Engineering & Research Industry Market Research

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Engineering, Research & Development OVERVIEW

In industrialized nations, R&D investment has risen from an average of about 1.5% of Gross Domestic Product (GDP) in 1980 to about 2.0% today (in terms of current US dollars).  Nothing could better illustrate the world’s vital need for continual massive investments in R&D than the Coronavirus pandemic that swept across the world.  An intense, global effort resulted in the availability of effective vaccines and therapies in record time—a few months compared to what typically would take a few years.  The recent boom in artificial intelligence platforms and products also shows how intense focus and investment in one sector can rapidly launch entirely new solutions.
Meanwhile, vast numbers of university students around the globe are enrolled in engineering and scientific disciplines—many of them dreaming about potential rewards if their future research efforts become commercialized.  Global research collaboration (between companies and between companies and universities) is booming, as is patenting.  In fact, it is difficult for patent authorities in the U.S. and elsewhere to keep up with demand.  Globalization, immigration and cross-national collaboration have such a dramatic effect on research and design that nearly one-half of all patents granted in America list at least one non-U.S. citizen as a co-inventor.  Major U.S. universities, like the University of Texas and the University of Wisconsin, as well as universities in such nations as China, Korea and Singapore, are eager to patent their inventions and reap the benefits of commercialized research.  Top research universities earn millions of dollars each in yearly royalties on their patents.
Plunkett Research estimated global spending on research and development at $2.57 trillion for 2023, on a PPP or “purchasing power parity” basis.  “PPP” means that the amounts are adjusted to account for the difference in the cost of living from nation to nation, relative to the United States.  For example, PPP analysis finds that the cost of buying a given standard of living is considerably lower in China or India than it is in the U.S.  Thus, $1 spent in China or India has more purchasing power than $1 spent in America.
The U.S. continues to lead the world in terms of total investment in research and development, with forecast investments of $740.9 billion for 2023 in current U.S.  Dollars.  However, America ranks behind some other industrialized nations in terms of R&D as a percentage of GDP.
Massive research outlays and grants are made by the U.S. federal government.  The proposed federal research budget for fiscal 2023 was $142.2 billion (up from $140.1 estimated for the previous year).  Substantial federal research dollars are flowing into such areas as advanced batteries, electronic patient health records, cancer research, nanotechnology, robotics, biotechnology, defense and renewable energy.  Government research grants feed projects at universities throughout the U.S. and at many types of private corporations.
Many of the 50 U.S. states are also active in funding local research efforts, in the interest of boosting their statewide economies and their universities.  This generates significant competition between tech-savvy states for leading-edge research efforts, at both corporate and university facilities.
The federal government of the U.S. not only funds research, but also engineering projects.  This was particularly true for 2023-2024 and will likely be for several years thereafter due to the Infrastructure Investment and Jobs Act, signed into law in November 2021, with potential funding of $1.2 trillion over the mid-term.  The act makes funds available for such areas as roads, bridges, public transportation, ports, airports, water and energy.  While much of the money will go to construction, it will also fund very significant amounts of engineering, and many engineering/design firms will benefit greatly.  In fact, the funding provided by this act is so massive that it may create a historic opportunity for some companies.
Meanwhile, U.S. corporations continue to fund massive engineering projects and research budgets of their own.  Top research investors among U.S. companies include Amazon, Alphabet (parent company of Google), Merck & Co., Pfizer, Microsoft, IBM, Johnson & Johnson and Intel.
Engineering, science and research and development provide large numbers of well-paying jobs in America and around the world.  Officially, the U.S. Bureau of Labor Statistics (BLS) estimates 1.66 million Americans working in architectural and engineering services as of March 2024.  Also, as of March 2024, BLS categorizes 948,800 Americans as employed in scientific research and development positions.
Corporations know that they must invest in R&D in order to stay competitive, but in many cases their R&D strategies are evolving.  One change is the way in which funding is allocated.  Strategies are shifting to include more alliances and joint ventures with other companies; more subsidiary spin-offs based on established technologies; more contracts and cooperative efforts with federal labs and agencies; and higher grants and projects of greater scope in partnership with universities.  Companies are looking for ways to leverage their R&D investments in order to get more return on costs while gaining competitive advantage on a global scale.
Historically, corporate America’s R&D dollars were spent at labs within the bounds of the U.S., but today, more and more projects are going to company-owned or outsourced labs overseas.  Due to relatively low costs and large talent pools (including large numbers of new graduates with engineering and scientific degrees), the nations of Eastern Europe, China and India in particular have been attracting more of the total research dollars invested by major companies.  
Other global hot beds of research include Israel, Singapore, Taiwan and Korea. 
Certain countries have the lion’s share of the world’s R&D activity.  In North America, corporations with the largest R&D budgets are headquartered in the U.S. and Canada; in Europe the UK, France, Germany, Switzerland, The Netherlands, Sweden and Italy are regional leaders; and in the Asia-Pacific the nations of China, India, Taiwan, Japan, South Korea and Singapore lead the way.  Korean government leaders are focused on increasing basic research capabilities and basic sciences, particularly at research-oriented universities. Technical education is emphasized in India for a select group of students, particularly at its famous Indian Institute of Technology (IIT) campuses.
Technology-oriented Israel invests a very high 5+ percent of GDP in research and development, and that nation has created one of the world’s most successful high-tech industries.  Finland, Denmark and Sweden also spend very high ratios of their domestic economies on R&D.
Artificial intelligence (AI) is playing an increasingly important role in both engineering and research and development.  In engineering, AI has the potential to accelerate both the design and the virtual testing of structures and systems.  In R&D, one of the most promising uses for AI lies in identifying and testing chemical compounds that have potential to become new drug therapies—possibly cutting years and millions of dollars from the process.  AI is also being used with great success to rapidly determine new uses for drugs that have already been approved by the FDA.
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A complete market research report, including forecasts and market estimates, technologies analysis and developments at innovative firms within the Engineering & Research Industry. Gain vital insights that can help shape strategy for business development, product development and investments.

Key Features:

  • Business trends analysis
  • In-depth industry overview
  • Technology trends analysis
  • Forecasts
  • Spending, investment, and consumption discussions
  • In-depth industry statistics and metrics
  • Industry employment numbers

Additional Key Features Include:

Industry Glossary

Industry Contacts list, including Professional Societies and Industry Associations

Profiles of industry-leading companies

  • U.S. and Global Firms
  • Publicly held, Private and Subsidiaries
  • Executive Contacts
  • Revenues

  • For Public Companies: Detailed Financial Summaries

  • Statistical Tables

Key Questions Answered Include:

  • How is the industry evolving?
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  • What is the size of the market now and in the future?
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  • What are the names and titles of top executives?
  • What are the top companies and what are their revenues?

This feature-rich report covers competitive intelligence, market research and business analysis—everything you need to know about the Engineering & Research Industry.

Plunkett Research Provides Unique Analysis of the Following Major Trends Affecting the Engineering & Research Industry

  1. Major Trends Affecting the Engineering & Research Industry

  2. Introduction to the Engineering & Research Industry

  3. A Short History of U.S. Industrial Research & Development

  4. R&D Expands in Chinese Research Parks/Patent Filings Soar

  5. Outsourcing and Offshoring of Research, Development and Engineering Grow Along With Globalization

  6. Original Design Manufacturing (ODM) Adds Value to Contract Electronics Manufacturing

  7. The State of the Biotechnology Industry Today

  8. Nations Compete Fiercely in Biotech Development

  9. Globalization and Worldwide Collaboration Fuel the Research Efforts of Major Corporations

  10. Number of Patent Applications Remains High/Patent Laws Change

  11. 3D Printing (Additive Manufacturing), Rapid Prototyping and Computer Aided Design

  12. Industrial Robots and Factory Automation Advance Through Artificial Intelligence (AI)

  13. Fuel Cell and Hydrogen Power Research Continues/Fuel Cell Cars Enter Market

  14. Electric Cars (EVs) and Plug-in Hybrids (PHEVs) Spur Changes at Auto Makers/Hybrid Sales See Sharp Growth

  15. Major Technology Research in Batteries/Massive Investments in Battery Factories and Power Storage

  16. Supercomputing Hits 1,742 Petaflops

  17. Superconductivity Provides Advanced Electricity Distribution Technology

  18. Private, Reusable Rockets Launch Commercial Satellites and Serve Both the U.S. Military & NASA

  19. Technology Discussion—Synthetic Biology

  20. The Future of Transportation and Supply Chains: Massive Investments in Infrastructure & Mobility Services

  21. HPTP Thermoplastics, Thermoset and Engineered Plastics Enable Advanced Products/Nanocomposites Offer the Ultimate in Advanced Materials

  22. Artificial Intelligence (AI), Deep Learning and Machine Learning Advance into Commercial Applications, Including Health Care and Robotics

  23. Artificial Intelligence (AI) Enables Efficiencies and Accelerated Innovation in R&D

  24. The Future of Space Commercialization and Private Rocket Launch Services

Plunkett Research Provides In-Depth Tables for the Following Engineering & Research Industry Statistics

  1. Engineering & Research Industry Statistics and Market Size Overview

  2. Quarterly Engineering & Research Industry Revenues, U.S.: 2024

  3. Engineering & Scientific Research & Development Services: Estimated Sources of Revenue, U.S.: 2018-2022

  4. Federal R&D Funding by Character of Work and Facilities and Equipment, U.S.: Fiscal Years 2023-2025

  5. Federal R&D Budget & Distribution by Agency, U.S.: Fiscal Years 2023-2025

  6. Federal R&D & R&D Plant Funding for National Defense, U.S.: Fiscal Years 2023-2025

  7. Federal R&D & R&D Plant Funding for Health and Human Services, U.S.: Fiscal Years 2023-2025

  8. Federal R&D & R&D Plant Funding for Space Flight, Research & Supporting Activities, U.S.: Fiscal Years 2023-2025

  9. NASA Budget Appropriations & Projections: 2023-2029

  10. Federal R&D & R&D Funding for Basic Research, U.S.: Fiscal Years 2023-2025

  11. Federal R&D & R&D Plant Funding for Agriculture, U.S.: Fiscal Years 2023-2025

  12. Federal R&D & R&D Plant Funding for Transportation, U.S.: Fiscal Years 2023-2025

  13. Federal R&D & R&D Plant Funding for Energy, U.S.: Fiscal Years 2023-2025

  14. U.S. Department of Energy Funding for Science & Energy Programs: 2023-2025

  15. U.S. National Nanotechnology Initiative (NNI) Budget: Fiscal Years 2023-2025

  16. NSF Budget by Appropriation (Dollars in Millions), Fiscal Years 2023-2025

  17. Research Funding for Biological Sciences, U.S. National Science Foundation: Fiscal Years 2023-2025

  18. Research Funding for Engineering, U.S. National Science Foundation: Fiscal Years 2023-2025

  19. Top 30 U.S. Patent Recipient Organizations: 2024

  20. The U.S. Drug Discovery & Approval Process

  21. Employment in Engineering Occupations by Business Type, U.S.: 2021 - 2025

  22. Employment in Life & Physical Science Occupations by Business Type, U.S.: May 2024

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This industry onlyPublication date: Jul 2025
ISBN-13: 978-1-64788-568-7
ISBN-13: 978-1-64788-076-7
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