Latest News- Civil Engineering Market: Real estate is expected to lead the Application segment during 2024-2028
The Civil Engineering Market is being driven by Rise in construction activities in developing countries
The Civil Engineering Market is expected to grow at a CAGR of 3.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2574.5 million. In the construction sector, there is a growing trend among market players to incorporate intelligent processing techniques and artificial intelligence (AI) into Architecture, Engineering, and Construction (AEC) solutions. The civil engineering industry, in particular, has limited applications of AI and a sluggish adoption rate due to substantial research and development expenses. By integrating AI into AEC solutions, end-users, including builders, contractors, engineers, and architects, can surmount challenges, enhance productivity and efficiency, and save both time and money. AI algorithms can revolutionize engineering problem-solving and improve overall quality of life. For instance, AI has been successfully implemented to address complex issues in civil engineering.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Real estate, Infrastructure, Industrial) Geography (APAC, North America, Europe, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Civil Engineering Market Research Report
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The civil engineering market encompasses various sectors including social infrastructure, residential, and commercial construction. Services offered range from architectural designs to digital civil engineering, with a focus on smart grids, urban transportation, and industrial automation. Key projects include roads, bridges, railroads, airports, and ports, as well as social infrastructure such as offices, educational institutes, hotels, restaurants, transport buildings, online retail warehouses, immigration facilities, and housing. Innovations like zero-energy buildings, insulated buildings, double skin facades, PV panels, professional IT services, inspection technology, e-permit systems, integrated 3D modeling, and parking systems are transforming the industry.
The global construction and engineering market encompasses businesses specializing in non-residential construction, comprising engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. This market excludes entities involved in residential construction. According to Technavio, the market size is determined by the consolidated revenue of engineering service providers and EPC contractors active in the non-residential sector. Key growth drivers for the construction and engineering market include the surging investment in social infrastructure, such as offices, educational institutes, hotels, restaurants, transport buildings, online retail warehouses, immigration facilities, and housing. Urban populations continue to expand, necessitating substantial investment in infrastructure to meet the escalating demand for transportation, communication services, and essential utilities like water and electricity.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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