The Engineering Services Market size is estimated at USD 1.67 trillion in 2024, and is expected to reach USD 2.04 trillion by 2029, growing at a CAGR of 4.20% during the forecast period (2024-2029).
The global engineering services market is highly fragmented, with local and multinational firms having decades of business expertise and competing for market share. Some of the major players in the market are AECOM Engineering Company, Bechtel Corporation, Kiewit Corporation, WSP Global Inc., and STRABAG SE, among others. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their service offerings and gain a sustainable competitive advantage.
First Student, a provider of student transportation services in North America, chose Bechtel Corporation in March 2023 to continue its electrification efforts. The partnership is focused on more EV deployments in the future, with Bechtel providing engineering, procurement, and construction services. The company has been receiving various contracts to cater to its growing customer base.
May 2023: KSB and KSB SupremeServ North America announced the introduction of a new engineering services division strategically prepared to meet business growth demand. The new group contains product development, application engineering, automation and digitization, consultancy, spare parts, technical documentation, technical training, licenses, and warranty management.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook