LOS ANGELES, Feb. 14, 2019 (GLOBE NEWSWIRE) -- The global civil engineering market size in terms of revenue expected to be value at USD 12.06 trillion by 2026 growing at a 5.7% CAGR during the forecast period.
Progress in infrastructure development has also favoured the market, along with stringent government standards, regulations and increase in international investments in developing markets such as Asia Pacific and Middle East and Africa (MEA).
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Increase in disposable income coupled with rapid rise in the middle-income population is the factor driving the global civil engineering market, mainly in India and China. Additionally, advancement in technology in various civil engineering processes and event, in addition to advent of various software and solutions, has encouraged the market to a great extent.
Regulations in North America and Europe concerning emission of volatile organic compounds (VOC) during construction are likely to encourage demand for precast construction products in these regions. Organization and companies occupied in civil engineering all over the world are more and more focusing on eco-friendly building products attributable to growing awareness about the importance of green products and energy efficiency. Introduction of new technologies and materials is expected to create lucrative opportunities for players over the next few years.
Huge investments by governing bodies in order to improve infrastructure is likely to impact the global civil engineering market positively during the forecast period. Various developing markets are providing financial benefits to encourage regional development, both in terms of investment and infrastructure development. Rapid increase of global population is expected to create significant requirement for residential infrastructure and construction. A blooming real estate sector in emerging economies such as China and India is expected to additionally drive the market.
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The global civil engineering market is expected to be driven by an expanding residential sector in the emerging economies of Asia Pacific. Rapid rise in urban population, coupled with growing need to accommodate them is a key factor encouraging global civil engineering market.
The global civil engineering market is segmented into service, application, customer and regions. On the basis of service the global civil engineering market is segmented into planning and design, construction, maintenance, and other. On the basis of application, the global civil engineering market is segmented into real estate, infrastructure, and industrial. On the basis of customer, the global civil engineering market is segmented into government, private and other. On the basis of region the global air pollution control system market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
In terms of service, construction segment is recorded as the prominent segment, occupying a share of over 25% in 2017. The construction business in Asia Pacific has been rapidly gaining traction in recent years and has experienced plentiful unique architectural designs and technological advancements. Latest advances in the sector are expected to revolutionize the civil engineering market and encourage segment growth during the forecast period.
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On the basis of application, real estate segment held majority share in the global civil engineering market in terms of revenue. Fast growth in global population is likely to generate significant demand for residential construction. Additionally, advancement and innovation in building materials is expected to shape civil engineering designs during the forecast period. Higher efficiency, enhanced capacity, and affordable pricing of some of these civil engineering materials is expected to encourage its adoption in the global market. Also, availability of various finance and banking facilities is predicted to benefit the segment by 2026.
Europe civil engineering market is the second largest market in terms of revenue, accounting for a share of over 25% in 2017. The construction segment has been a primary provider to the overall GDP in most countries across the region.
The key players catering to the global civil engineering market are AECOM, Amec Foster Wheeler plc, United States Army Corps of Engineers, SNC-Lavalin, Jacobs Engineering Group, Inc., Galfar Engineering & Contracting SAOG, Fluor Corporation, HDR, Inc., Tetra Tech, Inc., Stantec, Inc. and among others. The global players are continuously investing in R&D activities and innovating to have updated technology based product portfolio to attract more and more business opportunity from the emerging nation such as that in Asia Pacific countries.
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