I think there is and will be very much a need for years to come, particularly at the senior level where the projects with the most complexity get assigned, and where you have project managers leading project managers.
In many engineering technologies, the very long lead times, high part costs, and cost of change mean you really need to get certain major decisions right the first time. A supplier of a component might be able to employ a more agile process in the development of their part, but the project manager integrating many new things coming in from multiple sources needs to understand the timing of when they have to come together and often can't afford many iterations.
I hope this helps!
If you are considering a PM role, this is the right time to enroll for the PMP Course and become certified.
Thanks!