The global civil engineering market size is projected to be valued at USD 12.08 trillion by 2025 at a 5.6% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Rise in disposable income, coupled with rapid expansion of the middle-income population group, is driving the civil engineering market, particularly in China and India. Moreover, technological advancements in various civil engineering procedures, along with advent of various software and solutions, has favored the market to a great extent.
Large investments by governments to improve infrastructure is expected to boost the global civil engineering market by 2025. Developing countries are offering financial benefits to encourage regional development, both in terms of investment and infrastructural development. Rapidly increasing global population is expected to generate significant demand for residential construction and infrastructure. A thriving real estate sector in emerging economies such as India and China will further drive the market.
By service, construction has emerged as the largest segment, occupying a 27.82% share in 2017. The construction industry in Asia Pacific has been developing rapidly in recent years and has witnessed numerous technological advancements and unique architectural designs. Recent advances in the sector are expected to revolutionize the civil engineering industry and boost segment growth in the coming years.
On the basis of application, real estate held the dominant share in the global civil engineering market. Rapidly increasing global population is expected to generate significant demand for residential construction. Moreover, innovation in building materials is expected to shape civil engineering designs during the forecast period. Enhanced capacity, higher efficiency and affordable pricing of some of these materials will encourage their adoption in the sector. In addition, availability of various banking and finance facilities is predicted to benefit the segment by 2025.
Government formed the leading segment by customer and held a share of 41.6% in 2017. The segment is anticipated to reach USD 5.01 trillion by 2025 at a CAGR of 5.5% over the forecast period. Governments around the world are making largescale investments to improve infrastructure in their respective countries and provide affordable housing to the population.
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Further key findings from the report suggest:
- Construction formed the largest service segment in North America. The segment is projected to reach USD 661.0 billion by 2025, exhibiting a CAGR of 4.4% over the forecast period
- Europe is the second largest market for civil engineering, accounting for a share of 26.5% in 2017. The construction sector has been a major contributor to the overall GDP in most countries across the region
- Asia Pacific is the largest civil engineering market and held a 33.1% share in 2017. Rising disposable income and rapid expansion of the middle-income population group, particularly in China and India, is driving the APAC market.
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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.