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Posted by bsoftindia on June 1, 2024 at 1:35am 0 Comments 0 Likes
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Architectural Services Market AECOM, Foster + Partners, Gensler, HDR
The global Architectural Services Market size is anticipated to reach USD 648.12 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 7.4% from 2022 to 2030. The rapid urbanization in countries such as Brazil, India, and South Korea is resulting in an increasing demand for smart homes, which is a major factor driving the growth of the market. Moreover, the rising commercial and industrial building restoration activities across the globe are expected to support the increasing demand for planning, designing, and consulting services for efficient work operation. This, in turn, is expected to contribute to market growth.
Sectors such as industrial, healthcare, and hospitality widely adopt architectural services. Architecture firms assist end-users at every stage of the process, offering them blueprints of the building structure to provide a detailed spatial representation. The growing focus of architectural firms on constructing smart buildings with better space utilization is favoring the market growth. In addition, the demand for urban planning services is increasing owing to numerous smart cities initiatives undertaken by governments across the globe.
In developing countries, the healthcare sector is witnessing rapid developments. The increasing inclination of hospital owners and governments toward providing improved patient care is expected to boost the market growth. Similarly, digital transformation is changing the learning environment and educational institutes are facing challenges related to funding. The demand for architectural services in the education sector to build facilities that are technologically advanced and cost-effective is expected to positively impact the market growth.
The rapid spread of COVID-19 has negatively impacted market growth. Architectural services depend on interaction and coordination, and visiting building sites is an essential part of the process. Strict lockdowns imposed by governments across the world, coupled with a halt in construction activities, have caused a delay in many ongoing architectural projects. As a result, the demand for architectural services witnessed a decline.
Related Press Release@ Architectural Services Market Report
Architectural Services Market Report Highlights
- The construction and project management services segment dominated the market and accounted for a revenue share of more than 30.0% in 2021. The segment is expected to continue leading the market with increasing construction activities globally
- Asia Pacific is anticipated to witness a CAGR of 8.7% over the forecast period. This can be attributed to increasing new construction activities in the healthcare and residential sectors in the region
- Since the outbreak of COVID-19, key players operating in the market have been focused on acquisitions to enhance their businesses. In July 2019, HDR, a global architecture service provider, announced the acquisition of Hurley Palmer Flatt Group. Through this acquisition, the company aims to strengthen its building engineering services in the U.K.
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