The global civil engineering market size is expected to reach USD 13.35 trillion by 2027, according to a new report by Grand View Research Inc. It is projected to exhibit a CAGR of 5.4% during the forecast period. Rising public-private partnership to aid the investment in infrastructure development in emerging economies is expected to bolster the growth.
Increasing adoption of advanced technologies and digitalization is expected to have positive impact on sustainable development of civil engineering value chain across the globe. These trends are expected to strengthen the network of players in the construction value chain and facilitate the digital transformation process, thereby driving the market for civil engineering.
Numerous market players are focusing on the use of green building products owing to the rising significance of eco-friendly products and energy efficiency. Thus, the shift of construction sector from the use conventional construction materials, is expected to heighten of importance of civil engineering for the successful execution of construction projects.
The government, private contractors, and public-private partnerships are the major buyers of civil engineering services for the development of residential and commercial projects, infrastructure projects, and industrial facilities. Rapid rise in service standardization and establishment of regulatory norms among major economies is anticipated to positively influence the market growth.
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Further key findings from the report suggest:
- Planning & Design service segment is expected to expand at a CAGR of 6.1% over the estimation period owing to its rising significance in mega construction projects involving enormous capital investment for efficient and cost-effective operations
- In 2019, real estate applications held the dominant market share of 41.9% on account of burgeoning demand for single family dwellings and multistoried apartments for rapidly rising population
- The revenue from government sector stood at USD 3.63 trillion in 2019 and is projected to expand at a CAGR of 5.3% over the forecast period on account of rising government investments in infrastructure building in emerging economies
- Asia Pacific accounted for a revenue share of 32.5% in 2019 and is anticipated to continue this trend over the forecast period, owing to rapid expansion of real estate sector along with infrastructure development in emerging economies, such as India and China