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Why Study Engineering?

Many factors affect the engineering job market. These include local and global economic activities, industry trends, labor force supply and demand, and a changing need for new skills and education levels. 

A report by Mordor Intelligence, cited by Yahoo Finance, highlights the high demand for global engineering services in the near future. The report cites a market size of $1.67 trillion in 2024, projected to grow to $2.04 trillion by 2029. This corresponds to a compound annual growth rate (CAGR) of 4.20%. While the Asia Pacific region currently leads the market, the Middle East and Africa are experiencing the fastest growth rates.

From the labor supply perspective, the high salaries in engineering play a significant role in encouraging college students to choose this field. According to the U.S. Bureau of Labor Statistics, engineers had a median annual salary of $91,420 in May 2023, well above the median yearly wage for all professions, which was $48,060. Additionally, employment in engineering is projected to grow at a faster-than-average rate from 2022 to 2032, with an estimated 188,000 new job openings each year. 

The challenges of engineering education and the current gender gap, however, impact the supply of engineers. Despite some progress, only 16.5% of engineers globally are women. In Korea and the U.S., around 20% of STEM degrees are awarded to female students. Other factors impacting supply shortages are an aging workforce, a lack of interest in some conventional areas of engineering among younger generations, and the skill gap, a mismatch between the skills that emerging technologies require and the skills that some engineers have. 

These issues highlight concerns about a potential shortage of engineers. According to a Boston Globe (BG) report, the U.S. requires around 400,000 new engineers yearly. The report estimates that nearly one in three engineering positions may go unfilled annually until at least 2030. This shortfall could impede progress in vital industries and impact government and industry initiatives to boost economic growth and competitiveness. The engineering talent shortage isn't limited to the U.S. The Japanese Ministry of Economy has forecasted a deficit of over 700,000 engineers by 2030, while the German Economic Institute reported a shortage of 320,000 STEM professionals in Germany as of April 2022, according to the BG report

Another report from Engineering UK forecasts a 2.8% increase in engineering jobs in the UK by 2030, resulting in about 173,000 new positions. This growth rate is above the anticipated national average for all occupations, set at 2.3%. The demand for engineers is expected to surpass that of other professions, reflecting the country's significant need for engineering skills. 

A recent article from NIKKEI Asia reported that companies like Samsung are increasingly hiring high school graduates as the competition for skilled engineering talent intensifies in South Korea. This comes even though, according to Statista Korea, South Korea graduated nearly 86,000 engineers and computer scientists in 2023.

Engineering education quality differs from country to country. Recently, Insider Monkey, a financial data website, published a list of the 15 best countries to study engineering based on its "Insider Monkey Global Education Index." This index ranks countries by the number of universities in the top 1,000 QS World University Rankings and considers factors like government investment in higher education. South Korea, with 31 universities in the top 1,000, is ranked eighth, following Japan, Australia, Italy, Germany, China, the United Kingdom, and the United States, which ranks first.

Encouraging students to pursue engineering degrees is a notable challenge. Engineering roles are among the most intellectually rigorous, demanding constant problem-solving and innovation. The field's interdisciplinary nature requires a diverse skill set, as engineers must integrate knowledge from various domains to analyze, design, and optimize systems. While studying engineering can be highly rewarding, its difficulty may deter some talented students from choosing it as a major. To address these challenges, universities and educational institutions should foster supportive environments and develop balanced curricula focused on developing core skills and life-long learning strategies.  

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