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LONDON, Nov. 3, 2022 /PRNewswire/ -- Rising demand for environment-friendly buildings is gaining popularity among the engineering services market trends. Sustainable buildings minimize energy and water consumption and are a key part of sustainable urban development that seeks to combat climate change. For example, in August 2021, according to Forbes, a US based business magazine, 58% of engineering and construction firms said they have reduced overall energy consumption, and some innovative companies are developing sustainable building materials that release lower carbon emissions and actually absorb carbon dioxide and heat from the environment.
The global engineering services market size is expected to grow from $1.03 trillion in 2021 to $1.11 trillion in 2022 at a compound annual growth rate (CAGR) of 6.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The engineering services market is expected to reach $1.27 trillion in 2026 at a CAGR of 3.5%.
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The Engineering Services Market Is Expected To Be Driven By The Rising Prominence Of Robots
The rising prominence of robots in the construction industry is expected to drive the growth of the engineering services market. Robots can make construction safer by handling large and heavy loads, working in unsafe spaces and enabling new, safer methods of construction. For instance, in May 2021, 9 out of 10 construction businesses predict a skills crisis by 2030, with 81 % saying they will introduce robots in the next 10 years, while safety and the environment are both catalysts for accelerating investment in robotics. Therefore, the rising prominence of robots in the construction industry is driving the growth of the engineering services market.
A Lack Of Skilled Personnel - A Restraint For The Engineering Services Market
As per the engineering services market outlook, the lack of skilled personnel is expected to be a key restraining factor in the forecast period. Skilled personnel refer to any worker who has special skills, training and knowledge that they can then apply to their work. Due to the lack of skilled personnel in many end-use industries such as manufacturing and IT organizations, most of these companies are facing productivity issues.
Engineering Services Market Segments
The global engineering services market analysis is segmented -
- By Type: Civil Engineering Services, Electrical Engineering Services, Mechanical Engineering Services, Other Engineering Services
- By End User: Automotive, Industrial Manufacturing, Construction, Aerospace, Telecommunications, Information Technology, Energy & Utilities, Other End Users
- By Engineering Disciplines: Civil, Mechanical, Electrical, Piping and Structural Engineering, Other Engineering Disciplines
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