Major companies in the architecture, engineering consultants and other related services (A,EC & related services) market include Bechtel Corporation; AECOM; Jacobs Engineering Group Inc; Gensler and CH2M HILL Inc.
New York, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Architectural, Engineering Consultants And Related Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009741/?utm_source=GNW
The global architectural, engineering consultants and related services market is expected to grow from $1054.67 billion in 2020 to $1192.44 billion in 2021 at a compound annual growth rate (CAGR) of 13.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1491.62 billion in 2025 at a CAGR of 6%.
The architecture, engineering consultants and other related services (A,EC & related services) market consists of the sales of A,EC & related services and related goods by entities (organizations, sole traders and partnerships) that provide support to the planning and designing of construction related businesses of all sizes across all industries. Business entities that are engaged in providing architecture, engineering consultants and other related services are generally referred to as architectural firms or engineering consultancy firms. Architecture, engineering consultants and related services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. The architectural, engineering consultants and related services market is segmented into engineering services; architectural services; laboratory testing services; surveying & mapping services; building inspection services; geophysical services and drafting services.
Western Europe was the largest region in the global architectural, engineering consultants and related services market, accounting for 37% of the market in 2020. North America was the second largest region accounting for 27% of the global architectural, engineering consultants and related services market. Africa was the smallest region in the global architectural, engineering consultants and related services market.
Architectural and engineering consultants are using 5D building information modeling (BIM) to create dynamic building designs which can be altered at later stages of the project. A BIM software is a tool used to design buildings and structures including lighting, HVAC systems and mechanical, electrical and plumbing systems. It can also be used for clash detection, cost estimation and safety analysis. A 5D building information modeling (BIM) involves creating architectural designs that can be modified and customized in real time. This system collects data from different project teams and helps collaborate with the entire construction chain, eliminating project delays. For instance, construction management company The Korte Company is using 5D BIM technology for project design, planning, cost estimation, thereby enabling faster decision making. The Maharashtra Metro Rail Corporation in the Indian state of Maharashtra is using 5D BIM in its construction projects worth $3 billion to reduce costs and litigations.
The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the architectural, engineering consultants and related services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the architectural, engineering consultants and related services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The rise in demand for environmentally safe and certified buildings is expected to drive the architecture and engineering services market. Consumers, state governments and NGOs are working towards making residential and commercial buildings more energy efficient and self-sufficient. Private constructors and real estate developers are redesigning projects to fulfil these demands, leading to many benefits such as increase in rental and resale value, home-owner satisfaction, lower operating costs and regional or international recognition. The US Green Building Council launched the Leadership in Energy and Environmental Design (LEED) certification program to establish a set of rating systems that define the construction, design and maintenance of residential projects. According to a study by the US Green Building Council (USGBC), LEED certified buildings have managed to reduce carbon, energy, waste and water waste by almost 30-97% and operating costs by more than 9%.
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