Engineering is a broad sphere. However, almost every industry in one way or another relies on engineer support. There are, of course, many startups aiming to change the way we see engineering for the better. Let’s see what we can expect from the most exciting players.
US Engineering Services: Crunching the Numbers
On a general scale, we need to consider growth in engineering as a service in the US. Statistics show that there has been some growth between 2015 and 2020. However, global challenges likely helped to provide a slight decline in the past year.
Despite concerns over contraction, however, the market size in 2021 is reportedly worth short of $204 billion in the US alone. That’s a 0.1% contraction year on year. The industry remains the fourth biggest of its kind in the country.
We do, however, need to consider the challenges likely to face the industry moving forwards. Challenges largely revolve around value reduction and competition increase. Therefore, it is safe to say engineering ventures will need to provide value-added services to grow. That, of course, is where innovative startups are likely to thrive!
Engineering Startups that are Thriving
Despite the slight contraction in growth over the past year, many engineering ventures are gathering interest.
Civil engineering, for example, is a sphere with many promising new firms emerging. One specific brand that has stood the test of time thus far is MIT-based firm AirWorks. AirWorks offers civil engineering support in the form of an online algorithm. This code helps to transform raw aerial photography into CAD blueprints.
With regard to mechanical engineering, ColdQuanta remains a major success story out of Boulder, Colorado. The firm, with funding of more than $71 million, provides cloud-based sensing technology. Specifically, they develop Quantum Radio Frequency Sensing, which helps to support navigational systems.
Comet, on the other hand, provides simulation engineering for enhanced project analytics. The Albuquerque based firm supports a raft of software under the SimApps line, to funding of more than $21 million. Specifically, the firm supports product development tools for aerospace, automotive firms and electronic manufacturing.
When it comes to engineering firms worth paying attention to for the years to come, Flixel remains highly intriguing. The brainchild of Mark Pavlidis, Flixel authors software that helps digital marketers tell stories. Specifically, the engineers behind this series of studio apps provide simple interfaces for remarkably complex results.
Flixel is, for example, responsible for the much-downloaded and multi-lauded Cinemagraph Pro, first debuting in 2012.
Engineering for a Better Future
It is safe to assert that engineering covers a broad scope. However, there will always be a need for engineers in specific niches. For that reason, specialist ventures continue to innovate for ever-complex demands.
As an investor, you may find some of the more exciting engineering startups through online databases such as Fundz. As technology evolves, so do everyday demands - and so does our collective reliance on innovative engineering!
SOURCES
https://www.eng.mcmaster.ca/materials/news/7-engineering-startups-watch
https://spectrum.ieee.org/at-work/start-ups/5-things-to-do-when-launching-an-engineering-startup
https://www.asme.org/topics-resources/content/whats-like-work-a-startup
https://www.embroker.com/blog/startup-statistics/
https://www.ibisworld.com/united-states/market-research-reports/engineering-services-industry/
https://www.ibisworld.com/industry-statistics/market-size/engineering-services-united-states/
https://www.anythingresearch.com/industry/Engineering-Services.htm
https://startupill.com/these-are-the-top-civil-engineering-startups-in-america-2021/
https://tracxn.com/d/trending-themes/Startups-in-Computer-Aided-Engineering
Topic: Startups
