Architectural Services Market Size, Share and Trend Analysis
New York, May 26, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Release of the “Architectural Services Market Size, Share and Trend Analysis by Department, End User, Region and Segment , 2021-2028 “- https://www.reportlinker.com/p06075845/?utm_source=GNW
Growth and Trends in the Architectural Services Market
The global architectural services market size is expected to reach USD 474.36 billion by 2028, registering a CAGR of 4.7% during the forecast period. Investments in infrastructure projects such as the smart city and the renovation of aging infrastructure in developed and developing economies are expected to fuel market growth. In addition, the government’s subsequent efforts and commitment to stimulate investment in the infrastructure sector are expected to foster the growth of the industry. For example, in January 2019, the Saudi government announced its plan to develop a zero carbon city as part of the Neom project, subsequently contributing to the country’s economic growth.
Technological advances will play a central role in the diffusion of architectural services. The implementation of BIM or advanced design techniques / software will provide an advantage over competitors.
Standardization of policies governing the architectural services industry will help foster market growth globally. The policies will help streamline guidelines for complex design or engineering requirements, creating a level playing field for service providers around the world.
Architectural services are primarily based on the construction and logistics industry and play an important role in boosting a country’s economy.The impact of COVID-19 has negatively impacted growth market because construction projects are at a standstill due to the shortage of manpower and funds.
Ongoing planned investments in infrastructure projects remain on hold in the short to medium term in all regions. However, the market is expected to grow as each sector recovers, and the functioning of the supply chain continues with a decline in COVID-19 cases in countries.
Highlights of the Architectural Services Market Report
• The market is expected to grow at a CAGR of 4.7% during the forecast period. The demand for architectural services is expected to proliferate as construction activity continues to increase. However, the market has been hit by the COVID-19 pandemic, which has restricted construction activity globally, resulting in a minor obstacle to growth.
• Planning departments are expected to register the highest CAGR exceeding 4.0% during the forecast period. The increasing investments in rural-urban infrastructure projects and sustainable infrastructure initiatives under the development of smart cities are expected to increase demand during the forecast period.
• The hospitality end use sector is expected to post a higher CAGR of over 3.0% during the forecast period. The evolution of transport infrastructure following mega-events such as the FIFA World Cup and the Summer Olympics, coupled with a growing trend in tourism, is expected to support the growth of the segment by 2028
• The Asia-Pacific region dominated the architectural services market in 2020 and is expected to continue growing during the forecast period. The regional growth can be attributed to the increase in construction activity in developing countries such as China, India and Indonesia during the forecast period.
• Some of the major vendors operating in the market include AECOM, Gensler, HDR, HOK and NIKKEN SEKKEI LTD. In May 2020, architectural service provider PERKINS & WILL, in collaboration with Danish studio Schmidt Hammer Lassen Architect and multidisciplinary design group Arup, designed mobile test labs by modernizing disused school buses to meet the need for inexpensive, fast school buses, and scalable test labs.
Read the full report: https://www.reportlinker.com/p06075845/?utm_source=GNW
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