Owing to fast-paced infrastructural development in various developing and developed regions in the globe, there seems to be a constant upgradation when it comes to building designs and architectural requirements. The global architectural service market is projected to experience a moderate CAGR during the forecast period. Growing constructional activities across residential, commercial, and the public sector landscape has driven the market significantly and is expected to continue in the forthcoming years or so.
Some of the other factors identified by Market Research Future (MRFR) in its latest published report as the drivers of the global architectural services market are increasing demand for advancing tech designing solutions like 3D modelling, utilization of high-end quality-driven designing software, and engineering services being outsourced Additionally, rising government expenditure for various smart city projects and the expansion period of new architectural firms are some of the other factors driving the global market.
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The global architectural services market includes the following basis of segmentation: end-user and service type.
By service type, the market comprises of architectural advisory services, urban planning services, interior design services, construction & project management services, engineering services, and others. The urban planning services is a highly notable segment in the global landscape due to the increasing deployment level and integration of smart city infrastructure.
By end-users, the market includes retail, education, healthcare, hospitality, industrial, residential, government, and others.
The global architectural services market includes the names of the following regions in its region-wise study: North America, Europe, Asia Pacific, and the Middle East & Africa.
North America is the highest regional contributor in the global landscape of architectural services market. The region comprises a high concentration of market players who consistently employ advanced architectural software, thereby pushing the growth herein. Increasing government expenditure on planning and maintenance of efficient infrastructures are also key drivers of the market in this region.
Europe stands second in terms of market share and is a well-developed region with similar growth trajectory and influence like the North America. The government in this region employ stringent regulation concerning building designs and efficiency to drive the market.
Asia Pacific is a booming region worldwide with the striking potential of being the fastest growing market for architectural services. The market herein is driven by the high concentration from developing economies like China, Thailand, India, and Japan. With added government focus upon infrastructure and urban planning, a positive surge can be noticed in the popularity of the construction segment. Growing demand for energy efficiency and rising cases of smart city implementations have fuelled the use of architectural services. Additionally, the middle-class population continues to expand in Asia Pacific alongside an increased level of purchasing power, thereby pushing the market demand. The region is expected to hold significant opportunities in the forthcoming years with international market players constantly trying to establish their hold in the Asia Pacific region due to the potential it boasts.
The global architectural services market boasts a number of key players, including Nikken Sekkei, DP Architects, Foster & Partners Limited, IBI Group Inc., HDR Architecture, Perkins Eastman, HOK, Jacobs, Perkins & Will, Gensler, HKS, INC., Aedas, Hochtief AG, Stantec, AECOM, PCL Constructors Inc., and others.
March 1st, 2019, Barbara Bestor of Bestor Architecture to provide customized design services to trust building tenants. The architect as part of her company will be working with future tenants of the 11-story, 340,000 sq. feet building.
March 17th, 2019, Swire and Wheelock, a leading homegrown real-estate company, were crowned as the biggest winners at the RICS Awards in Hong Kong this year. The event aims to celebrate the outstanding and extraordinary contributions to Hong Kong’s built-based environment.
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