The global market was shocked by a sudden spike in demand for capable engineers in various fields. That sudden increase in demand didn’t just happen once either; the increase is well on its way to creating a sustainable trend, which means engineers will be in even higher demand over the coming years. Unfortunately, not all regions are prepared for this increase in demand.
In countries like Spain, there are not enough engineers to fill strategic roles. The same is true across most of Europe and the United States. This kind of shortage, however, isn’t slowing the demand down, which begs the question: why do more companies seek engineers in different fields? The more we dig into this story, the more fascinating (and good) reasons we found.
Rapid Growth of Tech
One of the most basic reasons for the sudden increase in demand for capable engineers is the rapid growth of the tech industry, which isn’t surprising at all. Tech companies are expanding worldwide at a staggering pace, and that expansion fuels more demand for engineers. There is also an increase in open engineering positions on the market across most tech companies.
As new fields open up, engineers are becoming more difficult to find. Companies struggle to find specialists in fields like artificial intelligence and electrical engineering due to the high demand. Talents are being persuaded to move from one company to another.
As with other markets, the rise in demand also means engineers are receiving better rewards for their strategic roles. Even smaller startups are valuing their engineers higher, turning the field of engineering into a lucrative field to enter. Considering that the demand will remain high for several years to come, there are plenty of opportunities to seize indeed.
Engineers as Leaders
An interesting development that also fuels the rise of demand for engineers is the market shifting towards engineers whenever there are strategic management roles to fill. 7 out of 10 CEOs of top companies have engineering backgrounds. Other strategic positions, including CFO and COO, are also positions in which engineers can perform really well.
Engineers are the leaders of tomorrow. In fact, universities with strong engineering programs are starting to add leadership and management classes as part of their curriculums. The electrical engineering program at Michigan Tech, for example, is designed to train engineers and build leadership. Learn more about Michigan Tech’s online electrical engineering degree to see how the program can benefit you.
Similar to the rise in demand among tech companies, this too is a trend that does not show any sign of slowing down any time soon. If you are thinking about boosting your career and climbing the corporate ladder, pursuing a master’s degree in electrical engineering is the perfect investment to make today.
What’s interesting is how a large portion of today’s engineers are now involved in R&Ds and research projects. Engineers are problem solvers, so it is not surprising to find engineers being recruited to lead and drive research programs in various fields. It’s not limited to tech companies either. Engineers are entering various industries, including healthcare and finance, as researchers.
Paired with high market drive for innovation, it is easy to see how R&D is a lucrative line of work for engineers; it is also easy to see why more and more engineers choose to go into R&D, particularly once you start considering the funding and rewards being offered in research. There are also the achievements and milestones waiting to be reached.
One research field that attracts more engineers than others is renewable energy. As governments and the private sector work together to come up with new and clean sources of energy, the appeal of this field becomes even greater. The prospect of saving the planet by uncovering a new way to generate energy can be appealing.
Data for the Future
Speaking of specific fields that attract a lot of engineers, we also can’t negate the fact that data science and machine learning are at their mature stage right now. This means more and more companies are implementing data science and machine learning as tools to optimize their operations. Can you guess what one of the most important elements in machine learning implementation is? Yes, a group of capable engineers.
Artificial Intelligence, or AI, is an attractive field. The market wants it, the engineers are excited about it, and virtually everyone benefits from it. AI implementation goes beyond digital assistants found in your phone or smart home hub. AI is being used to manage traffic, to organize crowds, to improve your retail shopping experience, and so much more.
We may not see the AI directly, but artificial intelligence is beginning to affect every part of our lives in a substantial way. We have AI engineers to thank for that. As they work towards making AI smarter, we begin to see new features, better capabilities, comprehensive analytics, and additional advantages appearing on the market and to the general consumers.
More Engineers Are Entering the Field
Fortunately, the high demand for engineers is met with more potential engineers working towards earning their engineering degrees and mastering the skills needed to perform in the market. Online engineering courses certainly help, because they make it possible for professionals and those who are already working in the field to go back to school and pursue an engineering degree.
Universities are regularly adjusting their curriculums to better suit market needs. Industry players are also responding to the increase in engineering programs by working alongside universities in refining their programs and conveying market needs. Experts believe that the collaboration will result in better engineers, whose skills match industry needs perfectly.
The field is certainly expanding thanks to this increase in market demand. If you are thinking about pursuing an engineering degree, there is no better time to start than today. By the time you earn your master’s in electrical engineering degree, you will have plenty of mid- to top-level management jobs, research opportunities, and strategic roles to choose from; you will have plenty of potential employers to choose from too.