Asia-Pacific 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 Asia-Pacific is backed by the presence of end-use industries of product engineering services on a large scale. China contributes a major share in the product engineering services market in Asia-Pacific. This is due to the fact that China is the largest manufacturer of automotive and industrial manufacturing, and an emerging economy in the healthcare and energy & utilities sector, which is advancing with the adoption of advanced technology services in the manufacturing industry.
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Moreover, the presence of number of contract research organizations (CRO) and contract manufacturing organizations (CMO) is further curtailing to the rise in the demand for product engineering services in the country. Likewise, India, Singapore, and Vietnam are among the Asia-Pacific economies that are witnessing a huge growth in the manufacturing sector, which in turn, is driving the market growth in Asia-Pacific. Furthermore, the supportive government initiatives for the SMEs in India and China, such as Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTMSE) and Coir Vikas Yojna (CVY) policies of India for SMEs is further expected to escalate the market growth during the forecast period.
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Key questions addressed by the report
- What is the market growth rate during the forecast period?
- Which segment/region dominates the market in base year?
- Which segment/region will project fastest growth in the market during the forecast period?
- How COVID-19 will impact the market growth in 2020 and coming years?
Ø Recovery Timeline
Ø Deviation from pre-COVID-19
Ø Most affected segment/region
Ø Recommendations
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Asia-Pacific Product Engineering Services Market – Segmentation
By Service
Ø Product and Component Design
- New Product Development
- Design Support Services
- Software Engineering
- Hardware Engineering
- Others
- Process Engineering
- Maintenance, Repair, and Operations
- Others
By Organization Size
- Small and Medium Enterprises (<1000 Employees)
- Large Enterprises (>1000 Employees)
By End-Use Industry
- Healthcare
- Automotive
- Aerospace & Defence
- Energy & Utilities
- Industrial Manufacturing
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
