UK product engineering services market is projected to grow at a significant CAGR of around 9.5% during the forecast period (2020-2026). The growth of the product engineering services market in UK is backed by the rising R&D spending on the healthcare, energy & utilities, and telecom. According to the Department for International Trade, the R&D spending is expected to increase to 2.4% of GDP by 2027. The healthcare research institutions of UK are pioneering advanced technologies in the research and manufacturing of medical devices. With the rise in spending on healthcare R&D coupled with the growth of the development of advanced technology-based devices is expected to escalate the product engineering services market in UK.
Browse the full report description UK Product Engineering Services Market Size, Share & Trends Analysis Report by Component (Product and Component Design, Process Engineering, Maintenance, Repair & Operations, and Others), by Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), and by End-Use Industry (Healthcare, Automotive, Aerospace & Defense, Energy & Utilities, Industrial Manufacturing, and Others) and Forecast 2020-2026 at https://www.omrglobal.com/industry-reports/uk-product-engineering-services-market
Likewise, the spending on energy & utilities R&D is expected to increase during the forecast period. According to the IEA (International Energy Agency), UK has the sixth largest budget for energy R&D in 2019. UK is expected to spend around $1.3 billion in energy R&D in 2019. Moreover, the public energy RD&D (research, design, & development) budget was around 0.41 RD&D budget per thousand unit of GDP. Therefore, with the continuous rise in the spending on energy & utilities industry in UK, the demand for product engineering services is expected to grow.
Market Coverage
|
Report Elements |
Details |
|
Study Period |
2019-2026 |
|
Base year |
2019 |
|
Forecast period |
2020-2026 |
|
Segments Covered |
By Service, By Organization Size, and By End-Use Industry |
|
Key Companies Profiled |
IBM Corp., Accenture PLC, Damco Group, Wipro Ltd., Infosys Ltd.,
Pactera Technologies NA, Inc., Altran, UST Global, Inc., and Tech Mahindra
Ltd. |
Key questions addressed by the report
o Recovery Timeline
o Deviation from pre-COVID-19
o Most affected segment
o Recommendations
UK Product Engineering Services Market – Segmentation
By Service
o New Product Development
o Design Support Services
o Software Engineering
o Hardware Engineering
o Others
By Organization Size
By End-Use Industry
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