Global Engineering Services - Industry Market Research Report

Engineering Success: Strong Investment in Major Markets Has Benefited the Industry<Br>

Engineering companies apply the physical laws and principles of engineering to design and develop structures, machines, materials, instruments and other processes and systems. Services also include providing advice, feasibility studies, designs and technical services for construction or development. The performance of the industry relies on investment trends and the overall health of the economy to fuel projects where engineering services are needed. Strong investment in major markets, such as the United States, Europe and East Asia, has driven industry growth in recent years. Global engineering services revenue has been expanding at a CAGR of 3.9% over the past five years and is expected to total $1.7 trillion in 2023, when revenue will jump by an estimated 2.3%. Despite favorable revenue growth, profit has dropped amid rising wage costs. Enterprises in the Global Engineering Services industry apply physical laws and principles of engineering in the design, development and use of machines, materials, instruments, structures, processes and systems. Assignments may involve the provision of advice, preparation of feasibility studies, preparation of preliminary and final plans and designs, the provision of technical services on construction and project evaluation. Operators may also provide inspection and evaluation services. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.