Architectural, Engineering Consultants And Related Services Global Market Report 2023: Increasing Investments in Smart Cities to Fuel $1.4 Trillion Industry

DUBLIN, April 4, 2023 /PRNewswire/ -- The "Architectural, Engineering Consultants And Related Services Global Market Opportunities And Strategies To 2032" report has been added to  ResearchAndMarkets.com's offering.

The architectural, engineering consultants and related services market reached a value of nearly $1,440.87 billion in 2022, having grown at a compound annual growth rate (CAGR) of 3.1% since 2017. The market is expected to grow from $1,440.87 billion in 2022 to $1,771.27 billion in 2027 at a rate of 4.2%. The market is then expected to grow at a CAGR of 5.4% from 2027 and reach $2,302.93 billion in 2032.

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 government subsidies and funding. The market was restrained by outbreak of coronavirus disease (covid-19), challenges due to stringent regulation, rising material costs and geo-political tensions.

Going forward, faster economic growth, increasing investment in smart cities, increasing infrastructure development expenditure by governments, and green construction will drive the market in future. Factors that could hinder the growth of the market in the future include Russia Ukraine war 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 76.2% of the total in 2022. 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 6.7% during 2022-2027.

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 51.0% of the total in 2022. 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 5.0% during 2022-2027.

The architectural services market is segmented by type into landscape architectural services and building and structural architectural services. The building and structural architectural services segment was the largest segment of the architectural services market segmented by type, accounting for 90.2% of the total in 2022. 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 6.9% during 2022-2027.

The geophysical services market is segmented by type into geophysical data collection; geophysical data sales; integrated geophysical services and other geophysical services. The geophysical data collection segment was the largest segment of the geophysical services market segmented by type, accounting for 51.6% of the total in 2022. 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 5.6% during 2022-2027.

The architectural, engineering consultants and related services market is also segmented by application into road, rail, port, airport, pipeline, power, other applications. The other applications segment was the largest segment of the architectural, engineering consultants and related services market segmented by application, accounting for 49.7% of the total in 2022. 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 6.3% during 2022-2027.

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 70.0% of the total in 2022. 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 4.3% during 2022-2027.

Western Europe was the largest region in the architectural, engineering consultants and related services market, accounting for 30.8% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the architectural, engineering consultants and related services market will be Middle East, and, South America where growth will be at CAGRs of 13.7% and 13.7% respectively. These will be followed by Africa, and, Asia-Pacific where the markets are expected to grow at CAGRs of 6.5% and 4.8% respectively.

The global architectural, engineering, and related services market is fragmented, with a large number of small players. The top ten competitors in the market made up to 2.63% of the total market in 2021. This can be due to the existence of a number of local players in the market serving customers in particular geographies. Downer EDI Limited was the largest competitor with 0.60% share of the market, followed by WSP Global Inc. with 0.43%, John Wood Group PLC with 0.34%, Jacobs Engineering Group, Inc. with 0.31%, Fluor Corporation with 0.18%, Babcock International with 0.18%, KBR, Inc. with 0.16%, WorleyParsons Limited with 0.15%, Stantec with 0.14%, and Bechtel Corporation with 0.13%.

The top opportunities in the architectural, engineering consultants and related services market segmented by type will arise in engineering services segment, which will gain $214.0 billion of global annual sales by 2027. The top opportunities in the engineering services market segmented by type will arise in civil engineering services segment, which will gain $88.28 billion of global annual sales by 2027. The top opportunities in the architectural services market segmented by type will arise in building and structural architectural services segment, which will gain $64.14 billion of global annual sales by 2027.

The top opportunities in the geophysical services market segmented by type will arise in geophysical data collection segment, which will gain $0.74 billion of global annual sales by 2027. The top opportunities in the architectural, engineering consultants and related services market segmented by application will arise in other applications segment, which will gain $113.76 billion of global annual sales by 2027. 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 $230.43 billion of global annual sales by 2027. The architectural, engineering consultants and related services market size will gain the most in the Chinaat $54.33 billion.

Market-trend-based strategies for the architectural, engineering consultants and related services market include rising virtual architectural firms, move towards carbon-neutral buildings, metaverse architecture, adopting artificial intelligence, use of augmented reality, sustainable architecture, modular design for flexibility and use of Computer-Aided Design (CAD).

The report covers the following chapters

• Introduction and Market Characteristics

Brief introduction to the segmentations covered in the market, definitions and explanations about the architectural, engineering consultants, and related services market.

• Product Analysis

The product analysis section of the report describes the leading products in the architectural, engineering consultants, and related services market along with key features and differentiators for those products.

• Supply Chain

The supply chain section of the report defines and explains the key players in the architectural, engineering consultants, and related services industry supply chain.

• Customer Information

This chapter covers recent customers' trends/preferences in the global architectural, engineering consultants, and related services market.

• Key Trends

Highlights the major trends shaping the global architectural, engineering consultants, and related services market. This section also highlights likely future developments in the market.

• Global Market Size and Growth

Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.

• Regional Analysis

Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.

• Market Segmentation

Contains the market values (2017-2032) and analysis for each segment by type, by industry and by application in the market.

• Regional Market Size and Growth

Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.

• Competitive Landscape

Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.

• Key Mergers and Acquisitions

Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.

• Market Opportunities And Strategies

Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.

• Conclusions And Recommendations

Includes recommendations for architectural, engineering consultants, and related services providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.

• Market Background: Design, Research, Promotional And Consulting Services Market

This chapter describes the parent design, research, promotional and consulting services market of which the architectural, engineering consultants, and related services market is a segment. This chapter includes the global parent market 2017-27 values, and regional and country analyses for the parent market.

• Appendix

This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.

A selection of companies mentioned in this report includes

• Downer EDI Limited
• WSP Global Inc
• John Wood Group PLC
• Jacobs Engineering Group, Inc
• Fluor Corporation

For more information about this report visit https://www.researchandmarkets.com/r/xqfq15

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