Architectural Services Market Overview
The market for Architectural Services Market was worth USD 3,45,100 million. The market is expected to grow at an 8.1% compound annual growth rate (CAGR) between 2022 and 2032. The increasing number of construction projects worldwide can explain the rising demand for services. In developing countries like India and Brazil, there is a rapid increase in residential and commercial construction. Governments are also focusing on affordable home projects in various countries. This increase in construction activity is expected to support the market for architectural services, such as construction management and urban planning.
Architectural Services Market Driving Factors
In 2021, 35.2% of revenue was attributed to construction and project management. The segment is expected to grow in the coming years. Construction and project management are both crucial components of any project. Due to the increased number of construction activities, there is a growing demand for construction management services and project management. These services include scheduling, cost control, and risk management.
The market growth in urban planning is expected to be substantial, with a CAGR of 9.8% over the forecast period. This is due in part to increasing government initiatives for urban development. Segment growth will be supported by increasing residential development and the demand for intelligent solutions that manage, deliver, and optimize plans.
Lack of funds and design experience are significant obstacles to developing innovative products. According to a CBC study, the need for workers in the sector was nearly twice that of the industry's growth statistics. The industry's main constraints in the future period include a shortage of resources to construct new buildings.
Architectural Services Market Key Trends
Residential holds the Market's Significant Share CBRE reports that real estate markets are buzzing, with a steady increase in new buildings being completed worldwide over the past three years, both in the office and industrial sectors. The United States will see a high level of development activity and strong market demand, increasing architectural activities.
The rich architectural history of the United Kingdom includes landmark buildings from historic times to innovative contemporary designs. UK Construction Online predicts that London's population will increase by 1,000,000 over the next ten years. This means that approximately 40,320 homes per year will be needed. One hundred thousand homes will be built by 2021. This will effectively increase the market growth.
Collaboration has been a hallmark of British architects. These collaborative projects saw project planning go from concept design to 3D modeling and managing information using BIM (Building Information Modelling).
In October 2019, Dutch design firm Mecanoo created a new neighborhood called KAMPUS. It is currently being built in Manchester. It is located on the site of Manchester Metropolitan University. KAMPUS was created to highlight the city's vibrancy and diversity and respect Canal Street's historic qualities. The buildings are divided horizontally into three parts: a podium with dark-colored metal cladding, a midsection with rough-textured brickwork, and a roofscape featuring Dutch-styled metal houses.
Architectural Services Market Recent Developments
A press release from Nebraska-based HDR Architecture, Engineers, and Architects stated that a rail line worth USD 870 million would be built in Long Beach, California. This port is the second busiest in the U.S. This invention will allow container ships to be loaded onto trains instead of being transported on trucks. It will reduce congestion and prevent thousands of car trips.
Architectural Services Market Кеу Рlауеrѕ:
- AECOM
- Gensler
- Foster + Partners
- Jacobs Engineering Group
- IBI Group
- Perkins Eastman
- HDR
- IBI Group inc.
- Stantec inc.
- HKS inc
- Nikken Sekkei Ltd.
- Perkins and Will
- Other Key Players
Architectural Services Market Segmention
By Service Type
- Interior Design Services
- Architectural Advisory Services
- Construction and Project Management Services
- Building Code Counseling and Interpretation Consulting Services
- Engineering Services
- Urban Planning Services
- Legal Technical Requirement Compliance Counseling Services
- Other Service Types
By End-use
- Government
- Education
- Residential
- Hospitality
- Healthcare
- Retail
- Industrial
- Other End-Uses
FAQ
What is the estimated value of the Global Architectural Services Market?
What is the growth rate of the Global Architectural Services Market?
What is the forecasted size of the Global Architectural Services Market?
Who are the key companies in the Global Architectural Services Market?