Global civil engineering market is expected to benefit significantly over the forecast period owing to rising demand for non-residential construction projects that require mostly civil engineers. Civil is an engineering branch that mainly concerns itself with the design, construction, and maintenance of the physical as well as naturally built environment. They find applications in both private as well as public sector.
Governments across the globe are focusing on developing the existing infrastructure and building new ones. Rising pressure on governments to provide better amenities, connectivity, and basic infrastructure have increased public spending on areas such as roads, highways, and dams. These activities require extensive planning and careful execution from their inception to finalization. Civil Engineering caters to this need. This rise in governmental spending is expected to positively benefit the global civil engineering industry.
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Favorable regulations and laws about safety and prevention for hazards are proving beneficial for the overall market. Customers are spending more on planning and designing to make construction activities free from the potential risks.
Companies focusing more on diversification and expansion characterize the industrial sector. This has increased the demand for space. Moreover, several factors such as raw material procurement, labor availability, geographical presence and efficient distribution have forced major companies to undertake construction of new business plants. This trend is expected to positively benefit the market growth.
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The residential real estate sector is bound to witness rapid growth due to rising disposable income and standard of living. Rapid urbanization, government support and demand for better and accessible services are expected to benefit the commercial real estate sector. The growth in residential as well as commercial real estate sector have positively benefitted the industry in the recent past and is expected to continue the same over the forecast period.
The industry is expected to be restrained by various factors, primary among them being the lack of skilled labor, rebound in public investments and increasing investment rates. Longer payment delays, high financial fluctuations and postponing of infrastructure investment by governments are the major industry characteristics.
Recent technological developments in the concerned sector are benefitting the overall market growth. Efficient ways of building such as 3d printing and offsite construction have shown promising results. Governments are encouraging the usage of green building practices. Advancements in areas such as Building Information Modeling (BIM), computational mechanics and modeling, mechanics of materials, damage & fracture mechanics and foundation engineering are benefitting the overall growth.
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