Engineering, Industry & New Technologies: M&A 2025 Review

M&A 2025 Review: A Market in Transition and Transformation

The year 2025 marks a turning point for the engineering sectors (building and industrial), industrial services (electrical and thermal engineering), and equipment related to renewable energies (RE) in France. In this 2025 M&A review, these segments show a mixed dynamic, combining the resilience of certain niches with more structural uncertainties for others.

In construction, activity remains generally sluggish. Despite slight signs of recovery in certain new housing segments and positive indicators on building permits, overall sector activity remains under pressure, facing rising costs, still-sensitive financing rates, and persistent regulatory uncertainties. The figures indicate fragile stabilization rather than clear growth, with overall variation remaining moderate or even negative for some actors: the observed decline in 2025 activity highlights these structural challenges (-4% in revenue according to some estimates), despite an improvement compared to 2024.

In engineering, the diversity of segments is reflected in varied trajectories: building and construction engineering faces difficulties from property developers and cautious project owners, while services linked to digitization (BIM, AI), energy efficiency, and environmental considerations continue to create long-term growth opportunities. Major sector studies highlight the growth of engineering services in automation, asset management, and systems engineering, driven by increasing demands for innovation and energy performance.

In industrial services, segments such as electrical and HVAC engineering remain essential to energy transition and modernization of industrial facilities. The electrical installation market, although experiencing moderate growth, illustrates this tension: after several years of strong progression, activity growth slowed in 2024-2025 due to macroeconomic challenges and a more unstable investment climate.

RE equipment, as catalysts of energy transition, continue to shape industrial strategies. Despite visibility challenges related to the awaited PPE3, the integration of photovoltaic solutions, storage systems, and low-carbon technologies (biomass, geothermal, etc.) is expanding within building and industrial service ecosystems, creating opportunities for customized design, engineering, and integration.

Strategic Development Axes: Innovation, Sustainability, and Skills Enhancement

Several strategic development axes emerge in this context:

Energy transition and sustainability: Integrating ESG considerations across the project lifecycle, including energy performance and environmental standards (e.g., RE2020, tertiary decree for buildings), accelerates adoption of low-carbon solutions. Engineering firms are investing in strengthened skills around smart systems (notably in BMS/BAS), meeting both client expectations and regulatory obligations.

Digitalization and technological innovation: Use of BIM, AI for design and planning, and shared data platforms are now essential competitive levers. These technologies reduce operational costs and improve coordination for complex projects.

Modular construction and industrialization: To better address time and cost constraints, some actors are exploring modular or prefabricated construction models, as well as integrated solutions combining design and execution.

M&A: A Structuring Lever for Growth

In 2025, external growth confirmed its role as a central lever for structuring the French market for engineering (MOE, CG, BET…), industrial services (technical assistance, integrators, turnkey solutions), and RE-related equipment and services (development, EPC, installation). In an environment where organic growth remains constrained by economic conditions and regulations, M&A operations are a preferred means for mid-sized players to strengthen their strategic positioning.

Key strategies include:

• Strengthening technical offerings through acquisition of targeted skills (electrical, HVAC, specialized engineering, industrial maintenance).
• Expanding territorial coverage to meet regional and national client expectations.
• Accelerated access to high-potential markets, particularly energy transition, building renovation, and industrialization of RE solutions.
• Sector consolidation in a still highly fragmented SME landscape.

Several transactions in France between French actors illustrate these dynamics in 2025:

EIMI continued its external growth strategy by acquiring POUCHAIN, a recognized specialist in industrial electrical installations. This operation strengthens EIMI’s technical expertise in complex industrial environments and consolidates its presence in high-value markets.

Groupe SNEF pursued targeted acquisitions in electrical and HVAC engineering, integrating several regional SMEs specialized in multi-technical works and maintenance. These operations aim to densify territorial coverage and broaden the service offering for industrial and tertiary clients.

FAYAT ENERGIE SERVICES reinforced its position in energy infrastructure and services related to energy transition through acquisitions of French companies specialized in electrical networks, photovoltaic installations, and energy performance solutions.

SPIE FRANCE continued selective acquisitions of French SMEs, notably in technical maintenance, building energy efficiency, and infrastructure services, consolidating positions in recurring and high-visibility segments.

In addition, AURIS Finance supported ROULEAUX PACK in acquiring its Spanish peer ROTRANS, a strategic move expanding its offering, international presence, and technical expertise.

These transactions reflect a broader trend of market consolidation, driven by groups able to structure multi-expertise platforms while leveraging the technical know-how of specialized SMEs. For SMEs/SMIs, selling to a mid-sized or large French industrial player often represents an opportunity for continuity in operations and human capital.

The French M&A market in engineering and industrial services remains active and selective, with strong interest in companies offering differentiating skills, structured teams, and a clear positioning on energy transition and industrial modernization challenges.

Expert Insight – Henri-Jacques Van Tichelen on 2026

“In 2026, the engineering and industrial services market is expected to continue transforming through consolidation and specialization. Energy remains a core priority, whether for buildings or industrial processes, with strong dynamics in France around electricity consumption and production (nuclear, wind, solar). Furthermore, digitalization and data digitization stimulate the development of data centers across Europe. Actors capable of integrating technological innovation, energy transition, and local expertise will have a strategic opportunity to strengthen their position, capture new markets, and secure growth in a competitive and highly regulated environment.”