Astute Analytica reports that the global Smart Cities Engineering and Construction (E&C) Services Market size will grow from USD 106.64 Billion in 2020 to USD 453.07 Billion by the year 2030. The global market will record a tremendous compound annual growth rate (CAGR) of 16.5% during the study period, i.e., 2022-2027.
The report’s segmentation section focuses on each category while also identifying those with the greatest influence on the Smart Cities Engineering and Construction (E&C) Services Market. The segmentation provided the framework for locating businesses and assessing their financial health, product portfolios, and potential for future growth. In order to forecast the level of competition, the second step involved analyzing the core competencies and market shares of leading companies. To determine the size of the market as a whole, a bottom-up approach was adopted.
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Increasing digitization in public safety and transportation
The increasing use of digitization tools in transportation, as well as public safety services, is estimated to boost the market growth. Smart sensors are used for improving the traffic flow as well as to improve transport efficiency. By using smart cities’ E&C services, there can be improved efficiency as well as sustainable gains from digital innovations. These innovations can offer new ways for delivering public services and also optimize the use of idle or surplus resources. Furthermore, the tourism sector in these cities can benefit from improved dissemination management, such as seamless transport. Also, smart grids can be connected to the transport system and home devices for managing energy supply and demand more efficiently. Therefore, increasing digitization in public safety and transportation is expected to boost market growth.
Rising number of government initiatives promoting smart cities
Various government initiatives along with public-private partnerships are boosting market growth. For instance, China has various smart city initiatives which are combining metering devices, embedded sensors, and other such monitoring technologies with artificial intelligence analysis and big data processing for assisting in managing the public spaces as well as the cities. As of 2020, the country has about 800 smart cities pilot programs in planning or processes. This is about half of the total smart cities across the globe. Such initiatives are anticipated to boost the market growth over the forecast period.
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The global smart cities engineering and construction (E&C) services market is segmented into technology, component, application, and deployment.
By Service Type,
? End to end services
? Master Planning
? Conceptual Architecture
? Geotechnical Engineering & Material Testing
? Design Engineering
? Feasibility Studies
? ICT Consulting
? Environment Impact Assessment
? Tenders & Bid Management
? Vendor Selection & Onboarding
The ICT consulting segment accounted for the largest share as well as is expected to grow at the fastest CAGR of 18% owing to the rising demand for ICT consulting services in the smart cities market. Furthermore, the end-to-end services segment is anticipated to hold the second-largest market share.
? Design/ Consulting
? Other Solutions
The infrastructure segment accounted for the largest share owing to the rapidly growing construction industry globally. The software segment is estimated to foresee the highest growth rate during the forecast period.
o Residential & Commercial Complexes
o Hospitality Building
o IT Parks
o Educational Campuses
o Healthcare Facilities
o Recreation & Training Centers
? Urban Development
o Greenfield Smart Cities
o Integrated Townships
o Brownfield City Upgrades
o Townships & Port Cities
o Roads & Highways
? Industrial Manufacturing
o Agriculture Machinery
o Aerospace & Defense Manufacturing
The urban development segment is expected to lead the market with over 44% of the share owing to the rising development of smart city projects in the urban areas. The buildings segment is expected to grow at the fastest rate during the forecast period.
? Smart Grid
? Citizen Services
o Safety & Security
The smart grid segment accounted for the largest market share owing to the rising demand for smart cities' E&C services for this application. The IoT segment is estimated to grow at the fastest rate over the projected period.
By City Topography,
? Developed Economies
? Emerging Economies
The developed economies segment accounted for the largest market share owing to the favorable government initiatives in these economies. The emerging economies segment is likely to witness the fastest CAGR of 18%.
On a regional basis, the global Smart cities engineering and construction (E&C) services market is segmented into North America, Europe, Asia Pacific, Middle East, Africa, and South America.
The Asia Pacific region holds the largest market share of more than 34% as well as is expected to grow at the fastest growth rate owing to rising focus on the development of digital infrastructure and presence of fast-developing economies, such as India and China, where their governments are investing heavily to develop smart cities, which is also fuelling the engineering and construction (E&C) services.
The North American region accounted for the second-largest market share owing to the well-developed ICT infrastructure and the presence of prominent technology vendors. The presence of various international councils in the region is also anticipated to drive market growth.
Key players operating in the global Smart cities engineering and construction (E&C) services market include Engineering Consulting Firms, AECOM, Arup, Bleak & Veatch Singapore, Buro Happold, Daxue consulting - China, Gaia Smart Cities Solutions Pvt. Ltd, Incheon smart city corporation - Korea, McKinsey, Meinhardt Group, Mott MacDonald, PWC, Surbana Jurong Private Limited - Singapore, Tata Consulting Engineers, TuV, WSP Global Inc, Accenture, IBM, Microsoft, Cisco, Honeywell International, Inc., and other Telecom & IT companies and Ecosystem Players.
The approximate market share of the nine major players is near about 52%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in March 2021, Aecom signed a USD 2 billion contract with the U.S. Air Force Civil Engineer Center for delivering planning, design, and construction management services to the center.
The global Smart cities engineering and construction (E&C) services market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Smart cities engineering and construction (E&C) services market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Smart cities engineering and construction (E&C) services market report answers questions such as:
? What is the market size and forecast of the Global Smart cities engineering and construction (E&C) services Market?
? What are the inhibiting factors and impact of COVID-19 on the Global Smart cities engineering and construction (E&C) services Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Global Smart cities engineering and construction (E&C) services Market?
? What is the competitive strategic window for opportunities in the Global Smart cities engineering and construction (E&C) services Market?
? What are the technology trends and regulatory frameworks in the Global Smart cities engineering and construction (E&C) services Market?
? What is the market share of the leading players in the Global Smart cities engineering and construction (E&C) services Market?
? What modes and strategic moves are considered favorable for entering the Global Smart cities engineering and construction (E&C) services Market?
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