The global civil engineering market size is projected to touch USD 13.35 trillion by the year 2027, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 5.4%through the forecast period of 2020-2027. Increasing public-private partnership to promote the investment in infrastructural development in developing nations is anticipated to boost the market growth.
Increasing adaptation of improved digital technologies is projected to have a positive influence on imperishable development of civil engineering value chain all around the world. These trends are anticipated to proliferate the nexus of players in the value chain of construction and promote digital conversion process, thereby, propelling the market growth.
Many market players are concentrating on using green building materials because of increasing importance of environment friendly products and preservation of energy. Thus, the deflection of the construction segment from using ordinary construction materials to sustainable products, is anticipated to increase the significance of civil engineering for efficiently completing construction projects.
The government, public-private partnerships and private contractors are the primary buyers of services provided by the civil engineering industry for developing commercial and residential projects, industrial facilities and infrastructure projects. Rapid increase in the standard of services provided and imposition of regulatory measures in major economies is projected to have a positive impact on the growth of the civil engineering market.
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Further key findings from the report suggest:
• Planning & Design segment is anticipated to grow at a CAGR of 6.1% over the forecast period because of significant rise in construction activities involving huge investments for cost-effective and efficient operations.
• Real estate segment dominated the civil engineering market with 41.9% in 2019 owing to increasing demand for multistoried apartments and single family dwellings for rapidly increasing population.
• The revenue generated from the government sector accounted for USD 3.63 trillion in 2019 and is anticipated to grow at a CAGR of 5.3% in the forecast period owing to increasing government investments in infrastructure in developing countries.
• Asia Pacific dominated the market with 32.5% of share in the total revenue in 2019 and is expected to steadily grow over the forecast period due to rapidly expanding real estate segment in developing countries like China and India.
Million Insights has segmented the global civil engineering market on the basis of service, application, customer, and region:
Civil Engineering Service Outlook (Revenue, USD Billion, 2015 - 2025)
• Planning & Design
Civil Engineering Application Outlook (Revenue, USD Billion, 2015 - 2025)
• Real Estate
Civil Engineering Customer Outlook (Revenue, USD Billion, 2015 - 2025)
Civil Engineering Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia