PUBLISHER: Grand View Research | PRODUCT CODE: 1588394
PUBLISHER: Grand View Research | PRODUCT CODE: 1588394
The global architectural, engineering, and construction services market size was estimated at USD 108.15 billion in 2023 and is anticipated to grow at a CAGR of 14.5% from 2024 to 2030. The most significant growth driver for the market is the increasing demand for infrastructure development, especially in emerging economies. Rapid urbanization and the need for modern, sustainable cities have pushed both public and private sectors to invest heavily in infrastructure projects like roads, railways, bridges, and buildings. Urban expansion also drives the demand for residential, commercial, and industrial construction projects, thereby boosting the need for architectural and engineering services.
The adoption of Building Information Modeling (BIM) and other advanced technologies has transformed the architectural, engineering, and construction (AEC) industry, making processes more efficient and reducing project costs. BIM facilitates real-time collaboration between architects, engineers, and construction professionals, improving project outcomes through enhanced design accuracy and efficient resource management. In addition, the use of artificial intelligence (AI), drones, 3D printing, and virtual reality (VR) in construction is accelerating growth by streamlining workflows and boosting productivity.
Government-backed initiatives and policies aimed at revitalizing infrastructure are another key driver for the AEC market. Many governments are launching large-scale construction projects to modernize aging infrastructure, such as roads, airports, and public transportation systems. Public-private partnerships (PPPs) are also becoming more common, with governments offering incentives and funding for construction companies to participate in major development projects.
The globalization of the AEC industry is another growth factor, with companies increasingly outsourcing design, engineering, and construction services to lower-cost regions. Offshoring certain tasks, such as drafting, modeling, and analysis, to countries with lower labor costs has become more common, making the AEC industry more cost-competitive and scalable.
Global Architectural, Engineering, And Construction Services Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global architectural, engineering and construction services market report based on service, sector, transportation infrastructure, real estate, and region: