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Global Civil Engineering Market to Reach US$ 11.71 Trillion by 2027, Impelled by Rapid Growth in the Construction Industry

Published on Nov 24, 2022

IMARC Group's latest report, titled "Civil Engineering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the global civil engineering market reached US$ 8.38 Trillion in 2021. Civil engineering deals with the planning, designing, development, and maintenance of various constructed structures. It also aids in designing jetliners, airports, and space stations in the aerospace industry. Besides this, it is widely employed in the automotive sector to improve the load-carrying capacity of a chassis and enhance the crashworthiness of bumpers and doors. As a result, civil engineering finds extensive applications in the establishment of schools, hospitals, offices, railways, roads, waterways, harbors, seaports, residential buildings, and drinking water, power supply, and energy systems across the globe.

Global Civil Engineering Market Trends:

Rapid growth in the construction industry due to the expanding global population represents the primary factor driving the market growth. Moreover, there has been a surge in demand for luxury residential properties owing to inflating consumer purchasing power, elevating living standards, and rapid urbanization. Along with this, the increasing consumer spending on renovation and retrofitting activities to modernize and prolong the lifespan of existing structures is positively influencing market growth. Additionally, governments of various nations are focusing on the development of high-quality infrastructure. In line with this, extensive investments in projects to upgrade the existing infrastructure and develop smart cities have strengthened the need for civil engineering. Apart from this, the rising utilization of modularization strategies and connected construction via novel technologies to improve operational efficiency and productivity has catalyzed market growth. Furthermore, several key players are adopting advanced materials, such as durable and high-strength concrete, geotextiles, geosynthetics, fire-resistant timbers, and self-healing items, which is anticipated to expand product applications in the oil and gas, chemical, power, and utility sectors. Other factors, including the ongoing digital transformation of construction activities, rapid industrialization, increasing adoption of green building materials, and continual technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 11.71 Trillion by 2027, growing at a CAGR of 5.60% during the forecast period (2022-2027).

Market Summary:

  • Based on the service type, the market has been categorized into planning and design, construction, maintenance, and others.
  • On the basis of the application, the market has been divided into real estate, infrastructure, and industrial.
  • The market has been classified based on the end user into government, private, and others.
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.  
  • The competitive landscape of the market has also been analyzed, with some of the key players being ACS Actividades de Construcción y Servicios S.A., AECOM, Fluor Corporation, Hyundai Engineering and Construction Co. Ltd. (Hyundai Motor Company), Jacobs Engineering Group Inc., Laing O'Rourke, Power Construction Corporation of China Ltd., Royal BAM Group NV, Saipem S.p.A. (Eni S.p.A.), Strabag SE (Basalt-Actien-Gesellschaft), Tetra Tech Inc., and Vinci SA.
     

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