The Global Architectural Services Market size is expected to reach $470 billion by 2027, rising at a market growth of 4. 7% CAGR during the forecast period. With the rapid urbanization in numerous established and emerging countries, there is a continuous up-gradation in building design and architectural services in the commercial, residential, as well as public sectors.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Architectural Services Market By Service Type, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131523/?utm_source=GNW
The architecture description languages, CAD drawing, and project designs are examples of outsourcing of engineering services which are increasing with a fast pace due to massive demand for the role of Technology in architecture are continually growing. In the addition to it, the introduction of advanced technology VR and AR are also playing a substantial role in building design. Moreover, architecture firms have an advantage similar to virtual reality that offers clients new ideas and concepts by communicating with them. Advanced solutions include 3D scanning technology, 3D modeling, and the use of high-end designing software. These solutions are boosting the growth of the market during the forecast years.
The role of technology in architecture is ubiquitous. It is expected to witness massive demand as the digital age is also evolving. It has been witnessed that digital advancements such as VR and AR are remarkable technological advancement and is set to play an important role in designing the building. The demand for green building is increasing as sustainable construction gives crucial advantages and opens new business avenues. These factors are driving the demand for architecture services in the market. Moreover, the return on investment can also be improved significantly, and the occupancy by renting is increased by significant percentage. Similarly, it is expected that there can be important savings in operating costs. The demand for basic bioclimatic design and conceptual engineering building construction is increasing the growth of the market.
COVID 19 Impact
The market is expected to get benefitted from technology integration and also from ongoing investments in smart city projects, and rural-urban development projects all across the world. Due to the outbreak of the COVID-19 pandemic, it becomes necessary to track testing results, patients, and deaths. It has attracted more investment in upgrading infrastructure and the adoption of advanced technology in smart cities has been increases. Tools like Power BI are used in Los Angeles, and New Orleans in the U.S. in order to track major trends during the COVID-19. Also, the Chinese government has revitalized its “new infrastructure initiative” program so as to increase its investment in adopting smart city technology. Smart cities are among large infrastructure projects that require a comprehensive feasibility check to understand the project viability and risk analysis. Therefore, this aspect is driving the need for professional expertise. In this pandemic situation, architectural services the preferred choice of the architectures that will help them in streamlining activities in project development.
Service Type Outlook
Based on Service Type, the market is segmented into Construction & Project Management Services, Architectural Advisory Services, Interior Design Services, Urban Planning Services, Engineering Services and Others. The architectural services demand in the construction and project management segment acquired the highest revenue share in 2020. This trend is likely to continue over the forecast years. The expert inputs are required for contract negotiations, project control, quality management, construction designing, and risk analysis. Thus, specialized professionals and teams will work on any project and they will also contribute to the growth of the industry growth. Such professionals are occupying a majority position in the service revenue growth matrix, thus driving the segment growth.
End User Outlook
Based on End User, the market is segmented into Industrial, Government, Healthcare, Residential, Retail, Hospitality, Education and Others. The architectural services demand was huge in the industrial sector in 2020. Adoption of technologies and rapid industrialization is an important aspect that is driving the adoption of these services in the industrial sector. The expansion plans of factories, business units, and distribution centers across countries over the years resulting in the increasing demand for engineering and architectural services in the industrial sector.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The focus on energy-optimization technologies is increasing in developed countries including the US. The need for green planning and architecture has also gained momentum in this region. Thus, it is expected to boost the demand for architectural services in North America. A number of architects have joined the mission of adopting environment-friendly construction practices.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AECOM, IBI Group, Inc., Foster + Partners Group Limited, Gensler, HKS, Inc., PCL Industrial Constructors, Inc., HDR, Inc., HOK Group, Inc., DP Architects Pte. Ltd., and Aedas.
Strategies deployed in Architectural Services Market
Mar-2021: Foster + Partners opened the House of Wisdom library and cultural centre in Sharjah, UAE to the public. This center has a library, event spaces, cafe, a green courtyard, shared & individual reading lunges, and prayer room.
Mar-2021: HOK+Arup collaborated with Los Angeles World Airports (LAWA) and Van Nuys Airport (VNY). Under this collaboration, HOK+Arup would serve as key architect and principal engineer to improve the planning & design of potential capital investment projects in the next three years.
Feb-2021: PCL Construction received a $1.7 billion design-build contract for the new St. Paul’s Hospital Project. This new health care facility would be among the most extensive hospital redevelopment in BC’s history and PCL’s largest Buildings division, the design developed in company history and bring the top-class health care facility to Vancouver.
Dec-2020: IBI Group took over the assets of southern Ontario-based Cole Engineering Group. Through this acquisition, IBI aimed to strengthen its capabilities and competitiveness over all areas of its business, enabling IBI to bring more services to bear on its major public-sector projects, and make stronger relationships of IBI with its private-sector developer customers.
Jun-2020: Foster + Partners introduced Design For Mirage-Inspired Airport In Saudi Arabia. This new design, selected by AMAALA, an ultra-luxury tourism project on Saudi Arabia’s northwestern coast, is inspired by the Red Sea. The project would include a terminal building and a tower that was conceptualized by the UK based architecture practise Foster + Partners, and also the airport master plan was developed & designed by Egis, an international consultancy and engineering group.
Jun-2020: Gensler opened up a new office at 2575 E Camelback Road. This office gives an opportunity to capture Gensler’s increasing customer base and industry across the valley. It also enables the company to practice and adapt their day-to-day behaviours in real-time that would extend into their design process and make a positive impact on their work, clients, and community.
Apr-2020: PCL Construction teamed up with AOMS Technologies, a provider of industrial IoT solutions for the mining, construction, and industrial asset industries. This collaboration aimed to develop IoT enabled Smart Construction a new reality.
Oct-2019: Aedas partnered with Suncity Group, a leading integrated resort operator in Asia. This partnership focused on putting forward a tailor-made project for an integrated resort (IR) in Japan’s Wakayama prefecture.
Sep-2019: IBI Group acquired British Columbia-based Aspyr Engineering, including all intellectual property. This acquisition aimed to expand IBI’s competitive edge in the market by offering expertise, senior resources and improved capabilities in the field of information communication technologies & smart buildings.
Jul-2019: HDR acquired Hurley Palmer Flatt Group, leading independent multidisciplinary engineering consultancy. This acquisition aimed to bring robust customer relationships and specialized skill sets to HDR which, when integrated with HDR’s capabilities, provide massive opportunities.
May-2019: HDR took over Calthorpe Associates, a San Francisco-based architect, urban designer and urban planner. Under this acquisition, Calthorpe Associates brought years of inventive & transformative urban design experience, which would improve the services HDR provide to its customers around the world.
Feb-2019: AECOM Capital, an investment division of AECOM formed a joint venture with Canyon Partners, LLC, a global alternative asset management firm. The JV Company is called AECOM-Canyon Partners. This joint venture aimed to develop large-scale, institutional quality commercial real estate projects.
Nov-2017: AECOM signed a Memorandum of Understanding (MOU) with HTC Corporation, a technology pioneer in innovative, smart mobile and virtual reality (VR) technologies. Together, the companies aimed to develop and expand the reach of VR technology to support the architecture, engineering and construction (AEC) industry.
Jul-2017: AECOM entered into an agreement to acquire Shimmick, an established leader in the California and Western U.S. heavy civil construction market. This acquisition aimed to deliver AECOM with top civil construction capabilities around the Western U.S.
Jan-2017: HKS partnered with Delos, a wellness real estate and technology firm. This partnership aimed to evaluate and measure the impact of interventions in the built environment on human health & well-being. Together, the companies also focused on applied research and would be built on the strengths of both the company to target peer-reviewed open sourced publications, and improved Delos’ mission to change buildings into healthier spaces.
Scope of the Study
Market Segments covered in the Report:
By Service Type
• Construction & Project Management Services
• Architectural Advisory Services
• Interior Design Services
• Urban Planning Services
• Engineering Services
By End User
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• IBI Group, Inc.
• Foster + Partners Group Limited
• HKS, Inc.
• PCL Industrial Constructors, Inc.
• HDR, Inc.
• HOK Group, Inc.
• DP Architects Pte. Ltd.
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