Global Engineering Services Market to Hit $1.55 Trillion by 2034
Global, Tuesday, 17 June 2025.
The engineering services market is set to grow significantly, fueled by AI and renewable energy, with North America leading but Middle East and Africa as the fastest-growing regions.
Market Growth and Drivers
The global engineering services market is poised for substantial growth, projecting an increase from $1.1 trillion in 2024 to $1.55 trillion by 2034. This represents a formidable expansion, driven primarily by the increasing adoption of artificial intelligence (AI) and the ongoing transition towards renewable energy sources. These technological and environmental shifts are not only creating new opportunities but are also imposing significant pressures on firms to innovate and adapt within a highly fragmented market landscape [1].
Regional Dynamics and Market Fragmentation
In 2024, North America emerged as the largest regional contributor, accounting for 33.23% of the market, equating to approximately $366.89 billion. However, the growth trajectory for the Middle East and Africa regions is even more remarkable, with projected compound annual growth rates (CAGR) of 9.63% and 6.50% respectively from 2024 onwards. This highlights a shifting dynamic where emerging markets are becoming increasingly influential in the global arena [1]. Despite the overall growth, the market remains highly fragmented, with the top ten competitors, including AECOM and McDermott, accounting for just 3.56% of the total market share in 2023 [1][2].
Sectorial Opportunities
Within the engineering services market, specific segments such as civil engineering, offshore, and transportation infrastructure are poised for notable expansion by 2029. The civil engineering services sector alone is expected to accrue an additional $81.48 billion in global annual sales. Meanwhile, the offshore and transportation infrastructure segments are anticipated to gain $129.08 billion and $44.75 billion respectively. This segment-specific growth underscores the diverse opportunities available across different areas within the engineering services market [1][2].
Strategic Implications for Industry Stakeholders
For industry players, these growth prospects signal a strategic imperative to adapt and capitalize on emerging trends. Embracing strategic partnerships, focusing on interoperability, and making proactive investments in technological advancements are crucial strategies identified for remaining competitive. This is particularly pertinent as generative AI and IoT integrations are expected to redefine engineering processes, enhancing flexibility and efficiency [2]. Companies that successfully align with these trends will not only navigate the evolving market landscape more effectively but also position themselves for sustained long-term success [1][2].