When it comes to big projects, there’s no one better than a global engineering consultant. These professionals are experienced in every facet of engineering and can help you with anything from planning and designing to testing and commissioning.
Because they have such extensive experience, it’s important to make sure you choose the right one for your project. To do that, read on for some tips on finding the right global engineering consultant for your needs.
Overview of the global engineering consultants industry
The global engineering consultants industry is forecast to grow at a compound annual growth rate (CAGR) of 6.4% from 2016-2021, according to a new report by MarketsandMarkets. The market for engineering consultants is expected to account for $65.5 billion in revenue by 2021, up from $50.1 billion in 2016.
The growth of the engineering consultant market is being driven by the increasing demand for consulting services across various industries, particularly in the automotive and infrastructure sectors. In particular, the automotive sector is expected to be the major driver of growth in the global engineering consultant market over the next five years.
Some of the key players in this market include Accenture, Capgemini, Deloitte Consulting LLP, Ernst & Young LLP, IBM Corporation, KPMG LLP and PricewaterhouseCoopers LLP.
The Global Engineering Consultants Industry: Drivers and Restraints
The global engineering consultants industry is expected to grow at a CAGR of 5.79% during the forecast period 2016-2021, according to a new report by Technavio. The primary drivers of this growth include rising demand from industries such as oil and gas, renewable energy, and automotive; and increasing investments in research and development (R&D) activities. However, some restraining factors are also expected, including a rise in cyberattacks and uncertainty surrounding regulatory changes.
According to the report, the global engineering consultants market is segmented into five key categories: consulting services for technology management; consulting services for process improvement;
consulting services for information technology (IT); consulting services for quality assurance/quality control (QA/QC); and consulting services for product development. These five segments are further classified into nine subcategories based on their respective application areas.
Global expansion consultants are experts in international marketing and business development. They help companies expand into foreign markets, develop products that resonate with international consumers, and reach new customers on a global scale.
The consulting services for technology management segment is projected to be the fastest-growing category because it includes offerings such as data analytics, cybersecurity, big data analysis, cloud computing, and application development. This category is expected to account for more than half of the total revenue generated by the global engineering consultants market during the forecast period 2016-2021.
The Consulting Services for Process Improvement segment is projected to be second in terms of growth because it offers solutions such as lean transformation, Six Sigma methodology implementation, performance improvement initiatives, greenhouse gas emissions reduction projects etc. This category is expected to account for around one-
The Global Engineering Consultants Industry: Size, Trends, and Forecasts
The global engineering consultants industry is estimated to be valued at $103.5 billion by 2024, according to a report by MarketsandMarkets. The market is expected to grow at a CAGR of 7.7% during the forecast period. This growth can be attributed to the increasing need for efficient and effective engineering consultancies across various industries.
Some of the key factors driving the growth of the global engineering consultants industry include increasing demand from the healthcare sector, increasing demand from the technology sector, and growing government initiatives in emerging countries. Some of the major players in the global engineering consultants market are Accenture, Arup, Deloitte, Ernst & Young (EY), KPMG, PricewaterhouseCoopers (PwC), and SAIC.
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Major Players in the Global Engineering Consultants Industry
- 1. ABB
2. Siemens
3. Deloitte
4. KPMG
5. Infosys - 6. Accenture
7. Bain & Company
8. Booz Allen Hamilton
9. Deloitte Consulting LLP
10. Ernst and Young LLP
11. KPMG LLP
12. PwC Ltd.
Appendix: Glossary
This appendix provides a glossary of key terms used in global engineering consulting.
Advisory: This is not an exhaustive list and should be supplemented with further reading on specialist topics.
Agency Contracting Model: A contracting model where the consultant is retained by a client to provide advice and services, typically through the provision of project management, design, technical feasibility studies, etc.
This type of arrangement is typically less expensive for both the consultant and client than a contract whereby one party retains full responsibility for all aspects of the project. The agency contracting model can often be advantageous for the consultant because it allows them to work on multiple projects concurrently without jeo pardising their reputation or tenure with the client.
As-Built drawings: Drawings that depict what the construction site will look like after building has been completed. As-built drawings are prepared by the contractor who built the infrastructure or facility being modified or replaced and contain information such as framing details, plumbing specifications, electrical wiring layouts, HVAC ductwork locations, etc.
Generally speaking, as-built drawings are necessary for any permit applications required before construction can start (such as Structural engineer requirements). In some cases – such as when replacing water mains – as-built drawings may also include information about how existing utilities must be relocated during construction.
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