Engineering Services Market 2023 : Trends, Business Growth And Major Driving Factors | AECOM, WorleyParsons Limited, SNC-Lavalin, Babcock International, Fluor Corporation

As per The Business Research Company's Engineering Services Opportunities And Strategies Market Report 2023, The global engineering services market reached a value of nearly $$1,098.26 billion in 2022, having grown at a compound annual growth rate (CAGR) of 2.9% since 2017. The market is expected to grow from $1,098.26 billion in 2022 to $1,313.13 billion in 2027 at a rate 3.6%. The market is then expected to grow at a CAGR of 4.8% from 2027 and reach $1,656.21 billion in 2032.

The engineering services market is expected to be supported by rapid growth in digitalization in the forecast period. Digitalization refers to the use of digital technologies that help to change the business model and provide new revenue and value. With the help of digitalization in engineering services, various industries are able to build successful products, manufacturing operations and services in an increasingly connected world.

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Partnerships and collaborations are a key trend gaining popularity in the engineering services market. Major companies operating in the engineering services market are undergoing partnerships to strengthen their position in the engineering services market. For instance, in September 2022, Spirit AeroSystems, a US based first-tier aerostructures manufacturer, entered a five-year Collaboration with Infosys, an India based Information technology company, to co-innovate Aerostructure and Systems Engineering Services. This collaboration provides aerostructure and systems engineering services for product development of commercial, business jet and emerging aircraft programs, plus Maintenance, Repair and Overhaul (MRO) services.

The top opportunities in the engineering services market segmented by type will arise in the civil engineering services segment, which will gain $88.3 billion of global annual sales by 2027. The top opportunities in segment by end-user will arise in the other infrastructure segment, which will gain $83.0 billion of global annual sales by 2027. The top opportunities in segment by engineering disciplines will arise in the civil segment, which will gain $83.3 billion of global annual sales by 2027. The top opportunities in segment by delivery model will arise in the onsite segment, which will gain $153.2 billion of global annual sales by 2027. The engineering services market size will gain the most in China at $47.9 billion.

Engineering Services Market Segmentation:
The engineering services market is segmented by type, by end-user by engineering disciplines and by delivery model.

By Type-
a) Civil Engineering Services
b) Electrical Engineering Services
c) Mechanical Engineering Services
d) Others Engineering Services

By End-User -
a) Transportation Infrastructure
b) Other Infrastructure
c) Automotive
d) Industrial Manufacturing
e) Healthcare Sector
f) Aerospace
g) Telecommunications
h) Information Technology
i) Oil And Gas
j) Energy And Utilities
k) Other End-Users

By Engineering Disciplines -
a) Civil
b) Mechanical
c) Electrical
d) Piping and Structural Engineering
e) Other Engineering Disciplines

By Delivery Model -
a) Offshore
b) Onsite

Major players in the Engineering Services market include AECOM, WorleyParsons Limited, SNC-Lavalin, Babcock International, Fluor Corporation

The regions covered in the global Engineering Services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Engineering Services Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Engineering Services Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
……
19. Key Mergers and Acquisitions
20. Opportunities And Strategies
21. Engineering Services Market, Conclusions And Recommendations
22. Appendix

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