Report : Europe Engineering Professional Services Market Forecast to 2031 - Regional Analysis - by Type (Consulting and Non-Consulting), Service Type (Designing and Construction, ESG, Program Management, and Others), Sector (Private and Public), and Vertical (Advanced Manufacturing, Infrastructure, Energy and Utilities, Environmental, Transportation, and Water)
At 8.2% CAGR, Europe Engineering Professional Services Market is Projected to be Worth US$ 1,351.74 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the Europe engineering professional services market was valued at US$ 718.54 million in 2023 and is expected to reach US$ 1,351.74 million by 2031, registering a CAGR of 8.2% from 2023 to 2031. Rise in infrastructure investments and surge in demand for civil engineering services owing to rapid urbanization are among the critical factors attributed to drive the Europe engineering professional services market growth.
According to a study by ETH Zürich University, in order to meet net-zero ambitions, infrastructure spending in Europe must increase to ~US$ 326 billion (€302 billion) by 2025. This is an increase of ~US$ 96 billion (€87 billion) over the investments needed between 2016 and 2020. Further, the Connecting Europe Facility (CEF), the EU's tool for strategic investment in transportation infrastructure, has awarded approximately ~US$ 6.5 billion (€6 billion) in grants to 107 transportation infrastructure projects that the Commission has chosen. A network of railroads, inland canals, and marine routes along the trans-European transport (TEN-T) network that is more effective, environmentally friendly, and intelligent will be supported by projects that get over 80% of the funds. Additionally, projects will strengthen the EU-Ukraine Solidarity Lanes, which were established to help with imports and exports from Ukraine. Thus, the rise in infrastructure investments is expected to create lucrative opportunities for the Europe engineering professional services market players in the coming years.
On the contrary, the skilled labor shortage hampers the growth of Europe engineering professional services market.
Based on type, the Europe engineering professional services market is bifurcated consulting and non-consulting. The consulting segment held 64.2% market share in 2023, amassing US$ 461.22 million. It is projected to garner US$ 888.91 million by 2031 to register 8.5% CAGR during 2023–2031.
In terms of service type, the Europe engineering professional services market is categorized into designing and construction, ESG, program management, and others. The designing and construction segment held 50.4% share of Europe engineering professional services market in 2023, amassing US$ 362.08 million. It is anticipated to garner US$ 701.90 million by 2031 to expand at 8.6% CAGR during 2023–2031.
By sector, the Europe engineering professional services market is bifurcated into private and public. The private segment held 70.3% market share in 2023, amassing US$ 505.13 million. It is projected to garner US$ 972.71 million by 2031 to register 8.5% CAGR during 2023–2031.
In terms of vertical, the Europe engineering professional services market is categorized into advanced manufacturing, infrastructure, energy and utilities, environmental, transportation, and others. The transportation segment held 33.2% market share in 2023, amassing US$ 238.52 million. It is projected to garner US$ 412.02 million by 2031 to register 7.1% CAGR during 2023–2031. The advanced manufacturing segment is further subsegmented data center, life sciences, electronics and semiconductor, Ev and Ev battery, and others. The infrastructure segment is further subsegmented buildings and cities, health infrastructure, telecommunication infrastructure, and others. The energy and utilities segment is further subsegmented renewables, energy storage, and transmission and distribution. The transportation segment is further subsegmented aviation, highways and bridges, ports and maritime, and rail and transit. The water segment is further subsegmented water and wastewater.
By country, the Europe engineering professional services market is segmented into Germany, France, Italy, the UK, Spain, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 42.7% share of Europe engineering professional services market in 2023. It was assessed at US$ 306.69 million in 2023 and is likely to hit US$ 566.24 million by 2030, registering a CAGR of 8.0% during 2023–2031.
Key players operating in the Europe engineering professional services market are Accenture Plc, Capgemini SE, COWI A/S, DB Engineering & Consulting, Deloitte Touche Tohmatsu Ltd, Larsen & Toubro Ltd, McKinsey & Co Inc, Sweco AB, Tata Consultancy Services Ltd, and Wipro Ltd, among others.
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