The report below gives a good overview of the Spring 2023 M&A activity in the Engineering and Construction Industry Sector. The size of the global engineering services market is expected to grow to $1.2 trillion in 2023 at a compound annual growth rate (CAGR) of 4.2% from $1.1trillion in 2022, as per a report published by The Business Research Company. The global construction market grew at a CAGR of 6.6% from $14.5 trillion in 2022 to $15.5 trillion in 2023, as per another report by The Business Research Company. Industrial IoT is being used more and more by engineering service providers to optimize their production processes and conserve energy while managing assets and resources more effectively. The growing cooperation between original equipment manufacturers (OEM) and engineering service providers (ESP) is anticipated to be one of the key factors influencing the growth of the engineering services market. The post-Covid economic recovery is being driven by big infrastructure projects that governments throughout the world are supporting in order to increase their economies' productivity potential. The Infrastructure Investment and Jobs Act and the CHIPS and Science Act of 2022 are expected to inject money into the market, which would likely boost the non-residential segment of the construction engineering market. Thus, the construction market's fastest-growing industry will be civil engineering.
Posted by Dean Durbin.