Product Engineering Services Market Size Worth $1510.0 Billion, at 7.4% CAGR by 2027

Northbrook, IL 60062 -- (SBWire) -- 08/15/2023 --The global Product Engineering Services Market size is expected to grow from USD 1056.2 billion in 2022 to USD 1510.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 7.4 % during the forecast period, according to research report by MarketsandMarkets™.

The major factors driving the growth of the Product Engineering Services market include increasing demand for advanced technology, IoT engineering, smart homes and electronic vehicles.

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243 - Tables
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277 – Pages

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KBE segment to hold the highest CAGR during the forecast period

The application of knowledge-based systems technology to manufacturing design and production is known as KBE. Because design is inherently a knowledge-intensive activity, much of the emphasis for KBE is on using knowledge-based technology to support CAD, but knowledge-based techniques (knowledge management) can be applied throughout the product lifecycle. The CAD domain has always been a pioneer in applying software-engineering techniques in knowledge-based systems, such as object orientation and rules. These technologies are combined with CAD and other traditional engineering software tools in knowledge-based engineering. KBE uses advanced software/CAD techniques to model engineering knowledge and apply it to product development more efficiently, consistently, and automatically than the traditional approach. KBE can have a broad scope that includes all aspects of Product Lifecycle Management and Multidisciplinary Design Optimization. Design, analysis (computer-aided engineering - CAE), manufacturing, and support are all part of KBE's scope. KBE must cover a large multi-disciplinary role related to many computer-aided technologies in this inclusive role. KBE is fundamentally engineering based on knowledge models. Instead of or in addition to traditional programming and database techniques, a knowledge model employs knowledge representation to represent the artifacts of the design process (as well as the process itself).

Process Engineering to record the highest CAGR during the forecast period

Process engineering necessitates the use of numerous tools and methods. Processes must be simulated and modelled using mathematics and computer science, depending on the exact nature of the system. Processes involving phase change and phase equilibria necessitate an examination of the principles and laws of thermodynamics in order to quantify changes in energy and efficiency. Processes that focus on the flow of material and energy as it approaches equilibria, on the other hand, are best analysed using the disciplines of fluid mechanics and transport phenomena. In the presence of fluids or porous and dispersed media, mechanics disciplines must be applied. When applicable, materials engineering principles must also be applied. Manufacturing in the field of process engineering entails carrying out process synthesis steps. Regardless of the specific tools required, process engineering is then formatted using a process flow diagram (PFD), which specifies material flow paths, storage equipment (such as tanks and silos), transformations (such as distillation columns, receiver/head tanks, mixing, separations, pumping, etc.), and flowrates, as well as a list of all pipes and conveyors and their contents, material properties such as density, viscosity, particle-size distribution, flotation, and so on. The process flow diagram is then used to create a piping and instrumentation diagram (P&ID), which depicts the actual process in graphic form. P&IDs are intended to be more complex and precise than PFDs. They represent a less muddled design approach. The P&ID is then used as a design basis for creating the "system operation guide" or "functional design specification," which describes how the process works. It guides the process through machine operation, design safety, programming, and effective communication between engineers.

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Asia Pacific is projected to have the largest market size during the forecast period

The Asia Pacific region is one of the world's manufacturing powerhouses. More countries in the region are now developing advanced manufacturing capabilities in order to accelerate Industry 4.0. As sustainability becomes a core priority in business operations, these emerging technologies will be critical in assisting us in meeting our decarbonisation targets. Furthermore, the automated industrial economy has emerged in Japan, and development in Industrial Version 4.0 is accelerating. Japan has emerged as a manufacturing hub for factory automation products, supplying them to other Asia-Pacific regional markets, making factory automation more affordable in the region. Products sourced from Japan typically have lower shipping costs and better after-sales support networks in the region. With the Made in China 2025 initiative allowing for the return of manufacturing to China, Southeast Asian countries are under pressure to assess and mitigate the risk of labour issues and Industry 4.0. This is currently having an impact on the region's smart manufacturing development. The Chinese EV market is currently dominated by domestic OEMs. China has imposed quotas on manufacturers of all-electric or hybrid vehicles. Furthermore, major economies such as India, Japan, and South Korea are focusing on imposing stringent restrictions in order to increase EV adoption. As a result, the growing demand for efficient powertrain systems in vehicles, as well as favourable government policies, are expected to open up new opportunities for market participants. For example, India's Automotive Mission Plan FAME-II prioritises government support for the country's expanding automotive and component manufacturing industries. The automotive parts and accessories manufacturing industry has undergone extensive remodelling in recent years, resulting in the emergence of a highly competitive industry. Tesla announced plans to build a second electric vehicle (EV) facility in China in February 2022 to help it meet rising demand both locally and in export markets. Tesla intends to increase capacity in China to at least 1 million vehicles per year in the short term, with a second plant planned near its current production in Shanghai's Lingang free trade zone.

Market Players

Some prominent players across all service types profiled in the Product Engineering Services market study include Alten (France), AVL (Austria), HCL (India), Akka Technologies (France), IBM (US), Capgemini (France), TCS (India), Wipro (India), Accenture (Ireland), Happiest Minds (India).

Key Dynamic Factors For Product Engineering Services Market:

The Product Engineering Services Market was experiencing significant growth and evolution driven by several dynamic factors. Here are some of the key dynamic factors that were influencing the Product Engineering Services Market:

Technological breakthroughs and Disruptions: The design, development, and maintenance of goods are being drastically changed by the rapid breakthroughs in technologies like AI, IoT, blockchain, and 5G. To remain relevant and provide cutting-edge solutions, PES suppliers must keep up with these changes.

Demand for Innovation: In order to stand out from the competition and differentiate their products, businesses are putting more and more emphasis on innovation. Companies in the PES sector are required to offer innovative and creative engineering solutions that promote product innovation.

Product lifecycles are now shorter as a result of the speed of technological advancement. To satisfy these needs, PES suppliers must adapt by providing agile development approaches, quick prototyping, and quick product release cycles.

With the use of outsourcing and globalisation, businesses can acquire specialised knowledge while reducing expenses. To achieve this balance and gain access to a worldwide talent pool, they outsource their product engineering needs to service providers in various areas.

Product Complexity: Products are getting more and more complicated, frequently requiring hardware, software, connection, and user experience. To adequately handle these complications, PES providers must have knowledge in several different fields.

Cross-Functional Collaboration: Successful product creation necessitates interaction between a number of teams, including marketing, engineering, and quality assurance. The seamless collaboration between these functions must be enabled by PES suppliers.

Software as a Service (SaaS) and cloud-based solutions are becoming increasingly common in products. Providers of PES must change with the times and offer cloud-native development and migration services.

Data Security and Privacy: As connected devices and data-driven products proliferate, protecting data security and privacy is becoming a top priority. PES businesses must integrate strong security procedures into their development procedures.

Regulatory Compliance: Products must abide by certain regulatory criteria set forth by various businesses. PES suppliers must keep up with industry rules and build compliance measures into their products.

Personalization and customization: Consumers now expect more customised goods and services. PES providers ought to provide options that support scalability while enabling product personalisation and modification.

Concerns regarding sustainability and the environment are becoming more and more important. PES businesses must take into account ecologically friendly design methods and supplies.

Change to outcome-based models and services: PES providers are evolving away from traditional services and towards outcome-based models where they are jointly accountable for the success of a product. A stronger client partnership is necessary because of this change.

Acquisition of Talent and Skill Gaps: The speed of technological change frequently causes skill gaps. In order to remain competitive and give value to clients, PES providers must engage in training and talent acquisition.

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Competitive and Segmentation Analysis:

The Product Engineering Services (PES) market is driven by a variety of dynamic variables and is characterised by fierce competition. A variety of engineering services are provided by businesses in this market, including product design, development, testing, and maintenance. Both well-known companies with a global presence and specialised businesses with a focus on specialised markets make up the competitive environment.

These rivals emphasise qualities including technological know-how, industry-specific expertise, innovation skills, and the capacity to provide end-to-end product engineering solutions as they compete for market share. Known global firms frequently benefit from being able to provide full services to customers in various industries. These players take advantage of their widespread presence, solid reputation, and ample resources to meet the needs of massive projects and intricate product specifications. Contrarily, specialised businesses frequently thrive at providing highly customised solutions within particular industries, enabling them to carve out niches and position themselves as market leaders in those fields.

In conclusion, there is fierce competition in the market for product engineering services, with both established international corporations and specialised businesses vying to provide a wide range of engineering solutions. The segmentation of the market emphasises the variety of markets, services, technology, and geographic areas that PES enterprises serve. Technical know-how, innovation skills, subject knowledge, and the capacity to customise solutions to fit particular client demands are all necessary for success in this sector.

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