LONDON, Nov. 7, 2016 /PRNewswire/ -- Architecture, engineering consultants and other related services comprise activities that provide support to planning and designing of construction related businesses of all sizes across all sectors. Business entities that are engaged in providing architectural, engineering and related services are generally referred as architectural firms or engineering consultancy firms.
Europe was the largest geographic market in the architecture, engineering consultants and other related services market in 2015, accounting for $375 billion or 35% of the global market. This was mainly due to high demand for residential, commercial, industrial and landscape architectural services in the region. The Americas was the second largest geographic market, accounting for $340 billion or 30% of the global market. Asia was the third largest geographic market, accounting for $270 billion or 25% of the global market. Oceania accounted for 6% and $70 billion, while The Middle East & Africa accounted for 5% of the global architecture, engineering consultants and other related services market.
Global per capita architectural, engineering consultants and other related services expenditure grew from $135 in 2011 to $150 in 2015 at a CAGR of 3% and is expected to grow to $180 in 2019 at a CAGR of 5%.
Rising cost pressures and increasing competition among the architectural, engineering firms is expected to drive architecture, engineering and related service companies' consolidation and restructuring in the forecast period. According to a survey of architecture and interior design firms by Zweig Group 2015, 68% of the firms said that they are considering either merger or acquisition in the next five years thereby indicating high merger activity over the next five years in the architecture and engineering services industry.
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