Market Research Future (MRFR) reports that the global civil engineering market can possibly acquire a CAGR of close to 5.4% during the forecast period (2019-2023).
Esteemed Players
Esteemed vendors shaping the worldwide civil engineering market are Stantec, Inc. (Canada), United States Army Corps of Engineers (US), SNC-Lavalin (Canada Jacobs Engineering Group, Inc. (US), Amec Foster Wheeler plc (UK), AECOM (US), HDR, Inc. (US), Fluor Corporation (US), Tetra Tech, Inc. (US), Galfar Engineering & Contracting SAOG (UAE), among others.
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Primary Drivers and Top Barriers
Soaring demand for environment-friendly buildings along with government initiatives as well as increasing urban population across metropolitan cities provide an optimistic outlook for the civil engineering market. Surging research and development (R&D) investments by renowned players in various technologies such as urban mobility, smart grids, parking systems, and industrial automation offer advanced systems and diverse options to customers. Rising consumer inclination towards zero-energy as well as insulated buildings that are integrated with double skin facade as well as PV panels can help the market advance at a rapid pace in the near future.
Effective deployment of IT services for digitizing construction permits coupled with lenient regulations for complex building standards lowers down the approval processes and time to initiate a construction process. To cite a reference, in the United States (U.S.), the advanced mobile inspection technology along with e-permit systems has decreased the approval time by more than 30%, with the number of on-site inspections reduced by 25%. Increasing deployment of 3D modeling, as well as Building Information Modelling (BIM) concepts in construction of superstructures, bridges and electricity networks, is expected to boost the demand for civil engineering market in the coming years.
Furthermore, higher growth opportunities for infrastructure planners, owners, and operators are offering multiple prospects for infrastructural advancement. Rising urbanization combined with steady economic growth of emerging countries like South Korea, the UAE, and South Africa will augment industrial infrastructural development. Also, increasing use of designing software including Revit and AutoCAD to produce accurate engineering drawings offer cost-effective approach for civil engineering designs. These factors are deemed to lead the worldwide market to greater heights in the years to come.
Market Segmentation
The worldwide civil engineering market has been segmented with regard to service, application, and customer group.
The service segment is split into construction, planning & design, maintenance, and others. Between these, construction segment’s coverage of the market was the largest in 2017 and it has the potential to maintain its lead till 2023. The growth-inducing factors can be surge in industrial construction projects and technological developments in construction material and equipment industry.
Depending on the application, the market is considered for real estate, industrial, and infrastructure. The real estate segment covered the maximum portion of the market in 2017 and can retain its top position throughout the forecast period. Meanwhile, the industrial segment is touted to achieve the highest growth rate in the market, given the rise in industrial construction activities in developing countries like India and China.
With respect to the customer group, the market includes government and private sectors. Government is identified as the leading segment with the largest share of close to 40% in the civil engineering market, owing to several government policies and frameworks within the construction industry. But the private sector can attain higher CAGR in subsequent years, on account of the surge in consumer disposable income as well as increased spending on households.
Regional Outlook
North America, Europe, Asia Pacific (APAC) along with the rest of the world (RoW) have been identified as the prime markets for civil engineering.
APAC steals the limelight by attaining the top position in the global civil engineering market. frequent technological advancements in the construction industry stand as an important factor responsible for the superlative performance of the regional market. Mounting demand for civil engineering market is also in response to rising industrialization, urbanization, and surge in spending capacity of people. Various economies in the region are solidifying, and the positive outlook reflects long-term growth. The region is gradually transitioning towards the position of a worldwide economic powerhouse, which gives a significant boost to the infrastructure. With the rising demand for infrastructure projects, the demand for imported building and construction materials and services is only going to mount in the near future. This gives a substantial push to market growth in the region.
The civil engineering market in Europe can note considerable growth during the given timeframe. Constant technological advancements, as well as innovations in construction techniques coupled with emerging digitalization trends, promote market growth in the region. Mushrooming demand for quicker, smarter, and cost-effective building processes in prominent countries like France, Germany, the United Kingdom (UK), and Italy can benefit the market. On top of that, surging preference for advanced building concept designs coupled with supportive government regulations can lead to further market expansion in the upcoming years.
North America civil engineering market will showcase noteworthy growth during the conjectured period, thanks to rising investments in infrastructure & construction projects by esteemed vendors. High growth in the U.S. economy also results in business expansion. In addition, consistent development of sewage networks in different cities in the region works in favor of the market.
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List Of Tables
Table 1 Global Civil Engineering Market, By Region, 2018–2023
Table 2 North America: Civil Engineering Market, By Country, 2018–2023
Table 3 Europe: Civil Engineering Market, By Country, 2018–2023
Table 4 Asia-Pacific: Civil Engineering Market, By Country, 2018–2023
Table 5 RoW: Civil Engineering Market, By Country, 2018–2023
Table 6 Global Civil Engineering Market, By Service, By Region, 2018–2023
Table 7 North America: Civil Engineering Market, By Service, By Country, 2018–2023
Table 8 Europe: Civil Engineering Market, By Service, By Country, 2018–2023
Table 9 Asia-Pacific: Civil Engineering Market By Service, By Country, 2018–2023
Table 10 RoW: Civil Engineering Market By Service, By Country, 2018–2023
Continued…….
List Of Figures
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top Down & Bottom Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
FIGURE 8 Global Civil Engineering Market Share, By Service, 2017 (%)
FIGURE 9 Global Civil Engineering Market, By Service, 2018–2023 (USD MILLION)
FIGURE 10 Global Civil Engineering Market Share, By Application, 2017 (%)
Continued…….
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