The global Architectural Services Market size is anticipated
to reach USD 648.12 billion by 2030, according to a new study by Grand View
Research Inc. The market is expected to expand at a CAGR of 7.4% from 2022 to
2030. The rapid urbanization in countries such as Brazil, India, and South
Korea is resulting in an increasing demand for smart homes, which is a
major factor driving the growth of the market. Moreover, the rising commercial
and industrial building restoration activities across the globe are expected to
support the increasing demand for planning, designing, and consulting services
for efficient work operation. This, in turn, is expected to contribute to
market growth.
Sectors such as
industrial, healthcare, and hospitality widely adopt architectural services.
Architecture firms assist end-users at every stage of the process, offering
them blueprints of the building structure to provide a detailed spatial
representation. The growing focus of architectural firms on constructing smart
buildings with better space utilization is favoring the market growth. In
addition, the demand for urban planning services is increasing owing to
numerous smart cities initiatives undertaken by governments across the globe.
In developing
countries, the healthcare sector is witnessing rapid developments. The
increasing inclination of hospital owners and governments toward providing
improved patient care is expected to boost the market growth. Similarly, digital
transformation is changing the learning environment and educational
institutes are facing challenges related to funding. The demand for
architectural services in the education sector to build facilities that are
technologically advanced and cost-effective is expected to positively impact
the market growth.
The rapid spread of
COVID-19 has negatively impacted market growth. Architectural services depend
on interaction and coordination, and visiting building sites is an essential
part of the process. Strict lockdowns imposed by governments across the world,
coupled with a halt in construction activities, have caused a delay in many
ongoing architectural projects. As a result, the demand for architectural
services witnessed a decline.
Related Press
Release@ Architectural Services Market Report
Architectural
Services Market Report Highlights
- The construction and project management services segment dominated
the market and accounted for a revenue share of more than 30.0% in 2021. The
segment is expected to continue leading the market with increasing
construction activities globally
- Asia Pacific is anticipated to witness a CAGR of 8.7% over the
forecast period. This can be attributed to increasing new construction
activities in the healthcare and residential sectors in the region
- Since the outbreak of COVID-19, key players operating in the market
have been focused on acquisitions to enhance their businesses. In July
2019, HDR, a global architecture service provider, announced the acquisition
of Hurley Palmer Flatt Group. Through this acquisition, the company aims
to strengthen its building engineering services in the U.K.
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