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Architectural Services Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026
Overview
Architectural Services Market is forecast to reach $395 billion by 2025, at a CAGR of 4.2% in the forecast period 2020-2025. With the rapid infrastructural development in various developed and developing regions of the world there is a constant upgrade in building design and architectural services across residential, commercial and public sector. Outsourcing of engineering services such as CAD drawing, architecture description languages and project designs are increasing as the demand for Technology’s role in architecture is increasing.
On the other hand advent of advancements such as VR and AR are playing a significant role in building design. Moreover architecture firms are holding advantage of what virtual reality can offer clients by way of communicating ideas and concepts. Advanced solutions such as 3D modelling, 3D scanning technology and utilization of high end designing software are some of the factors which propel the growth of the market in the forecast period.
Report Coverage
The report: “Architectural Services Market Report – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Architectural Service Market.
Key Takeaways
- Interior design segment is growing at highest CAGR in the forecast period due to rising renovations in modern shopping stores and enhancement in luxurious interiors of hotels.
- Government sector is anticipated to at a highest CAGR in the forecast period owing to increasing investments by various government bodies across the world especially in projects such as smart cities, public transportation.
- APAC dominated the Architectural service market with a share of more than 33.57% due to presence of economically influenced countries such as India and China.
- Major players in Architectural Services Market include IBI Group, AECOM Company, Aedas Company, HDR Architecture, Inc., Gensler, HKS Inc., Hardlines Design Company, Stantec Inc., CallisonRTKL, Skidmore, Owings & Merrill LLP, CannonDesign and DP Architects among others.
Download Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503861
Architectural Services Market Segment Analysis - By Type
Interior design segment is growing at CAGR of 6.7%in the forecast period due to rising renovation in modern shopping stores and encouraging enhancement in luxurious interiors of hotels. In addition to this there is a rise in the demand for smart planning and technology-integrated design services resulting from the development of smart cities, smart government institutes, airports, healthcare and infrastructure for the public sector. This is driving the demand for innovative interior design which incorporate sustainable and wellness-focused designs, recreational activity areas, and advanced IT infrastructure. Thus, the growing demand for interior design services from the commercial infrastructure sector will boost the growth of the interior design service market during the forecast period.
Architectural Services Market Segment Analysis - By Application
Government sector is anticipated to at a highest CAGR of 9.1% by 2025. Increasing investments by various government bodies across the world especially in projects such as smart cities, public transportation and subsidised home projects are driving the market growth. For Instance U.S. government has committed approximately $160 million to support smart city initiatives by 2020. Similarly, Singapore government launched the Smart Nation initiative, which has led to nearly $7.5 billion in technology investments over the past three years and has committed to increase its investment by 2025. These kind of investments will bring opportunities for architectural services market.
Architectural Services Market Segment Analysis - By Geography
In 2018, APAC dominated the Architectural services market size with a share of more than 33.57%, followed by North America and Europe. The economy of APAC is majorly influenced by the countries such as China and India. In these countries, the government is investing heavily on smart city construction. For Instance, Government of India has envisioned to set up 100 smart cities by 2025 with an investment of $2 trillion. Similarly, in 2018 China government has invested $65 billion in smart city construction. On the other hand real estate sector is growing rapidly to provide much needed infrastructure for growing needs in architectural services. According to report given by IBEF, The Indian real estate sector is expected to see a humongous growth by 2030 with a market size of $1 trillion These investments will create opportunities for architectural services market in the forecast period.
Architectural Services Market Drivers
· Growing investment for improving infrastructure
Growing investment in improving the infrastructural facilities of different industry verticals is creating demand for Architectural services market size. At present several developing countries are focusing on improving the infrastructural facilities. For instance Indian government has enforced a plan to invest $777.73 billion in infrastructure development by 2022 to have sustainable development in the country. Similarly, China is investing approximately $551 million per year in Intelligent Transport System (ITS). These kind of investments will create opportunities for Architectural services market
· Adoption of 3D Printing
Adoption of 3d printing in architecture is a growing due to application of additive manufacturing in 3D printing, as this technology is rapidly spreading and brings the most direct way from on-screen visualization to touch and feeling representation. 3D has become the new medium to present a project as it decrease the cost and saves up to 75% of turnaround time of hours and days. For instance in 2018, construction technologies start-up ICON and housing organization New Story introduced their version of a 3D printed house, which was designed in under 24 hours for less than $10,000. Similarly, in Dubai, the Office of the future is the first 3D printed office in the world which was printed in 17 days and constructed in 48 hours. Technologies as such will drive the market in the forecast period.
Architectural Services Market Challenges
· Lack of availability resources and knowledge in designing:
Lack of availability of resources and limited availability of skilled people who has knowledge in designing is the major restraining factor. For instance, according to the report given by Conference Board of Canada (CBC) in 2017, the pace of employees required for the industry was nearly triple compared to the growth analytics of the architectural services. Lack of available resources required for designing, constructions are some of the major restraining factors which will hamper the market in the forecast period.
Architectural Services Market Landscape
Partnership and acquisitions are key strategies adopted by players in the Architectural Services market. In 2018, Architectural Services industry outlook has been moderately fragmented by the top five players accounting for 52.45% of the share. The Architectural Services top 10 companies include IBI Group, AECOM Company, Aedas Company, HDR Architecture, Inc., Gensler, HKS Inc., Hardlines Design Company, Stantec Inc., CallisonRTKL, Skidmore, Owings & Merrill LLP, CannonDesign and DP Architects among others.
Acquisitions/Technology Launches
In August 2019, Nebraska architecture and engineering & architect firm HDR has announced to work on a USD 870 million rail project at the Californian port of Long Beach, which has the second-busiest container terminal in the United States. This development will allow the loading of shipping containers onto rail cars rather than trucks, reducing traffic bottlenecks and eliminating thousands of truck trips.
In March 2019, Barbara Bestor of Bestor Architecture is seeking to provide customized design services to trust building tenants, where the architect as part of their company will be working with future tenants of the 11-story, 340,000 sq. feet building on interior architecture and design.