Global Engineering Services Market Outlook – VPEL

 The overall engineering services market size is expected to grow from US$ 830 billion in 2020 to US$ 938 billion in 2021 with a yearly growth rate of 12.9%.

This esteemed growth is mostly due to the companies which are recovering from the COVID-19 impact and it is expected to reach $1167.21 billion at a CAGR of 5.6% over the five years. In 2025 the engineering services companies are expected to experience steady demand because of the rising levels of private investment in large-scale projects and recovery in oil and natural gas prices, which will likely increase demand from industrial consumers. Moreover, as consumer spending increases, the industry operators must exhibit an uptick in the demand for manufacturing and industrial customers as they tend to expand to meet growing production demands.

 

Over the most recent 3 years, the worldwide engineering services companies have increased with an annual rate of 0.5%. Also, the Asia Pacific and the Middle Eastern regions are expected to be the fastest-growing in the engineering services, design, animation, and graphic designing industries.

 

Developing countries such as India and China also have started attracting foreign investments for improving their infrastructure caused due to the increase in internet penetration, population, and economic activity.