Global Engineering Services - Market Research Report (2014-2029)
New York, United States
Last Updated: May 2024
L6722-GLRevenue
$1.9tr
Past 5-Year Growth
Profit
$XXX.Xbn
Employees
8m
Businesses
1m
Wages
$XXX.Xbn
Global Engineering Services industry analysis
Engineering services involve providing advice, conducting feasibility studies, drafting designs and performing technical services for construction or development. This industry’s performance relies on investment trends and the global economy’s overall health to fuel projects that require engineering services. Substantial investment in key markets like the United States, Europe and East Asia has driven industry growth in recent years. Global Engineering Services revenue is forecast to expand at a CAGR of 4.6% in the current period and is expected to total $1.9 trillion in 2024, when revenue is estimated to jump by 3.3%. Despite favorable revenue growth, profit has deteriorated slightly.
Trends and Insights
- Global investment in projects that require engineering services has fueled the industry. The global economy has expanded, led by many of the key downstream industries that drive spending on engineering services.
- Engineering services for building construction are the industry’s most popular offering. Services utilized within the transportation sector also account for a significant portion of revenue.
- Knowledge-based consulting industries are most common in developed countries. This results in a high concentration of establishments in North America and Europe.
- Competitive pricing is key to attracting customers. Engineering companies must therefore also be able to deliver a wide range of services to accommodate multiple different industries.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 4.6 % over the past five years, to reach an estimated $1.9tr in 2024.
Trends and Insights
The growth of major economies drives industry revenue
- Engineering companies provide a range of engineering planning and assessment for projects in a variety of different industries. As such, performance is driven by investment trends and the health of downstream construction industries.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Economic growth and continued investment will fuel industry revenue growth
- Engineering companies – which provide technical, design and management services for construction projects – will benefit from an expanding global economy driven by strong economic growth in areas of Asia and North America.
Biggest companies in the Global Engineering Services
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Jacobs Engineering Group Inc. | 15,399.0 | N/A | N/A | |
AECOM | 13,688.0 | N/A | N/A | |
Fluor Corporation | 13,688.0 | N/A | N/A |
To view the market share and analysis for all 3 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Transportation, Energy and power and Building construction. Transportation is the largest segment of the Global Engineering Services.
Trends and Insights
Building construction activity ebbs and flows with interest rates
- The building construction segment includes revenue related to the construction of offices, retail locations, healthcare facilities, hotels and housing.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Global Architectural Services
Complementors
- Global Non-residential Building Construction
- Global Infrastructure and Non-building Construction
- Global Graphic Designers
International industries
- Engineering Services in the US
- Building Inspectors in the US
- Credit Counselors, Surveyors & Appraisers in the US
- Engineering Services in Canada
- Engineering Consulting in Australia
Table of Contents
About this industry
Industry definition
Enterprises in the Global Engineering Services industry apply engineering principles in the design, development and use of machines, materials, instruments, structures, processes and systems. Operators may also perform feasibility studies, advise on engineering issues, prepare plans and designs and provide inspection and technical services. Service areas may include construction and infrastructure, environmental projects, industrial processes and equipment, product engineering, project planning and economic assessments, environmental impact assessments, quality management assessments and accreditation services.
What's included in this industry?
Providing design and management services for building construction projectsProviding design and management services for water and waste treatment projectsProviding design and management services for industrial and manufacturing projectsProviding design and management services for transportation infrastructure projectsProviding design and management services for energy and power projectsCompanies
Jacobs Engineering Group Inc.AECOMFluor CorporationPurchase this report to view all 3 major companies in this industry.
Related Terms
INDUSTRIAL ENGINEERINGCIVIL ENGINEERINGPUBLIC-PRIVATE PARTNERSHIP (PPP)INITIAL PUBLIC OFFERING (IPO)TENDERPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Global investment in projects that require engineering services has fueled the industry. The global economy has expanded, led by many of the key downstream industries that dr...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Engineering services for building construction are the industry’s most popular offering. Services utilized within the transportation sector also account for a significant por...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Knowledge-based consulting industries are most common in developed countries. This results in a high concentration of establishments in North America and Europe.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Business Locations Charts
- Share of global output by region in 2024
- Share of population compared to output in each region in 2024
- Data tables
- Share of global output by region in 2024
- Detailed analysis
- Geographic spread of the industry across Global, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Competitive pricing is key to attracting customers. Engineering companies must therefore also be able to deliver a wide range of services to accommodate multiple different in...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Most engineering companies are small in size. The industry consists of many small engineering companies and sole proprietorships, in addition to a smaller share of medium- to...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Jacobs Engineering Group Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of AECOM's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Fluor Corporation's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Jacobs Engineering Group Inc., and factors influencing its performance in the industry
- Description and key data for AECOM, and factors influencing its performance in the industry
- Description and key data for Fluor Corporation, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Engineering companies operate in a highly regulated environment in most developed countries. Still, the regulatory regime seldom crosses national borders, leading to inconsis...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Labor costs are very high due to the specialized nature of most contracts. Skilled engineers are needed to adequately service a variety of markets.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources globally include:
- United Nations Comtrade
- Organization for Economic Cooperation & Development
- World Bank
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Global Engineering Services industry in Global in 2024?
The market size of the Global Engineering Services industry in Global is $1.9tr in 2024.
How many businesses are there in the Global Engineering Services industry in 2024?
There are 1m businesses in the Global Engineering Services industry in Global, which has grown at a CAGR of 3.3 % between 2019 and 2024.
Has the Global Engineering Services industry in Global grown or declined over the past 5 years?
The market size of the Global Engineering Services industry in Global has been growing at a CAGR of 4.6 % between 2019 and 2024.
What is the forecast growth of the Global Engineering Services industry in Global over the next 5 years?
Over the next five years, the Global Engineering Services industry in Global is expected to grow.
What are the biggest companies in the Global Engineering Services market in Global?
The biggest companies operating in the Global Engineering Services market in Global are Jacobs Engineering Group Inc., AECOM and Fluor Corporation
What does the Global Engineering Services in Global include?
Providing design and management services for building construction projects and Providing design and management services for water and waste treatment projects are part of the Global Engineering Services industry.
Which companies have the highest market share in the Global Engineering Services in Global?
The company holding the most market share in Global is Jacobs Engineering Group Inc..
How competitive is the Global Engineering Services industry in Global?
The level of competition is high and increasing in the Global Engineering Services industry in Global.
