Market Research Report
Civil Engineering Market Size, Share & Trends Analysis Report By Services (Planning & Design, Construction), By Application (Real Estate, Infrastructure), By Customers (Govt., Private), By Region, And Segment Forecasts, 2021 - 2028
|Civil Engineering Market Size, Share & Trends Analysis Report By Services (Planning & Design, Construction), By Application (Real Estate, Infrastructure), By Customers (Govt., Private), By Region, And Segment Forecasts, 2021 - 2028|
Published: March 3, 2021
Grand View Research, Inc.
Content info: 145 Pages
Delivery time: 2-10 business days
Civil Engineering Market Growth & Trends
The global civil engineering market size is expected to reach USD 12.05 trillion by 2028 registering a CAGR of 5.7% over the forecast period, according to a new report by Grand View Research, Inc. The rapidly growing residential construction sector on account of the rising population across the globe is expected to drive the growth of this market during the forecast period.
Various government initiatives for infrastructure development, especially in the Asia Pacific, Europe, and Africa regions, are expected to drive market growth. In addition, increasing consumer disposable income levels in emerging economies of Asia Pacific, such as India and China, are expected to drive the real estate segment, thereby benefiting the overall market growth.
Strict regulations in the Europe and North America regions, regarding VOC emissions during the construction process, are expected to boost the demand for precast/prefabricated construction products. The introduction of new materials, such as construction additives and eco-friendly building materials, is expected to create lucrative opportunities for market participants over the forecast period.
The strong presence of prominent civil engineering companies in the market, rise in demand for infrastructural development, need for transportation facilities, and other governmental interests in the engineering investment are some of the key factors that are expected to propel the growth of the market over the forecast period.
Civil Engineering Market Report Highlights
Construction services is expected to grow at a CAGR of 5.5% from 2021 to 2028, which can be attributed to recent advances in the construction sector that are expected to revolutionize the industry and boost the segment growth
Real estate emerged as the dominant application segment in 2020 accounting for over 41% of global revenue share owing to high demand for residential properties as a result of rapid urbanization and increased consumer spending power
The government segment accounted for the largest revenue share of the global market in 2020 and is projected to retain its dominant position from 2021 to 2028 on account of the rising focus on infrastructure development across the globe
Middle East is expected to witness the fastest CAGR over the forecast period owing to growth in the residential construction sector along with the rise in consumer disposable income
Key industry participants are focusing on product portfolio and geographical expansions through mergers & acquisitions
For instance, Stantec acquired Wenck in Dec 2020. The acquisition is anticipated to expand the company's presence in the U.S.
Midwest, thereby providing growth opportunities in the energy, infrastructure, mining, manufacturing, and transportation sectors