The Latest Engineering Services Industry Statistics Explained
The engineering services industry has a market size of $253.8 billion in the US in 2021.
The statistic that the engineering services industry has a market size of $253.8 billion in the US in 2021 indicates the total value of goods and services produced within this particular sector during the specified year. This figure reflects the overall economic significance and scale of the engineering services industry within the US, showcasing the substantial amount of revenue generated by companies offering engineering expertise and solutions. A market size of $253.8 billion highlights the industry’s significant contribution to the economy, covering a wide range of services such as architectural design, consulting, and project management, and underscoring its importance in driving innovation, infrastructure development, and technological advancements in the country.
The global engineering services market is expected to grow to $1.5 trillion by 2022.
The statistic “The global engineering services market is expected to grow to $1.5 trillion by 2022” indicates the projected expansion of the engineering services industry on a global scale. This growth forecast suggests an increase in the demand for engineering services across various sectors such as construction, manufacturing, infrastructure development, and technology. The estimated value of $1.5 trillion by 2022 highlights the significant economic opportunities within the engineering services market, driven by advancements in technology, increasing investments in infrastructure projects, and the need for innovative solutions to complex engineering challenges. This statistic underscores the potential for continued growth and development of the engineering services sector in the near future.
The engineering services industry contributes to about 4% of the GDP of the US.
This statistic indicates that the engineering services industry plays a significant role in the overall economic output of the United States, accounting for approximately 4% of the nation’s Gross Domestic Product (GDP). This signifies the industry’s substantial contribution to the country’s economic activity and productivity. Given the importance of engineering services in various sectors such as construction, manufacturing, technology, and infrastructure development, its impact on the economy is substantial. The statistic also suggests that investments and advancements in the engineering services industry can have a notable effect on the overall growth and performance of the US economy.
It is forecasted that Civil engineering services will grow at an average annual rate of 8.6% over 2021-2026.
This statistic indicates that the field of Civil engineering services is projected to experience significant growth over the five-year period from 2021 to 2026, with an average annual growth rate of 8.6%. This forecast suggests that there will be increasing demand for civil engineering services during this time period, likely driven by factors such as infrastructure development, urbanization, and environmental sustainability initiatives. The growth rate of 8.6% signifies a steady and substantial expansion of the industry, which could present opportunities for businesses and professionals operating in the civil engineering sector to capitalize on the projected growth and potentially expand their operations to meet the rising demand for their services.
Over 97,000 engineering services businesses are operating in the US as of 2020.
The statistic “Over 97,000 engineering services businesses are operating in the US as of 2020” indicates the significant presence and diversity of the engineering services sector in the United States. This statistic encompasses a wide range of companies providing engineering expertise across various disciplines such as civil, mechanical, electrical, and environmental engineering, among others. The large number of businesses operating in this sector highlights the importance of engineering services in supporting infrastructure development, technological innovation, and economic growth across different industries in the country. It also reflects the demand for specialized engineering solutions and expertise in addressing complex challenges and advancements in technology that require specialized knowledge and skills.
In 2020, the global market for engineering services was valued at $930 billion.
The statistic ‘In 2020, the global market for engineering services was valued at $930 billion’ provides a quantitative insight into the economic significance of the engineering services industry on a worldwide scale during that particular year. This figure represents the total value of services provided by engineering firms across various sectors such as construction, infrastructure, technology, and manufacturing. The substantial size of the market indicates the widespread demand for engineering expertise and services to support development, innovation, and maintenance of critical infrastructure and projects globally. Additionally, the valuation serves as a key indicator of the industry’s contribution to economic growth, employment, and technological advancement worldwide as well as highlights the importance of engineering services in driving progress and sustainability across diverse sectors.
In 2019, the engineering and architectural services industry had a revenue of $288 billion in the U.S.
The statistic indicates that the engineering and architectural services industry in the U.S. generated a total revenue of $288 billion in the year 2019. This data provides valuable insight into the economic contribution of this sector, highlighting its significance within the country’s overall economy. The substantial revenue figure suggests a high level of demand for engineering and architectural services during that period, reflecting the industry’s importance in supporting various construction projects, infrastructure developments, and innovative designs across multiple sectors. This statistic not only showcases the industry’s financial impact but also underscores its role in driving economic growth, creating job opportunities, and fostering technological advancements within the United States.
The U.S. engineering services export value amounted to $38 billion in 2020.
The statistic indicates that in 2020, the United States exported engineering services with a total value of $38 billion. Engineering services encompass a wide range of activities such as research and development, design, testing, and consulting in various engineering fields. This statistic highlights the significant contribution of the engineering sector to the U.S. economy through international trade. The export of engineering services not only generates revenue but also contributes to the exchange of knowledge and expertise between countries, fostering innovation and collaboration in the global engineering industry.
Engineering services outsourcing is expected to reach $1.48 trillion by 2027.
The statistic indicates that the market for outsourcing engineering services is projected to grow substantially, reaching a total value of $1.48 trillion by the year 2027. This substantial increase suggests a growing trend among companies to leverage external engineering expertise to meet their project needs and gain a competitive edge. The rising demand for engineering services outsourcing may be driven by factors such as cost-efficiency, access to specialized skills and technologies, and flexibility in scaling resources as needed. This statistic highlights the significant economic impact and opportunities within the outsourcing industry, particularly in the engineering sector, as businesses continue to seek ways to optimize operational efficiency and innovation.
Consumers spend about 21% of their total expenditure on engineering services in developed countries.
The statistic reveals that in developed countries, consumers allocate approximately 21% of their total expenditure towards engineering services. This suggests that engineering services are a significant component of consumer spending in these nations, highlighting the importance of engineering-related activities in the economy. The high percentage indicates that consumers place value on engineering services, whether it be for construction, infrastructure development, or other engineering projects. This statistic underscores the role of engineering in supporting economic growth and the quality of life in developed countries, emphasizing the demand and investment in these services by consumers.
Most of engineering service providers are located in the Northeast region of the U.S.
The statistic indicates that the majority of engineering service providers in the United States are concentrated in the Northeast region. This implies that there is likely a higher density of engineering firms, professionals, and related infrastructure in states such as New York, Massachusetts, and Pennsylvania compared to other regions of the country. This concentration may be driven by various factors such as historical industrial development, proximity to major cities and universities, the presence of a skilled workforce, and favorable business conditions. Understanding this geographical distribution of engineering service providers can have implications for businesses looking to partner with or access services from such firms, as well as for policymakers aiming to support and promote the growth of the engineering industry in other regions.
37% of engineering services are outsourced in North America.
The statistic that 37% of engineering services are outsourced in North America implies that a significant portion of engineering work in the region is being conducted by external service providers rather than in-house. This indicates a growing trend towards outsourcing within the engineering industry, likely driven by factors such as cost savings, access to specialized expertise, and increased flexibility in workload management. Companies may be leveraging outsourcing as a strategic tool to optimize their engineering operations and remain competitive in the global marketplace. The statistic underscores the importance of understanding and adapting to the evolving landscape of outsourcing in the engineering sector.
Aerospace engineering services market is expected to reach $377.3 billion by 2025.
The statistic “Aerospace engineering services market is expected to reach $377.3 billion by 2025” indicates the projected growth of the aerospace engineering services industry over the next few years, specifically by the year 2025. This forecasted market value of $377.3 billion suggests a significant increase in demand for aerospace engineering services, encompassing activities such as design, development, testing, and maintenance within the aerospace sector. Factors driving this growth may include advancements in technology, increased global air travel, expansion of the commercial space industry, and the need for innovative solutions in defense and security sectors. This statistic serves as a key indicator for stakeholders within the aerospace industry to anticipate and strategically plan for the expected expansion of the market in the coming years.
The U.S. was the largest geographic segment of the engineering services market in 2018, accounting for 31.5% share.
In 2018, the United States held the position of the largest geographic segment within the engineering services market, with a significant share of 31.5%. This statistic indicates that the engineering services industry within the United States was substantial and influential on a global scale. The high percentage share suggests that a large portion of engineering services activities, such as design, research, and development, were being conducted within the U.S. This market dominance could be attributed to various factors such as technological innovation, skilled workforce, strong infrastructure, and high levels of investment in engineering projects within the country. Ultimately, this statistic showcases the United States as a key player in the global engineering services sector.
The number of employees in the engineering services industry is expected to increase to 1.5 million by 2022.
The statistic stating that the number of employees in the engineering services industry is expected to increase to 1.5 million by 2022 indicates a projected growth and expansion within the sector. This forecast suggests a positive outlook for job opportunities and employment prospects in the engineering services industry. Such an increase in the workforce can be attributed to a growing demand for engineering services, advancements in technology, and potential infrastructure projects on the horizon. This statistic serves as an important indicator for policymakers, businesses, and job seekers in understanding the future direction and trends within the engineering services industry.
Conclusion
By analyzing the latest statistics in the engineering services industry, it is evident that the sector is experiencing steady growth and evolving trends. With increasing demand for innovative solutions and technological advancements, engineering firms are well-positioned to capitalize on new opportunities and drive continuous improvement. As the industry continues to adapt to changing market dynamics and consumer needs, staying informed about key statistics and industry insights will be crucial for businesses to stay competitive and thrive in the ever-evolving landscape.
References
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3. – https://www.www.statista.com
4. – https://www.www.financialnewsherald.com
5. – https://www.www.ibisworld.com
6. – https://www.www.prnewswire.com
7. – https://www.datausa.io
8. – https://www.www.mordorintelligence.com
