Engineering Professional Services Market Growth Drivers and Forecast by 2031

The Engineering professional services market size is projected to reach US$ 4,151.53 billion by 2031 from US$   2,275.00 billion in 2023. The market is expected to register a CAGR of 7.8% in 2023–2031. The report includes growth prospects in light of current engineering professional services market trends and driving factors influencing the market growth.

Engineering Professional Services Analysis

Engineering professional services generally comprehend a variety of specialized services delivered by engineering professionals or organizations. These offerings involve consultancy, design, analysis, planning, project oversight, testing, and assessment across diverse engineering, such as civil, mechanical, electrical, chemical, and aerospace engineering. Clients from industries, including construction, manufacturing, transportation, energy, telecommunications, and environmental management, avail of these services from engineering professionals. Rapid technological advancements, increasing infrastructure development, and the growing demand for sustainable and innovative solutions across various industries present significant opportunities for the growth of the engineering professional services market during the forecast period. Additionally, the global emphasis on smart cities, digital transformation, and renewable energy initiatives expands the market potential. Moreover, the rising complexity of engineering projects, coupled with the need for specialized expertise, creates a demand for tailored engineering solutions, which contributes to the engineering professional services market growth.

Engineering Professional Services Market Overview

Engineering professional services encompass specialized consulting and project-based activities aimed at assisting clients in bringing products or technology to the market. These services are adapted to the specific needs of the project and might include a wide range of expertise, such as engineering design, implementation, and maintenance. Individuals or firms typically provide engineering professional services with professional degrees or licenses possessing specific skills and knowledge in various engineering disciplines. These services play a vital role in supporting businesses across different sectors, including advanced manufacturing, by offering specialized technical support, strategic guidance, and project management expertise to drive innovation and growth.

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Engineering Professional Services Market Drivers and Opportunities

Development in Field of Advanced Manufacturing to Favor Market

Advanced manufacturing involves the integration of cutting-edge technologies, such as computer networks, robots, high-tech tools, and laboratory equipment, to produce high-quality and market-competitive products. In 2023, the US manufacturing sector leveraged the impetus provided by a trio of significant legislative acts enacted in 2021 and 2022—the Infrastructure Investment and Jobs Act (IIJA), the Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act, and the Inflation Reduction Act (IRA). These legislations collectively prioritize the reconstruction of infrastructure, advancement of clean energy initiatives, and the expansion of the domestic semiconductor industry while also striving to promote job expansion, workforce enhancement, and equality. By dedicating a substantial amount of funds and introducing tax benefits into US manufacturing across diverse domains—including semiconductors, clean energy components, electric vehicles, batteries, and the constituent elements and raw materials of these products—the IIJA, CHIPS, and IRA have already stimulated unprecedented private sector investment in the manufacturing industry. This emphasizes the increasing adoption of engineering professional services to support and capitalize on these transformative developments. Thus, the development in the field of advanced manufacturing is anticipated to present significant opportunities for the engineering professional services market growth during the forecast period.

Increasing Demand for Engineering Professional Services from Telecommunication Infrastructure

• Engineering professional service providers play a vital role in designing, constructing, and maintaining telecom networks. These services encompass a wide range of expertise, including site planning, tower design, network optimization, and equipment installation. With the advent of technologies such as 5G, the need for advanced engineering solutions becomes even more critical to ensure seamless connectivity and high-speed data transmission.
• In addition to infrastructure development, engineering providers help with network security, monitoring, and maintenance. They collaborate with telecom carriers to detect potential vulnerabilities, implement strong cybersecurity measures, and assure continuous service delivery. As the telecom sector incorporates digital transformation, engineering firms are installing emerging technologies such as the Internet of Things (IoT) and cloud computing to improve network performance and enable new services.

Engineering Professional Services Market Report Segmentation Analysis

Key segments that contributed to the derivation of the engineering professional services market analysis are type, cause, disorder type, category, and end user.

• Based on type, the market is segmented into consulting and non-consulting.
• Based on service type, the market is segmented into designing and construction, ESG, program management, and others. Based on sector, the market is segmented into private and public.
• Based on vertical the market is segmented into advanced manufacturing, infrastructure, energy and utilities, environmental, transportation, and others.
• Based on advanced manufacturing the market is segmented into data centers, life sciences, electronics and semiconductors, EV and EV battery, and others.
• Based on infrastructure, the market is segmented into buildings and cities, health infrastructure, telecommunication infrastructure, and others. The telecommunication infrastructure segment is anticipated to hold a significant engineering professional services market share by 2030
• Based on energy and utilities, the market is segmented into renewables, energy storage, transmission, and distribution. The transmission and distribution segment accounted for the significant engineering professional services market share in 2022.
• Based on Transportation, the market is segmented into aviation, highways and bridges, ports and maritime, rail and transit. Based on water the market is segmented into water and wastewater.

Engineering Professional Services Market Share Analysis by Geography

The geographic scope of the engineering professional services market report is mainly divided into five regions: Americas, Europe, Asia Pacific, and Middle East & Africa. North America has dominated the engineering professional services market. Nearly 1.2 million US populace is living with Parkinson’s disease; it is the second most common neurodegenerative disorder after Alzheimer’s. Due to rising incidences of neurodegenerative disorders in the region, North America held the largest share in 2022. An inclination toward app-based speech therapy and the presence of global market players are factors contributing to the dominance of the North America engineering professional services market. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.

Engineering Professional Services Market News and Recent Developments

The engineering professional services market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for engineering professional services:

• In 2023, Accenture Plc acquired Anser Advisory, an advisory and management company for infrastructure projects in the US. The acquisition enhances Accenture’s ability to help companies and state and local organizations complete large, long-term infrastructure projects efficiently. (Source: Accenture Plc, Press Release)
• In 2023, Sweco AB acquired OJ Rådgivende Ingeniører, one of Denmark’s leading engineering firms in the buildings industry. The acquisition supports Sweco AB to add 325 experts in the building segment and strengthen its position as a top engineering and architecture firm in the country (Source: Sweco AB, Press Release)

Engineering Professional Services Market Regional Insights

The regional trends and factors influencing the Engineering Professional Services Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Engineering Professional Services Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Engineering Professional Services Market Report Scope

Engineering Professional Services Market Players Density: Understanding Its Impact on Business Dynamics

The Engineering Professional Services Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Engineering Professional Services Market Report Coverage and Deliverables

The “Engineering Professional Services Market Size and Forecast (2022–2030)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles