Jul 22, 2020 9:50 PM ET
iCrowd Newswire – Jul 22, 2020
Market Research Future published a research report on “Civil Engineering Market Research Report- Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
As COVID-19 breakthrough and its fears are blowing up, Market Research Future finds in its study that the global civil engineering market might see a bright future and expand at a CAGR of approximately 5.4% during the forecast period 2018-2023.
Top Impacting Factors
The long term impact of COVID-19 globally calls for redefining business strategies of various industries, including civil engineering. Similarly, the global civil engineering market is also affected by the worldwide pandemic, which is provided under Civil Engineering Market with the report. The market has expanded in recent years owing to many factors such as surging demand for environment-friendly buildings under supporting government initiatives and rising urban population across major metropolitan cities on a global scale. These factors are showing a positive outlook for the civil engineering market size to increase in the forecasted period.
Some more factors, such as rising R&D investments by giant industry players for several technologies such as urban mobility, smart grids, parking systems, and industrial automation, offer innovative systems and alternatives to customers. In fact, rising inclination of consumers towards zero-energy and insulated buildings integrated with double skin facade and PV panels have eventually raised possibilities to escalate the market share over the future timeframe.
To add in this, the current higher potential opportunities for operators, infrastructure planners, and owners are endowing numerous prospects for infrastructural development. Also, rapid urbanization coupled with swelling economic growth in developing nations of South Korea, South Africa, and the UAE will propel the civil engineering market. The market, in the current scenario, is witnessing an increased utilization of AutoCAD and Revit, designing software for producing accurate engineering drawings is bestowing a cost-effective approach for civil engineering designs. This approach is bringing new and more lucrative job openings and other opportunities in the market, making it more valuable for future timeframe.
Top Market Players
Top players operating in the global civil engineering market are listed as Amec Foster Wheeler plc (UK), AECOM (US), SNC-Lavalin (Canada Jacobs Engineering Group, Inc. (US), United States Army Corps of Engineers (US), Fluor Corporation (US), Galfar Engineering & Contracting SAOG (UAE), Tetra Tech, Inc. (US), HDR, Inc. (US), and Stantec, Inc. (Canada).
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Segmentation of Market: Civil Engineering
The global civil engineering market has been studied over segmentation, which includes segments of service, application, and customer group.
The service segment is classified among construction, planning & design, maintenance, and more. Based on this, the construction segment acquired the largest share in the year 2017 and is now ready to retain this position till 2023 year-end. The reason causative directs towards the rise in industrial and infrastructural construction projects coupled with technological advancements in the construction material and equipment industry. These would further propel the growth of the civil engineering market, as a whole.
The application segment has included real estate, industrial, and infrastructure. The real estate segment acquired the largest market share in 2017, which is anticipated to retain its position until 2023. On the other side, the industrial segment is also expected to reveal the maximum growth rate in this market, owing to the expansion of industrial construction activities in emerging economies such as China and India.
The customer group segmentation has included government and private sectors. The government segment emerged as the foremost segment, which acquired a larger market share of around 40% in the overall civil engineering market.
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As per MRFR’s study, the North America civil engineering market will platform a significant growth at 5.0% from 2019 to 2025. Rising investments in infrastructure & construction projects by giant market players and growth in the U.S. economy are among the high-flying factors supporting business expansion. Furthermore, unremitting development of sewage networks across foremost metropolitan cities in North America will further thrust the industry landscape. In the case of point, as per the American Water Works Association report conducted in the year 2017, over USD 1 trillion will be required to expand & maintain service for meeting the consumer demands in the next 25 years.
Europe’s civil engineering market place will also witness substantial growth over the study timeframe. The rapid technological advancements & innovations in construction techniques, along with noteworthy digitalization trends, will encourage the market share across the region. Also, rising demand for smarter, faster, and more affordable building processes in significant economies, including France, Germany, UK, and Italy, will soar the regional market growth. Moreover, variable preference towards advanced building concept designs in conjunction with supportive government regulations will endow with a positive outlook for the market expansion.
Table Of Contents: Global Civil Engineering Market
- Executive Summary
- Scope Of The Report
- Research Methodology
- Civil Engineering Market Landscape
- Pipeline Analysis
- Five Forces Analysis
- Civil Engineering Market Segmentation
- Customer Landscape
- Regional Landscape
- Decision Framework
- Drivers And Challenges
- Civil Engineering Market Trends
- Vendor Landscape
- Vendor Analysis
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Keywords: Civil Engineering, Civil Engineering Market, Civil Engineering Market Size, Civil Engineering Market Share, Civil Engineering Market Trends