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          1. Engineering Services Industry Profile

            Report Page Length: 10-12
            Last Quarterly Update: 8/18/2020
            SIC Codes: 7389, 8711
            NAICS Codes: 54133, 54134
            Chapters Include:
            Industry Overview Trends & Challenges Industry Forecast
            Quarterly Industry Update Call Prep Questions Website & Media Links
            Business Challenges Financial Information Glossary & Acronyms
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            Excerpt from Engineering Services Industry Profile

            Companies in this industry apply engineering principles to design and develop structures, systems, and processes. Major companies include AECOM, Bechtel Group, and Jacobs Engineering (all based in the US), along with Abengoa (Spain), Babcock International (UK), SNC-Lavalin Group (Canada), Wood Group (UK), and Worley (Australia).

            Construction spending, particularly in emerging markets, drives global demand for engineering services. Annual worldwide spending for engineering services reached $840 billion in 2016 and will exceed $1 trillion by 2021, according to Technavio.

            The US engineering services industry includes about 65,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $240 billion.

            COMPETITIVE LANDSCAPE

            Success in the engineering services industry requires efficient bidding and cost controls. Customers are more knowledgeable about costs and are breaking up projects into smaller elements -- potentially reducing efficiencies of scale -- and are expecting contractors to take on the bulk of cost risk, according to PricewaterhouseCoopers. Reduced government and commercial spending on infrastructure and construction projects during times of economic or political discord can diminish bidding opportunities.

            Small firms, which can effectively compete with larger ones by having expertise in a particular field or region, are often hired as consultants on larger projects if they have applicable expertise. Large firms are advantaged in designing and managing large projects, but may face challenges on smaller projects in fields where they lack specialization. Consolidation among smaller players is common under ...

             
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