Dublin, Nov. 23, 2022 (GLOBE NEWSWIRE) -- The "Architectural, Engineering Consultants And Related Services Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.
The global architectural, engineering consultants and related services market reached a value of nearly $1,290.1 billion in 2021, having increased at a compound annual growth rate (CAGR) of 2.4% since 2016. The market is expected to grow from $1,290.1 billion in 2021 to $1,650.9 billion in 2026 at a rate of 5.1%. The market is then expected to grow at a CAGR of 4.0% from 2026 and reach $2,010.1 billion in 2031.
This report describes and explains the global architectural, engineering consultants and related services market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period in the architectural, engineering consultants and related services market resulted from rise in demand for environmentally safe and certified buildings, strong economic growth in emerging markets, rise in construction activity, globalization and rise in domestic manufacturing. The market was restrained by outbreak of coronavirus disease (covid-19), shortages of skilled workers, rising material costs and geo-political tensions.
Going forward, technological advances, increasing infrastructure development expenditure by governments, green construction and rise in disposable income will drive the market in future. Factors that could hinder the growth of the market in the future include rising costs and decreasing margins and lack of skilled workers.
The architectural, engineering consultants and related services market is segmented by type into engineering services, architectural services, surveying & mapping services, geophysical services, laboratory testing services and building inspection services and drafting services.
The engineering services segment was the largest segment of the engineering services market segmented by type, accounting for 76.4% of the total in 2021. Going forward, the architectural services segment is expected to be the fastest growing segment in the architectural, engineering consultants and related services market segmented by type, at a CAGR of 5.5% during 2021-2026.
The engineering services market is segmented by type into civil engineering services, electrical engineering services, mechanical engineering services and other engineering services. The civil engineering services segment was the largest segment of the engineering services market segmented by type, accounting for 50.9% of the total in 2021.
Going forward, the other engineering services segment is expected to be the fastest growing segment in the engineering services market segmented by type, at a CAGR of 6.4% during 2021-2026.
The building and structural architectural services segment was the largest segment of the architectural services market segmented by type, accounting for 90.0% of the total in 2021. Going forward, the building and structural architectural services segment is expected to be the fastest growing segment in the architectural services market segmented by type, at a CAGR of 5.7% during 2021-2026.
The geophysical data collection segment was the largest segment of the geophysical services market segmented by type, accounting for 52.0% of the total in 2021. Going forward, the other geophysical services segment is expected to be the fastest growing segment in the geophysical services market segmented by type, at a CAGR of 3.9% during 2021-2026.
The other applications segment was the largest segment of the architectural, engineering consultants and related services market segmented by application, accounting for 54.3% of the total in 2021. Going forward, airport segment is expected to be the fastest growing segment in the architectural, engineering consultants and related services market segmented by application, at a CAGR of 7.2% during 2021-2026.
The architectural, engineering consultants and related services market is also segmented by service provider into large enterprise, and small and medium enterprise. The large enterprise segment was the largest segment of the architectural, engineering consultants and related services market segmented by service provider, accounting for 54.2% of the total in 2021. Going forward, small and medium enterprise segment is expected to be the fastest growing segment in the architectural, engineering consultants and related services market segmented by service provider, at a CAGR of 5.9% during 2021-2026.
Western Europe was the largest region in the architectural, engineering consultants and related services market, accounting for 33.1% of the total in 2021. It was followed by the North America, Asia Pacific and then the other regions.
Going forward, the fastest-growing regions in the architectural, engineering consultants and related services market will be Asia Pacific and Western Europe where growth will be at CAGRs of 6.5% and 5.2% respectively during 2021-2026. These will be followed by North America and Africa, where the markets are expected to register CAGRs of 4.3% and 4.2% respectively during 2021-2026.
The architectural, engineering consultants and related services market is highly concentrated with a small number of large players dominating the market. The top ten competitors in the market made up to 3.57% of the total market in 2021. PowerChina was the largest competitor with 1.05% of the market, followed by AECOM with 0.63%, WSP Global Inc with 0.43%, SNC-Lavalin with 0.38%, Jacobs Engineering Group with 0.31%, John Wood Group PLC with 0.24%, Stantec Inc. with 0.19%, Fluor Corp with 0.16%, Bechtel Corporation with 0.14% and IBI Group Inc with 0.02%.
Top Opportunities
- The top opportunities in the architectural, engineering consultants and related services market segmented by type will arise in engineering services segment, which will gain $274.0 billion of global annual sales by 2026.
- The top opportunities in the engineering services market segmented by type will arise in civil engineering services segment, which will gain $122.5 billion of global annual sales by 2026.
- The top opportunities in the architectural services market segmented by type will arise in building and structural architectural services segment, which will gain $45.6 billion of global annual sales by 2026.
- The top opportunities in the geophysical services market segmented by type will arise in geophysical data collection segment, which will gain $0.5 billion of global annual sales by 2026.
- The top opportunities in the architectural, engineering consultants and related services market segmented by application will arise in other applications segment, which will gain $146.2 billion of global annual sales by 2026.
- The top opportunities in the architectural, engineering consultants and related services market segmented by service provider will arise in small and medium enterprise segment, which will gain $195.7 billion of global annual sales by 2026.
- The architectural, engineering consultants and related services market size will gain the most in the USA at $88.9 billion.
Major Market Trends
- Rising Virtual Architectural Firms
- Move Towards "Carbon Neutral" Building
- Use Of Artificial Intelligence In AEC Industry
- Increasing Trend And Demands For Sustainable Architecture
- Modular Design For Flexibility
- Extensive Use Of Computer-Aided Design (CAD) For Mechanical Engineering Services
- Engineering Services Firm Focus Towards Improved Connectivity
Customer Information
- Firms Are Positioning Themselves For Renewed Growth Through A Mixture Of New And Old Working Methods
- There Are Skills Shortages In The Construction Industry
- COVID Affects Home Buyers Housing Preferences
- COVID Impact Affected The Construction Industry
- Strategic Enterprise Architects Drove The Transformation In The Architecture Industry
Scope
Markets Covered:
- By Type: Engineering Services; Architectural Services; Surveying & Mapping Services; Geophysical Services; Laboratory Testing Services; Building Inspection Services; Drafting Services
- By Engineering Services: Civil Engineering Services; Electrical Engineering Services; Mechanical Engineering Services; Other Engineering Services
- By Architectural Services: Landscape Architectural Services; Building And Structural Architectural Services
- By Geophysical Services: Geophysical Data Collection; Geophysical Data Sales; Integrated Geophysical Services; Other Geophysical Services
- By Application: Road; Rail; Port; Airport; Pipeline; Power; Other Applications
- By Service Provider: Large Enterprise; Small And Medium Enterprise
Companies Mentioned
- PowerChina
- AECOM
- WSP Global Inc.
- SNC-Lavalin
- Jacobs Engineering Group
For more information about this report visit https://www.researchandmarkets.com/r/xfiqkd
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