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Product Engineering Services Market Analysis And Trends By Segmentations, Top Key Players, Geographical Expansion, Future Development & Forecast – 2027

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Product Engineering Services Market Analysis And Trends By Segmentations, Top Key Players, Geographical Expansion, Future Development & Forecast – 2027

March 20
21:55 2024
Product Engineering Services Market Analysis And Trends By Segmentations, Top Key Players, Geographical Expansion, Future Development & Forecast - 2027
Alten (France), AVL (Austria), HCL (India), Akka Technologies (France), IBM (US), Capgemini (France), TCS (India), Wipro (India), Accenture (Ireland), Happiest Minds (India).
Product Engineering Services Market by Service (Product Engineering; Process Engineering; Maintenance, Repair, and Operations), Organization Size, Vertical (Automotive, Aerospace & Defense, Industrial Manufacturing) and Region – Global Forecast to 2027

MarketsandMarkets forecasts 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. The major factors driving the growth of the Product Engineering Services market include the 3D printing, IoT Engineering, increase the demand for accelerating TTM.

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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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Unique Features in the Product Engineering Services Market

Product engineering services ensure a holistic approach to product creation by providing comprehensive support from conception and conceptualization through design, development, testing, and maintenance.

Product engineering service providers frequently have specific domain knowledge in sectors including consumer electronics, healthcare, automotive, and aerospace. This allows them to efficiently solve industry difficulties and offer customised solutions.

Before committing to full-scale manufacturing, companies can evaluate product concepts, investigate new technologies, and reduce risks with the help of product engineering services, which promote inventive prototype and proof-of-concept creation.

These services make use of agile and iterative development approaches, which facilitate quick prototyping, ongoing feedback loops, and adaptability to changing needs. This results in a quicker time to market and better responsiveness to client demands.

Product engineering services promote innovation, creativity, and the alignment of technical solutions with business goals by facilitating cross-disciplinary collaboration between engineering, design, and business teams.

Major Highlights of the Product Engineering Services Market

Clients wanting value-based pricing, performance assurances, and shared risk-reward models are increasingly looking for outcome-based business models in product engineering services, which connect service provider incentives with business outcomes and success measures.

Product engineering services are becoming more and more concerned with sustainability and green technology. They assist customers in creating eco-friendly goods, lowering their carbon footprints, and adhering to environmental laws and guidelines.

In order to take advantage of local talent pools, cost advantages, and market prospects, service providers are extending their presence in rising countries like Asia-Pacific and Latin America and setting up global delivery centres. This is leading to a geographical growth of the market.

In order to provide clients with end-to-end solutions, product engineering service providers go beyond typical product development and incorporate services like product lifecycle management (PLM), design for manufacturability (DFM), supply chain optimisation, and aftermarket support.

Product engineering service providers, startups, and ecosystem partners—such as technology vendors, academic institutions, and industry consortia—are increasingly working together to promote innovation, knowledge exchange, and ecosystem expansion.

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Top Companies in the Product Engineering Services Market 

Major Product Engineering Services vendors include ALTEN (France), AVL (Austria), HCL (India), Akka Technologies (France), IBM (US), Capgemini (France), TCS (India), Wipro (India), Accenture (Ireland), Happiest Minds (India). These market players have adopted various growth strategies, such as partnerships, acquisitions, agreements, and collaborations, and new product enhancements to expand their presence in the Product Engineering Services market. New product launches, product enhancements and collaborations have been the most adopted strategies by major players in past few years, which helped companies to innovate their offerings and broaden their customer base.

A prominent player in the Product Engineering Services market, ALTEN focuses on inorganic growth strategies such as product launches, partnerships, collaborations, and acquisitions. ALTEN offers product engineering services through its India-based subsidiary, Calsoft Labs, which it acquired in 2014. Calsoft Labs had a significant experience in outsourced product development, which was a perfect match to the ALTEN Group’s portfolio of IT consultancy services. ALTEN Group has three business lines, namely, engineering & technology consulting, telecom & multimedia, and technology information systems. It offers engineering services for the entire product development cycle, and its core service offerings are design, pre-feasibility studies, and consulting. The company also has extensive expertise in several sectors of engineering—the strength of materials, structural calculation, and embedded & real-time systems. ALTEN supports its customers’ growth strategies in the areas of innovation, research and development, and technological information systems. The Group has a presence in 30 countries and has established itself as a global leader in engineering and IT services. It collaborates with key players in aeronautics & space, defense & naval, security, automotive, rail, energy, life sciences, finance, retail, telecommunications, and services. It currently has 42,000 employees all over the world. ALTEN has acquired Method Group in May 2022, This acquisition will result in new projects with ALTEN’s engineering and defense customers for their digital transformation plans in areas such as artificial intelligence, cyber security, connected cars, industry 4.0, IoT, digital twins, and edge computing. ALTEN has partnered with Mobiveil in April 2021, ALTEN partnered with Mobiveil, a pioneer in high-speed silicon IP. This collaboration aimed to accelerate growth while also providing value to customers and companies in the US, Asia Pacific, and Europe by integrating ACL’s semiconductor engineering capabilities into Mobiveil’s high-speed controller IP and value-added services.

AVL is one of the largest privately owned developers of powertrain systems with internal combustion engines and has prowess in test systems & instrumentation as well. AVL is active in three business areas: powertrain engineering, instrumentation & test systems, and simulation. The company offers engineering, testing solutions, simulation technologies, and manufacturing services as a part of its product engineering services portfolio. The company has 45 affiliated companies worldwide and an export quota of 96%. AVL has established national as well as international research cooperation with companies such as CLEPA, EARPA, FKG, FVV, and AESIN. AVL is constantly expanding its portfolio of cutting-edge methodologies and technologies for vehicle development and testing. The company covers vehicle architectures, platform solutions, and the impact of new propulsion systems and energy carriers, using a holistic approach spanning the ideation phase to serial production. AVL drives innovative and affordable solutions for all applications, from traditional to hybrid to battery and fuel cell electric technologies, to achieve the vision of climate-neutral mobility. As a global technology provider, AVL’s offerings range from product development simulation, virtualization, and test automation to ADAS/AD and vehicle software.

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