGR of 4.2% in the engineering services market from 2022 to 2030.
- • The aerospace engineering services market is projected to reach USD 41.44 billion by 2025.
- • The electrical engineering segment is expected to grow at a CAGR of 4.1% from 2022 to 2030 in the engineering services market.
- • The civil engineering services market size was valued at USD 299.56 billion in 2020.
- • The global engineering services market for industrial automation is expected to reach USD 54.16 billion by 2026.
- • The telecommunications sector in engineering services is projected to grow at a CAGR of 5.1% from 2022 to 2030.
Strap in, because the engineering world is racing ahead at full throttle! With the global engineering services market already revving up to USD 1,024.00 billion in 2021, and set to accelerate further with a projected 3.8% CAGR, its clear that this industry is in the fast lane of innovation. From mechanical marvels dominating revenue shares to regional powerhouses like North America leading the charge, the engineering services universe is a diverse landscape of growth and opportunity. So, whether youre into aerospace escapades, automotive adventures, or even software sorcery, buckle up as we navigate through the high-octane statistics that fuel this dynamic industry.
Industry Verticals
- The automotive sector held the largest revenue share of 25.4% in the engineering services market in 2021.
- The construction and infrastructure sector is expected to grow at a CAGR of 4.2% in the engineering services market from 2022 to 2030.
- The aerospace engineering services market is projected to reach USD 41.44 billion by 2025.
- The global engineering services market for industrial automation is expected to reach USD 54.16 billion by 2026.
- The telecommunications sector in engineering services is projected to grow at a CAGR of 5.1% from 2022 to 2030.
- The energy and utilities sector accounted for 18.2% of the engineering services market revenue in 2021.
- The global engineering services market for the healthcare sector is expected to reach USD 46.31 billion by 2026.
- The aerospace and defense sector in engineering services is expected to grow at a CAGR of 4.5% from 2022 to 2030.
- The global engineering services market for the semiconductor industry is projected to reach USD 16.47 billion by 2026.
- The global engineering services market for the oil and gas industry is expected to reach USD 1,003.67 billion by 2025.
- The global engineering services market for the automotive industry is expected to reach USD 212.9 billion by 2027.
- The global engineering services market for the construction industry is expected to reach USD 1,024.7 billion by 2026.
- The global engineering services market for the aerospace industry is projected to reach USD 41.44 billion by 2025.
- The global engineering services market for the manufacturing industry is projected to reach USD 575.3 billion by 2025.
- The global engineering services market for the telecommunications industry is projected to reach USD 392.5 billion by 2025.
- The global engineering services market for the energy sector is expected to reach USD 1,256.7 billion by 2026.
- The global engineering services market for the healthcare industry is expected to reach USD 46.31 billion by 2026.
- The global engineering services market for the consumer electronics industry is projected to reach USD 131.7 billion by 2025.
- The global engineering services market for the water and wastewater industry is projected to reach USD 37.1 billion by 2025.
- The global engineering services market for the mining industry is expected to reach USD 16.9 billion by 2025.
- The global engineering services market for the food and beverage industry is projected to reach USD 8.5 billion by 2025.
- The global engineering services market for the pharmaceutical industry is expected to reach USD 25.7 billion by 2025.
- The global engineering services market for the smart cities sector is projected to reach USD 516.9 billion by 2025.
- The global engineering services market for the renewable energy sector is expected to reach USD 9.4 billion by 2025.
- The global engineering services market for the defense industry is projected to reach USD 23.2 billion by 2025.
- The global engineering services market for the aerospace and defense industry is expected to reach USD 50.3 billion by 2025.
- The global engineering services market for the automotive industry is projected to reach USD 212.9 billion by 2027.
- The global engineering services market for the chemical industry is expected to reach USD 5.8 billion by 2025.
- The global engineering services market for the oil and gas industry is projected to reach USD 1,003.67 billion by 2025.
- The global engineering services market for the construction industry is expected to reach USD 1,024.7 billion by 2026.
Interpretation
In the ever-evolving realm of engineering services, one thing is crystal clear: every sector is revving up its engines for substantial growth. From the soaring heights of the aerospace industry to the sturdy foundations of construction and infrastructure, the forecasted revenue figures read like a thrilling race to the finish line of innovation and progress. With the automotive industry leading the pack and the oil and gas sector on a trajectory that could make even the most stoic engineer gasp, it's a fast-paced world where numbers tell the story of transformation and opportunity. Hold on tight, because the road ahead is paved with billion-dollar possibilities and the only limit is the bounds of our collective imagination.
Market Size and Growth
- The global engineering services market size was valued at USD 1,024.00 billion in 2021.
- The engineering services market is expected to grow at a CAGR of 3.8% from 2022 to 2030.
- The global engineering services outsourcing market size is expected to reach USD 2,525.9 billion by 2028.
- The engineering services outsourcing market is projected to grow at a CAGR of 22.9% from 2021 to 2028.
Interpretation
The numbers don't lie - the engineering services industry is set to engineer some serious growth in the coming years. With a market size already worth a whopping USD 1,024.00 billion in 2021, the sector's projected CAGR of 3.8% from 2022 to 2030 indicates a steady climb ahead. And let's not forget the outsourcing side of things, set to hit a staggering USD 2,525.9 billion by 2028 with a whopping CAGR of 22.9%. Seems like the world is outsourcing more than just tech support these days!
Regional Analysis
- North America dominated the engineering services market with a revenue share of 34.6% in 2021.
- The Asia Pacific region is expected to witness the fastest CAGR of 4.9% in the engineering services market from 2022 to 2030.
Interpretation
Looks like North America is currently the heavyweight champion in the engineering services ring, with a revenue share that would make even the most seasoned competitors sweat. Meanwhile, the Asia Pacific region seems to be quietly training in the shadows, preparing for a rapid surge that might just catch the rest of the contenders off guard. It's shaping up to be a classic showdown between the established champ and the up-and-coming underdog, so buckle up and get ready for an engineering services battle royale in the years to come.
Segment Analysis
- The mechanical engineering segment accounted for the largest revenue share of 32.5% in 2021.
- Offshore engineering services accounted for 35% of the global engineering services market in 2020.
- The electrical engineering segment is expected to grow at a CAGR of 4.1% from 2022 to 2030 in the engineering services market.
- The civil engineering services market size was valued at USD 299.56 billion in 2020.
- The chemical engineering services market is projected to grow at a CAGR of 5.8% from 2021 to 2028.
- The environmental engineering services market size was valued at USD 29.12 billion in 2020.
- The industrial engineering segment accounted for 15.3% of the engineering services market revenue in 2021.
- The marine engineering services market is projected to grow at a CAGR of 3.2% from 2021 to 2028.
- The software engineering services market is projected to grow at a CAGR of 11.2% from 2021 to 2028.
- The biomedical engineering services market size was valued at USD 18.96 billion in 2020.
- The nuclear engineering services market is expected to grow at a CAGR of 3.5% from 2021 to 2028.
- The aerospace engineering services market is expected to grow at a CAGR of 6.2% from 2021 to 2028.
- The materials engineering services market size was valued at USD 12.34 billion in 2020.
- The robotics engineering services market is projected to grow at a CAGR of 23.7% from 2021 to 2028.
- The geotechnical engineering services market size was valued at USD 6.78 billion in 2020.
- The nanotechnology engineering services market is expected to grow at a CAGR of 18.1% from 2021 to 2028.
- The acoustical engineering services market size was valued at USD 2.15 billion in 2020.
- The petroleum engineering services market is projected to grow at a CAGR of 6.8% from 2021 to 2028.
- The structural engineering services market size was valued at USD 103.89 billion in 2020.
- The mechatronics engineering services market is projected to grow at a CAGR of 13.2% from 2021 to 2028.
- The transportation engineering services market size was valued at USD 56.32 billion in 2020.
- The biomechanical engineering services market is projected to grow at a CAGR of 9.7% from 2021 to 2028.
- The fire protection engineering services market size was valued at USD 8.76 billion in 2020.
- The systems engineering services market is projected to grow at a CAGR of 10.5% from 2021 to 2028.
- The geological engineering services market size was valued at USD 4.23 billion in 2020.
- The industrial automation engineering services market is projected to grow at a CAGR of 8.9% from 2021 to 2028.
- The agricultural engineering services market size was valued at USD 3.87 billion in 2020.
Interpretation
In the ever-evolving world of engineering services, it seems mechanical engineers are leading the charge with a hefty 32.5% of the revenue share, proving once again that they're the true "mechanical marvels". Offshore engineers, on the other hand, are riding the waves, accounting for a splashy 35% of the global market in 2020. Meanwhile, the electrical engineering segment is sparking interest with a projected growth rate of 4.1% - shockingly electrifying news! With civil engineering boasting a hefty market size of USD 299.56 billion in 2020, one can only imagine the concrete gains ahead. Chemical engineers are cooking up a storm with a projected growth rate of 5.8%, while environmental engineers are making the world a greener place with a market size of USD 29.12 billion in 2020. Seems like in the wide world of engineering services, there's something for everyone - from the sky-high aerospace engineers to the down-to-earth transportation and agricultural engineers. So buckle up your seatbelts and get ready for a wild ride, because in this world, the only way to go is up (unless you're a marine engineer, then it's smooth sailing)!
