Knowing nothing at all about it, and assuming it was mentioned in the most recent livestream with no further indication as to what it is (hence this thread), my assumption is that the Arcane Engineer will make things like cannons for ships, maybe other ship components, and perhaps siege weapons.
Edit; potentially also caravan components.
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ApokMember, Braver of Worlds, Kickstarter, Alpha One
I could definitely see them being the ones making the magical items like wands, staves, jewelry, etc. Maybe some magical augments too.
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That's not quite how it works. Lol
Edit; potentially also caravan components.