Global Product Engineering Services Market to Reach $2.2 Trillion by 2030
The global market for Product Engineering Services estimated at US$1.3 Trillion in the year 2023, is expected to reach US$2.2 Trillion by 2030, growing at a CAGR of 7.3% over the analysis period 2023-2030. Product & Component Design Services, one of the segments analyzed in the report, is expected to record a 7.6% CAGR and reach US$952.1 Billion by the end of the analysis period. Growth in the Process Engineering Services segment is estimated at 7.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $348.7 Billion, While China is Forecast to Grow at 10.8% CAGR
The Product Engineering Services market in the U.S. is estimated at US$348.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$524.9 Billion by the year 2030 trailing a CAGR of 10.8% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 6.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$313.1 Billion by the year 2030.
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