April 13, 2020
As per the report titled ‘Civil Engineering Market By Customer Group, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, global civil engineering market is expected to record substantial growth during 2019-2025.
Increasing number of smart city projects coupled with integration of new and innovative technologies for building constructions in line with Smart City 1.0 will foster the growth of civil engineering market over the forecast timeline. Huge investments by leading industry players towards the development of smart cities in developing economies including Saudi Arabia, UAE, and India will propel the market growth.
Improvement of transportation infrastructure and growing demand for residential spaces backed by public as well as private investments will continue to drive the market growth. Rising focus towards enhancing public infrastructure to facilitate efficient management and movement of population is also supporting the industry outlook. Moreover, redesigning of existing transportation systems including pedestrian pathways, to avoid congestion while accommodating more traffic will create new growth opportunities in the coming future. Stringent government regulations and policies regarding GHG emission mitigation and shifting focus towards construction of green buildings will further enhance the market growth.
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Based on the customer group, government purchase segment accounted for 50% market share in 2018 and is expected to display strong growth trends during the forecast period. Increasing approvals of various frameworks and policies by government bodies is driving the segment growth. Growing affordability of lower middle-class population for residential spaces in tandem with large scale investments towards improvement for public infrastructure is augmenting the market outlook.
Speaking of the application spectrum, market share from residential buildings segment is poised to witness considerable growth during the study period, owing to increasing population and rapid urbanization in emerging economies such as India, Saudi Arabia, and South Africa. Moreover, rising purchasing power and low interest rate on housing loans will support the business landscape.
Upon analyzing the geographical landscape, Asia pacific civil engineering market is projected to amass USD 5.5 trillion by 2025. Rising government expenditure and increasing initiatives towards several large-scale projects in metropolitan cities across the region are providing impetus to regional market growth. Escalating domestic construction activities alongside rising disposable income, low labor costs, and constant policy support are other rationales supporting the growth of civil engineering market in APAC.
Key players functioning in global civil engineering market are Jacobs, AECOM, Vinci Construction, Boyugues Construction, Hochtief Ag, ACS Actividades De Contruccion Y Servicios, S.A., Hyundai Engineering and Construction Co. Ltd., Bechtel Corporation, Power Construction Corporation of China Ltd., Strabag SE, Construtora Noberto Odebrecht S. A., Kiewit Corporation, Skanska, and Balfour Beatty PLC.
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