Civil Engineering Market growth
Civil Engineering Market Driven by Growing Industrial Construction in Asia Pacific
The global civil engineering market is expected to exhibit a solid 5.20% CAGR over the forecast period till 2023, according to the latest research report from Market Research Future (MRFR). The report provides a comprehensive overview of the global civil engineering market, including a detailed look at the past, present, and future of the global civil engineering market. Detailed information about the past growth trajectory of the global civil engineering market is used to base accurate forecasts about the market’s growth prospects over the forecast period. This gives readers an accurate overview of the market’s likely growth prospects over the forecast period. The report also examines the global civil engineering market’s major drivers and restraints. Leading players in the global Civil Engineering Market are also profiled in the report in order to provide readers with a clear overview of the competitive landscape of the market. The impact of the COVID-19 pandemic on the global civil engineering market is also examined in the report.
Civil engineering is a crucial field of study covering construction projects of all kinds. The growing construction industry in recent years has been a major driver for the civil engineering market. Growing residential construction in emerging economies in Asia Pacific, Latin America, and the Middle East is likely to remain a major driver for the global civil engineering market over the forecast period. Residential real estate accounts for a major share in the global civil engineering market. Growing urbanization in emerging regions has led to a growing demand for residential construction in recent years. Growing inflow of rural workers and other immigrants has led to a population boom in major urban centers in countries such as India, China, Mexico, Brazil, and Argentina. This has led to a growing demand for residential construction to house all the new residents. This is likely to remain a major driver for the global civil engineering market over the forecast period.
Growing industrial construction in dynamic markets is also likely to remain a major driver for the global civil engineering market over the forecast period. Countries such as China and India have been home to rapidly growing industrial construction sectors due to the growing manufacturing sector in these countries. The automotive industry has grown rapidly in these two countries in recent years due to the growing demand from local consumers and growing readiness among global automotive giants to set up manufacturing plants in the two countries. The low labor rates in India and China have led to a growing scope of the manufacturing sector in recent years, leading to growing industrial construction. This is likely to be a major driver for the civil engineering market over the forecast period.
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Competitive Leaderboard:
Leading players in the global civil engineering market include Stantec Inc., Tetra Tech Inc., HDR Inc., Fluor Corporation, Galfar Engineering & Contracting SAOG, SNC-Lavalin (Canada Jacobs Engineering Group Inc.), U.S. Army Corps of Engineers, Amec Foster Wheeler plc, and AECOM.
Segmentation:
The global civil engineering market is segmented on the basis of service, application, customer group, and region.
By service, the global civil engineering market is segmented into construction, planning and design, maintenance, and others.
By application, the global civil engineering market is segmented into industrial, real estate, and infrastructure.
By customer group, the global civil engineering market is segmented into government and private.
Regional Analysis:
Asia Pacific holds the maximum share in the global civil engineering market and is likely to retain its dominant lead over the forecast period, mainly due to the growing civil engineering industry in China and India. India and China have been major drivers of industrial growth in recent years, with growing urbanization and industrialization leading to a growing demand for residential as well as industrial construction. The increasing government expenditure on infrastructure in India and China is also likely to be a major driver for the civil engineering market in Asia Pacific over the forecast period.
About Market Research Future:
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