The global Engineering and Design services market was estimated at USD 1,071 billion. It is expected to reach USD 1,383 billion by 2026 with year-on-year growth rate of 6-7%. Key factors influencing market growth include investment on new construction projects across various sectors such as infrastructure, industrial, residential, commercial, etc.
Value Chain Mapping on Design
Engineering and Design Market Outlook
Demand for engineering and design services across all the regions is expected to increase in 2023. The construction activity in most of the countries are increasing with various projects across all sectors.
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The industry is majorly driven by modular and sustainable design, urbanization of cities and various other factors. The market consolidation and reduced time consumption for designing will be other driving factors for the industry
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Unfavorable economic condition leads to delay in project funding and the lack of supply in skilled workers are the main constraints for the engineering and design industry
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The recent technologies developed are 3D laser scanning, BIM 4D/5D, augmented reality, reprographics, 3D printing and construction robots. These technologies are having high adoption rate by the companies after the effect of COVID-19
Engineering and Design Market Supply Outlook
Globally the engineering and design service providers are huge, and the market is fragmented, the regional market in North America is consolidated with top ten companies are occupying the approximately 80 percent of the market. The level of supplier consolidation in Europe and APAC region is medium with top players occupying 65 percent and 50 percent of the market share, respectively.
Engineering and Design Demand Trends
The demand for engineering and design is expected to increase as the demand for construction is increasing. The competition in the industry is high in North America, low in South America and medium in Europe and APAC region.
COVID-19 Impact on Engineering and Design
The impact of COVID is between medium to low for engineering and design category, the construction activity is back to normal in most of the countries and the restrictions have been removed, but the employees are advised to take necessary precautions. The movement of workers has been improved, but the supply of skilled labor is still facing some challenges.
Regional Market Insights
The category intelligence provides regional market outlook covering North America (United States & Canada), South America (Brazil), Europe (United Kingdom) & APAC (China & Australia)
This section covers the market size, trend, market drivers and constraints, key projects in each region. The Engineering and Design is expected to grow as the demand for construction industry is on increase with various projects initiated by governments and private players. The developing countries are interested to improve their infrastructure with huge investments.
Supplier Intelligence
The category intelligence provides insights on key global players such as WSP, Worley Parsons, Arcadis, SNC-Lavalin, and Jacobs Engineering, among others.
