Civil Engineering Market trends| Share |Strategies | 2022-2031 | Contracting SAOG (UAE), AECOM (US), Amec Foster Wheeler plc (UK)
Civil Engineering Market
Drivers and Restraints
The global demand for civil engineering is expected to see tremendous growth in the coming years due to the rise in disposable income coupled with technical advancements in civil engineering projects in the entire construction industry. High demand for residential and infrastructure is expected to generate remarkable growth in the civil engineering industry in emerging economies such as India, China, and other South Asian countries. Growing emphasis on innovation in construction materials is one of the building industry trends, which is expected to increase demand for civil engineering designs over the forecast period.
To develop infrastructure, major government sector investments are expected to fuel demand for a global market in civil engineering by the end of 2023. The impressive growth of the real estate sector in Asia-Pacific developing countries, such as India and China, will also fuel demand for the industry in civil engineering.
Segmental Analysis
The global Civil Engineering Market has been analyzed on the basis of application, service, and customer group. The service segment is classified into construction, planning & design, maintenance, and others. Based on operation, the Construction segment accounted for the largest share in 2017, and this position is expected to continue until 2023. This is due to a rise in industrial and infrastural construction projects coupled with technological developments in the construction materials and machinery industry, which further propelled the growth of the general market for civil engineering.
The market is divided into commercial, immovable property and services dependent on demand. The category of immovable property accounted for the largest market share in 2017 and is expected to hold this position until 2023. The industrial segment, however, anticipated showing maximum growth rate in this market. This is due to increasing industrial-building activities in emerging economies like China and India.
The customer group is divided into government and private sectors depending on the consumer community. The government segment emerged as the dominant segment that accounted for the overall civil engineering sector’s larger market share of about 40 percent, due to various government policies and frameworks in the construction industry. The private sector, however, is projected to see higher CAGR over the forecast period, which is due to the increase in consumer disposable income coupled with increased household spending.
Regional Analysis
The geographical overview of the global Civil Engineering market has been conducted in four major regions, comprising the Asia Pacific, North America, Europe, and the rest of the world. Asia-Pacific has held the largest share of the market in civil engineering. The demand in this area is driven largely by technological advancements in the building industry coupled with the involvement of manufacturers in this sector. Asia-Pacific area is also predicted to see the highest rate of growth over the forecast period. Although most of the firms are based in the US, the Asia-Pacific region has experienced an unprecedented increase in demand for market in civil engineering. Companies based in the US are now setting up operations in countries such as India and China, which offer tax advantages and lower production costs.
Competitive Analysis
The major market players operating in the global Civil Engineering market as identified by MRFR are Galfar Engineering & Contracting SAOG (UAE), AECOM (US), Amec Foster Wheeler plc (UK), United States Army Corps of Engineers (US), SNC-Lavalin (Canada), Jacobs Engineering Group, Inc. (US), Fluor Corporation (US), HDR, Inc. (US), Tetra Tech, Inc. (US), and Stantec, Inc. (Canada).
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