Top 10 Engineering Services Companies - 2020

From $955.7 billion in 2019, the global engineering services are predicted to recover and grow at a CAGR of 6 percent from 2021 and reach $1101.2 billion in 2023, from a compound annual growth decline of -1.2 percent. The Indian engineering services market is mostly exported to the foreign lands. United States and the European countries are the prime markets for the Indian engineering services market. It accounts for more than 60 percent of the total export. This year, the engineering export, for the period of FY20 stood at US $76.26 billion. The Index of Industrial Production (IIP) for electrical equipment industry recorded 105.5 in FY20. The turnover of the capital goods industry was estimated at US $92.00 billion in 2019, and is forecasted to reach US $115.17 billion by 2025. Inscribing the expected growth, the engineering sector triumphed in the previous years with services in the finance, logistics, manufacturing and infrastructure, cloud technology, and education. As per the United Nations Conference on Trade and Development (UNCTAD), India ranked among the top 10 recipients of Foreign Direct Investment (FDI) in 2019, thereby attracting US $49 billion in liquidity inflow, an increase of 16 percent from the previous year. The Indian Government, at the budget session FY20 announced Rs. 150,000 (~US $2,250) income tax deduction on interest paid on loans drafting a purchase of electric vehicles, and planned an investment of Rs. 100 lakh crore (US $1.43 trillion) in infrastructure sector over the next five years. The Indian engineering sector is playing a strategically important role for the economy to intensify, where the sector has been delicensed and enjoys 100 percent FDI (Foreign Direct Investment). It aims at boosting the manufacturing sector, and the Government has also relaxed the excise duties levied to factory gate tax, capital goods, consumer durables, and vehicles (source: IBEF). In this issue of the CEO Insights magazine, we present a list of ‘Top 10 Engineering Services Companies - 2020’ featuring the exclusive services providers exercising the engineered products. The list is prepared by a team of excellent engineers with advice from veterans, CEOs & VCs, and the CEO Insights magazine’s editorial board. It illustrates the future trends of engineering services, with information about the modern day innovation.