The Engineering Services Market size is expected to grow from USD 1.60 trillion in 2023 to USD 1.96 trillion by 2028, at a CAGR of 4.20% during the forecast period (2023-2028).
The market size represents the revenue generated from various types of services, such as product engineering, process engineering, automation-related services, and asset management-related services, offered by market players.
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.
In December 2022, WSP Global announced the acquisition of Enstruct, a 75-employee structural engineering company renowned for designing and providing quality building projects across Australia.
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