The global architectural services market size is anticipated to reach USD 474.36 billion by 2028, registering a CAGR of 4.7% over the forecast period, according to a new report by Grand View Research, Inc. Investments in infrastructure projects such as smart city, and renovation of aging infrastructure in developed and developing economies is expected to fuel market growth. Furthermore, subsequent government efforts and commitment to drive investments in the infrastructure sector are expected to favor industry growth. For instance, in January 2019, the Saudi Arabia government announced its plan to develop a zero-carbon city as a part of the Neom project, subsequently contributing to the country’s economic growth.
Advancements
in technology will play a pivotal role in the dissemination of architectural
services. The implementation of BIM or advanced designing techniques/software
will provide an edge over the competitors. Standardization of policies
governing the architectural services industry will help foster market growth
globally. Policies will help streamline guidelines concerning complex design or
engineering requirements, creating a level playing platform for service
providers across the globe.
Architectural
services rely majorly on the construction and logistics industry and play a
significant role in uplifting a country's economy. The impact of COVID-19 has
negatively affected the market growth as the construction projects are at a
halt due to labor and fund shortage. Continued planned investments in infrastructure
projects remain halted for the short and medium-term across regions. However,
the market is expected to grow as every sector recovers, and supply chain
operation continues with a decline in COVID-19 cases across countries.
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Architectural
Services Market Report Highlights
- The market is
expected to expand at a CAGR of 4.7% over the forecast period. The demand
for architectural services is expected to proliferate as construction
activities continue to rise. However, the market has been hit by the
COVID-19 pandemic, which has restricted construction activities globally,
resulting in a minor impediment to the growth
- Urban
planning services are expected to register the highest CAGR exceeding 4.0%
over the forecast period. Growing investments in rural-urban
infrastructure projects and sustainable infrastructure initiatives as a
part of smart city developments are expected to increase the demand over
the forecast period
- The
hospitality end-use sector is expected to exhibit a higher CAGR of more
than 3.0% over the forecast period. Developments in transport
infrastructures as a consequence of mega-events such as the FIFA World Cup
and Summer Olympics, coupled with rising inclination towards tourism, is
expected to upkeep segment growth by 2028
- The Asia
Pacific region dominated the market for architectural services in 2020 and
is expected to continue its growth over the forecast period. The regional
growth can be attributed to the increasing construction activities in
developing countries such as China, India, and Indonesia over the forecast
period
- Some of the
key vendors operating in the market include AECOM, Gensler, HDR, HOK, and
NIKKEN SEKKEI LTD. In May 2020, the architectural service vendor
PERKINS&WILL, in collaboration with Denmark studio Schmidt Hammer
Lassen Architect and multi-disciplinary design group Arup, have designed
mobile testing labs by retrofitting out-of-use school buses to fulfill the
need for inexpensive, quick, and scalable testing labs.
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Architectural
Services Market Segmentation
Grand View Research has
segmented the global architectural services market based on service type,
end-user, and region:
Architectural
Service Type Outlook (Revenue, USD Million, 2016 - 2028)
- Architectural Advisory Services
- Construction and Project Management Services
- Engineering Services
- Interior Design Services
- Urban Planning Services
- Others
Architectural
Service End-user Outlook (Revenue, USD Million, 2016 - 2028)
- Education
- Government
- Healthcare
- Hospitality
- Residential
- Industrial
- Retail
- Others
Architectural
Service Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Sweden
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
List of Key
Players in the Architectural Services Market
- AECOM
- Aedas
- DP Architects Pte Ltd
- Foster + Partners
- Gensler
- HKS Inc.
- PCL Constructors Inc.
- HDR
- HOK
- IBI Group
- Jacobs Engineering Group
- NIKKEN SEKKEI LTD
- PERKINS&WILL
- Perkins Eastman
- Stantec
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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