Complex engineering projects in highly regulated sectors such as aerospace and energy (oil, gas and nuclear) operate at the nexus of innovation, risk, and stringent compliance. Balancing accelerated delivery with uncompromised safety and quality presents a unique challenge for project management practices within these sectors. This research examines the evolving nature of these practices in response to the rapid technological transformations driven by Industry 4.0 and Industry 5.0. The study investigates how organizations manage the interplay between current operational realities and technical advances by incorporating the Technology Readiness Level (TRL) model for assessing technology maturity. The analysis is grounded in complexity and systems theories, with a focus on how stringent regulatory demands shape system design and execution strategies. Key themes emerging from the literature include differentiated management approaches for complex projects, implications for compliance amid technological disruption, and the need for adaptive frameworks. The findings suggest that further research is critical to support the evolution of project management practices as technology continues to advance within tightly regulated environments. This study contributes to the growing body of knowledge on delivering complex engineering projects in the face of accelerating innovation and intensifying compliance requirements.