Engineering Services Market Trends, Opportunities and Strategies, 2019-2024, 2029F, 2034F: Market Remains Highly Fragmented, Led by AECOM and McDermott

Dublin, June 17, 2025 (GLOBE NEWSWIRE) -- The "Engineering Services Market Opportunities and Strategies to 2034" report has been added to ResearchAndMarkets.com's offering.

This report describes and explains the engineering services market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.



The global engineering services market reached a value of nearly $1.1 trillion in 2024, having grown at a compound annual growth rate (CAGR) of 3.48% since 2019. The market is expected to grow from $1.1 trillion in 2024 to $1.31 trillion in 2029 at a rate of 3.53%. The market is then expected to grow at a CAGR of 3.41% from 2029 and reach $1.55 trillion in 2034.

Growth in the historic period resulted from the rising infrastructure development projects, growing adoption of artificial intelligence, increased demand for industrial robots, increasing adoption of the industry 4.0 and rapid industrialization. Factors that negatively affected growth in the historic period was lack of quality control and safety concerns of engineering firms.

Going forward, the expansion of the renewable energy sector, increasing investments in smart cities, rising demand for IOT solutions for smart manufacturing and growing demand for sustainable and green engineering solutions will drive the growth. Factor that could hinder the growth of the engineering services market in the future include high liability risks and infrastructure funding gaps.

North America was the largest region in the engineering services market, accounting for 33.23% or $366.89 billion of the total in 2024. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the engineering services market will be Middle East and Africa where growth will be at CAGRs of 9.63% and 6.50% respectively. These will be followed by South America and Asia-Pacific where the markets are expected to grow at CAGRs of 6.26% and 4.35% respectively.

The global engineering services market is highly fragmented, with large number of small players operating in the market. The top 10 competitors in the market made up to 3.56% of the total market in 2023. AECOM was the largest competitor with a 0.67% share of the market, followed by McDermott International, Inc with 0.54%, WSP Global Inc with 0.51%, Jones Lang LaSalle Incorporated with 0.40%, Balfour Beatty Plc. with 0.31%, WorleyParsons Limited with 0.27%, Kiewit Corporation with 0.24%, AtkinsRealis Group Inc., (SNC-Lavalin) with 0.22%, Jacobs Solutions Inc. with 0.20% and Larsen & Toubro Limited with 0.19%.

The engineering services market is segmented type into civil engineering services, electrical engineering services, mechanical engineering services and other engineering services. The civil engineering services market was the largest segment of the engineering services market segmented by type, accounting for 50.69% or $559.61 billion of the total in 2024. Going forward, the other engineering services segment is expected to be the fastest growing segment in the engineering services market segmented by type, at a CAGR of 4.88% during 2024-2029.

The engineering services market is segmented by deployment mode into offshore and onshore. The offshore market was the largest segment of the engineering services market segmented by deployment mode, accounting for 57.99% or $640.17 billion of the total in 2024. Going forward, the offshore segment is expected to be the fastest growing segment in the engineering services market segmented by deployment mode, at a CAGR of 3.74% during 2024-2029.

The engineering services market is segmented by end-user into transportation infrastructure, other infrastructure, automotive, industrial manufacturing, healthcare sector, aerospace, telecommunications, information technology, oil and gas, utilities and other end-users. The transportation infrastructure market was the largest segment of the engineering services market segmented by end-user, accounting for 19.02% or $210.03 billion of the total in 2024. Going forward, the telecommunications segment is expected to be the fastest growing segment in the engineering services market segmented by end-user, at a CAGR of 4.65% during 2024-2029.

The top opportunities in the engineering services market segmented by type will arise in the civil engineering services segment, which will gain $81.48 billion of global annual sales by 2029. The top opportunities in the engineering services market segmented by deployment mode will arise in the offshore segment, which will gain $129.08 billion of global annual sales by 2029. The top opportunities in the engineering services market segmented by end user will arise in the transportation infrastructure segment, which will gain $44.75 billion of global annual sales by 2029. The engineering services market size will gain the most in the USA at $26.64 billion.

Market-trend-based strategies for the engineering services market include focus on adopting strategic partnerships approach to develop advanced engineering solutions, focus on adopting strategic partnerships approach to develop advanced engineering solutions, focus on prioritize developing interoperable portfolios to improve flexibility, efficiency and seamless integration across industries and focus on strategic investments to enhance innovation, optimize processes and technological capabilities. Player-adopted strategies in the engineering services market include focus on expanding business capabilities through partnership to expand its operational capabilities.

To take advantage of the opportunities, the analyst recommends the engineering services companies to focus on adopting generative AI to accelerate engineering efficiency, focus on building interoperable portfolios to enhance integration and flexibility, focus on strategic investments to strengthen technological capabilities and market reach, focus on high-growth opportunities in other engineering services, focus on expanding offshore engineering services capabilities, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships to drive innovation and market expansion, focus on pricing strategies to enhance competitive position, prioritize industry-specific digital channels for maximum reach, align promotional messaging with procurement priorities and focus on high-growth opportunities in the construction segment.

Major Market Trends

• Strategic Partnerships Driving Innovation in Engineering Services
• Generative AI Revolutionizing Engineering Services
• The Impact of Flexible Engineering Portfolios on Industry Growth
• Strategic Investments Transforming the Engineering and Construction Sector

Markets Covered:

• Type: Civil Engineering Services; Electrical Engineering; Mechanical Engineering Services; Other Engineering Services
• Deployment Mode: Offshore; Onshore
• End-User: Transport Infrastructure; Other Infrastructure; Automotive; Industrial Manufacturing; Healthcare Sector; Aerospace; Telecommunications; Information Technology; Oil and Gas; Energy and Utilities; Construction; Other End-Users

Key Companies Profiled:

• AECOM
• McDermott International, Inc
• WSP Global Inc
• Jones Lang LaSalle Incorporated
• Balfour Beatty Plc

Key Attributes:

Companies Featured

• AECOM
• McDermott International, Inc
• WSP Global Inc
• Jones Lang LaSalle Incorporated
• Balfour Beatty Plc.
• WorleyParsons Limited
• Kiewit Corporation
• AtkinsRealis Group Inc., (SNC-Lavalin)
• Jacobs Solutions Inc.
• Larsen & Toubro Limited
• ICS Engineering Services
• Engineers India Limited
• LaserBond
• Cyient
• Wipro
• Samsung Engineering
• Porsche Engineering (Shanghai) Co. Ltd.
• Hyundai Engineering (HEC)
• UGL
• Cybage Software Pvt. Ltd.
• China Overseas Engineering Group
• China Engineering Consultants, Inc. (CECI)
• Xodus Group
• Tech Mahindra
• Assystem S.A
• Colliers International Group Inc.
• Peakurban Pty Limited
• Babcock International Group plc
• iGreenData
• Transtech Engineers, Inc.
• Porsche Engineering Group GmbH
• Sunland.Al (International) Co. Limited
• Jacobs Solutions, Inc.
• Ramboll Group A/S
• JLL Engineering Services
• Dyson UK
• Stork
• SNC-Lavalin Group Inc
• J. Murphy & Sons Limited
• Arcadis
• Babcock International Group
• Alstom
• ALTEN
• Areva
• Artelia
• L&T Technology Services (LTTS)
• Axiscades Technologies Limited
• Mobica Limited
• Amey plc
• BEP Engineering Services
• Automotive Systems and Projects
• Tecosim Group
• In-tech electronics GmbH
• IQT Group
• Techno Engineering & Associates
• GT Ground Engineering & Construction Services
• Porsche Engineering Services, Ltd.
• International Business Machines Corporation (IBM)
• Capgemini
• AKTIAS tech
• Oracle
• MMTR Technology
• GlobalLogic
• Boeing Airplane and Transport Corporation
• Ayesa
• Softelligence SRL
• Colliers
• Englobe Corporation
• Norda Stelo Inc
• CWA Engineers Inc
• UES
• Riner Engineering
• KFW Engineers & Surveying
• Deloitte Touche Tohmatsu Limited
• Dextra Technologies
• Fluor Corporation
• Bechtel Corporation
• ABL Group ASA
• Proper Marine
• 10Pearls
• Whiz
• Schlumberger Argentina S.A.
• Pecom Servicios Energia S.A.
• Anasac
• Silicon Engineering Consultants
• Techint Engineering and Construction
• Egis Group
• Omrania
• Emirates International Gas (EIG)
• Saudi Engineering Group International (SEGI)
• Aroma International Building Contracting LLC
• Smart Cities Building Contracting LLC
• Black & White Engineering
• ISG Construction
• Saudi K-KEM Engineering Service Company
• Rheinmetall
• Resonant Holdings
• Thelo DB
• Dorman Long Engineering Limited
• CDR Engineering Consultancy Nigeria Limited
• ILF Engineers Nigeria Limited
• GIBB
• Epsilon Engineering Services (Pty) Ltd
• EHL Engineering Group
• South Zambezi Engineering Services (Pty) Ltd

For more information about this report visit https://www.researchandmarkets.com/r/28fcej

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• Engineering Services Market