The Asia Pacific Architectural Services Market would witness market growth of 4.7% CAGR during the forecast period (2021-2027). The architecture sector has witnessed advancements that capitalizing on the existing technology. A variety of services from blueprint designing to consulting can be conducted using electronic communication platforms.
The implementation of new technologies assisting these services is possible even from remote locations. Thus, it will establish new cross-border business opportunities. The demand for architectural services such as consultations is expected to rise in coming years, with specialized construction projects undertaken across the globe, subsequently augmenting the market growth.
The Asia Pacific dominated the market of Architectural services in 2020 and it has a significant market share. China and India majorly influence the economy of APAC. The government of these counties is focused to invest more in smart city construction. For example, the Government of India has planned to set up 100 smart cities by 2025. This project requires an investment of $2 trillion. Likewise, the government of China has invested more than $65 billion in smart city construction. In addition to it, the rapid growth of the real estate sector in order to provide the required infrastructure is one of the major factors that lead to growing needs in architectural services in this region. A report given by IBEF states that the Indian real estate sector is anticipated to see enormous growth in the coming 10 years with a market size of more than $1 trillion. Such large investments and projects will create new opportunities in the market of architectural services in the forecast period.
the COVID-19 outbreak has negatively impacted the market. It slowed down the market growth since it delayed many projects due to stringent measures adopted in order to stop the spread of the virus and individuals are forced to remain quarantine for a longer period of time. The supply chain also disrupted during the pandemic, and numerous auctions related to infrastructure projects were also postponed to avoid risks of virus contamination. So, the COVID-19 pandemic has created several challenges to the growth of architectural services market.
The Industrial market dominated the Malaysia Architectural Services Market by End User 2020, thereby, achieving a market value of $3,585.8 million by 2027. The Government market is exhibiting a CAGR of 6.9% during (2021 - 2027). Additionally, The Healthcare market is estimated to witness a CAGR of 9.2% during (2021 - 2027).
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. Based on End User, the market is segmented into Industrial, Government, Healthcare, Residential, Retail, Hospitality, Education and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Architectural Services Market is Projected to reach USD 470 Billion by 2027, at a CAGR of 4.7%
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.
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