The global civil engineering market will be valued at $12.5tn by 2025, growing from its 2018 value of $9tn on the back of greater investment in photovoltaic (PV) solar power projects in the commercial and consumer sectors; and increased government-led financial support in regions such as Saudi Arabia and India.
Global Market Insights’ Civil Engineering Market Share Statistics : Industry Size Report 2025 claims that “shifting consumer trends towards zero-energy homes” will be one of the factors encouraging business expansion. This will be supported by the integration of PV panels into traditional projects, and the growing global preference for insulating homes with double-skin façades.
Also likely to drive market growth are macro-level market trends such as sustainable design, complex architecture, renovation, and the impact of rapid urbanisation around the world.
“Significant financial benefits provided by government bodies in several developing economies, including India and Saudi Arabia, to encourage regional developments through construction and infrastructural growth will boost the civil engineering market size,” the report continues.
Which firms will be the world’s largest construction companies?
Aecom, Hochtief, Jacobs, Hyundai Engineering & Construction, Fluor Corp, and Royal Bam Group are among the international companies listed as “major industry players” to watch for civil engineering growth by the report.
Oman’s Galfar Engineering & Contracting is also named as one of Global Market Insights’ notable civil engineering firms to track in the run up to 2025. (Access the report here.)
Government spending is expected to grow in the Asia Pacific (Apac) region. For instance, Australia’s 2017-18 budget included $700m for the development of the Metronet rail project. Similar infrastructure schemes across the aviation, sea trade, oil and gas, and power sectors will drive Apac’s market to expand at a compound annual growth rate (CAGR) of 5% in the run up to 2025.
Apac’s population growth projections are also expected to drive demand for urban infrastructure, which combined with low-cost labour; higher disposable income; and steady policy support, will all support civil engineering companies in the region.
The same factors will also lead the residential construction sector to expand at a CAGR of 4.5% for civil engineers, with consumer demand for sustainable and environment-focused architecture expected to positively impact market prospects.
Sustainable architecture will grow
Consumer calls for greener buildings are likely to be backed up by more favourable government policies, particularly to restrict the emissions of carbon, and volatile organic compounds, during construction.
Global Market Insights’ study shows that research and development spending will be driven by market competition in the years to come.
“The rising prominence of robots in the construction industry for taking up mundane tasks will enhance worker safety and overall productivity, and lower operating costs,” the report continues.
“Furthermore, the rapid eminence of automated machine guidance systems for [tracking returns on investment] will eliminate the requirement for dedicated on-site staff.”
Source: www.constructionweekonline.com
