Tuesday, February 15, 2022

Aerospace and Defense Springs Market To Witness Profit Making Growth

Industry Insights

The global aerospace and defense springs market size was valued at USD 260 million in 2018 and is anticipated to grow with a CAGR of 5.2% during the forecast period, 2019 to 2025. Increasing demand for aircraft for commercial purposes due to the growing number of passengers is the major factor driving the market growth. The rising need for fighter jets due to increasing security concerns and growing border clashes in Asia Pacific countries is further projected to drive the market growth. 

Spring is a small but essential component in aircraft, as it is used in all essential components of aircraft. It is widely used in luggage doors, armrests, stairs, cup holders, and aircraft’s interior and frames. In addition, they are used in major aircraft components including hydraulic engines and systems, metering valves, and actuators.

North America aerospace and defense springs market

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Components used in the defense and aerospace industry should be durable with the capability to sustain in a harsh environment. Therefore, manufacturers require sturdy and durable components that need less maintenance, up-gradation, and replacement along with precise dimensions. The springs are used in the aerospace and defense industry due to their various beneficial properties such as resistance to high pressure, longer life, and low maintenance, thereby used in probes, antennas, satellites, and radar. These springs play an important role in navigation as well as for ground services teams.

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The raw material used for the manufacturing of springs is also an important factor in this market. This material differs as per the manufacturer’s requirement. For instance, stainless steel with grades 17-7 is widely used in spring manufacturing due to its durability and sustainability. However, the availability of other cost-effective raw materials is projected to propel the aerospace & defense spring demand.

Stringency in the aerospace & defense sector mandated manufacturers to manufacture the best quality and accurate size of components. Springs have a wide range of applications in this industry to decrease the weight of equipment and maintain high standard performance. Spring is not a standardized product, thus it can be modified as per the aircraft components requirement.

Type Insights

Based on type, the aerospace & defense spring market is fragmented into flat coil springs, spiral/power springs, torque coil, torsion, & clutch springs, and others. The coil spring type is estimated to dominate the market throughout the forecast period due to its various applications in aircraft components. In addition, several properties of this product such as low replacement, low cost of raw material, and lightweight are major factors estimated to foster the segment growth. On the other hand, the flat power/spiral springs category is projected to have considerable growth in this industry in the next few years.

Global aerospace and defense springs market

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Coil springs allow high flexibility associated with variable rate characteristics. When weight is increased, the variable rate spring gets stiffer to raise stability without any harsh effects. It also helps to reduce surrounding vibration, thus increases the longevity of connected components. On the other hand, to carry heavyweight, torsion or spiral springs are preferred over coil springs.

Regional Insights

In 2018, Asia Pacific led the market and expected to grow with the highest CAGR during the forecast period. This growth is attributed to an improvement in manufacturing services in the aerospace sector. China has the major production of this product due to the high presence of raw material.

Europe held a market share of more than 22.0% in terms of revenue and is estimated to grow with a significant CAGR from 2019 to 2025. This growth is characterized by the presence of a large number of aircraft OEM and parts manufactures. Rising demand for advanced aircraft is anticipated to boost the regional market growth. In addition, the emergence of new technologies like drones and inspection robots for maintenance purposes is projected to propel regional market growth.

Impact of COVID-19

The COVID-19 outbreak has impacted the aerospace and defense industry adversely, as several commercial aircraft manufacturers have temporarily shut down their operations. In commercial aviation, companies are experiencing disruption in production as well as slow demand as passengers are not traveling due to government restrictions across the globe. Therefore, the demand for springs has been decreased to some extent in the pandemic situation.

In the defense sector, demand for the product should not be affected over the next two years due to COVID-19. Production may slow due to the current situation, as budgets for these projects had been allocated before the pandemic. Hence, the demand for springs in the defense sector is projected to surge with a significant growth rate during pandemic situations. 

Aerospace and Defense Springs Market Share Insights

The major companies operating in the market are M. Coil Spring Manufacturing Company; Ace Wire Spring & Form Co., Inc., Myers Spring Co. Inc., and Argo Spring Manufacturing Co., Inc.; These market players are majorly focusing on strategic alliances as well as long term agreements and OEM to reduce the risk and cost related to the development of aerospace products. Other players involved in this market are Myers Spring Co. Inc.; MW Industries Inc.; Vulcan Spring & Mfg. Co.; John Evans’ Sons Inc. and Nordia Springs Ltd. These players are investing in R&D to develop lightweight springs along with the high-pressure resistant capacity to reduce aircraft weight.

The market is highly competitive due to increasing demand from the aircraft manufacturing industry. The market has a low entry barrier owing to the requirement for product certification. Even though Europe and North America have more well-established companies, new players in the developing region are offering a low-cost solution to consumers, which is projected to drive intense competition in this market.

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Recruitment Process Outsourcing Market Is Predicted To See Lucrative Gains

Industry Insights

The global recruitment process outsourcing (RPO) market size was worth USD 5.48 billion in 2019. The market is anticipated to register 18.5% CAGR over the forecast duration, 2020 to 2027. Factors such as the growing need to reduce overhead costs and an effective recruitment process are driving the growth of the market. RPO service providers accomplish several tasks such as selecting candidates and ensuring the quality of the recruit. By using innovative technologies such as machine learning and artificial intelligence, service providers automated the processes of CVs screening and interview scheduling. Further, using assessment tools and chatbots, service providers are focusing on engagement with better candidates.

U.S. RPO market

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Increasing the attrition rate across enterprises is a key factor supplementing the growth of the market. Service providers are offering a replacement for any candidates who quit on short-term notice. This helps companies in staying competitive in the market. In addition, with changing education systems, candidates are more equipped with skill-sets and hands-on experience than ever. Therefore, selecting the right candidate is becoming a challenging task for companies. A growing focus by employers on reducing recruitment costs and core competencies is also bolstering the market growth.

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Companies are increasingly focused on hiring the right talent to perform a specific task. However, problems such as labor shortage and difficulty in finding the right talent are adversely affecting companies’ growth. Owing to this, the demand for outsourcing is gaining more traction than ever. To bridge the talent gap, companies are also focusing on providing career guidance training sessions.

Type Insights

In 2019, the on-demand segment accounted for the highest share in the RPO market with more than 25.0%. Small and medium enterprises are recognizing the advantages of RPO providers and increasingly adopting outsourcing services. On-demand recruitment outsourcing service providers offer scalable, low-cost, and flexible solutions. Depending on the demand of business, organizations can scale up and scale down their recruiting capabilities. Therefore, the on-demand category is anticipated to register significant growth over the next few years.

On the other hand, enterprise engagement RPO, alternatively known as end-to-end and full-scale recruitment process, provides complete solutions related to recruitment. These solutions include screening, candidate sourcing, scheduling interviews, monitoring, and onboarding. Thereby, this process reduces the burden on enterprises and allows them to focus on their core competencies. The demand for full-scale recruitment processes is high among fortune 500 companies in developed countries such as the U.K. and the U.S.

Service Insights

In 2019, the off-site RPO segment accounted for the maximum share of more than 65.0% in the market. This service offers a centralized approach for hiring clients for different locations. In this, the recruitment firms collaborate with clients to provide the most suited talent globally. Recruitment firms follow personalized approaches for diverse hiring. Different countries across the globe have different labor laws and hiring policies. Recruitment firms are well aware of these laws, which help them in identifying the best talents in a particular region while adhering to regulations. Owing to this, multinational companies are increasingly adopting RPO services in their recruitment processes.

On the other hand, the on-site RPO service category is estimated to register over 20.0% CAGR from 2020 to 2027. On-site service is the additional extension of the enterprises’ existing HR team. In this solution, recruitment service providers work with companies’ HR for effective hiring. For simplifying their hiring processes, various companies are adopting these practices. The on-site service segment provides transparency about the number of agencies involved and hiring fees.

Enterprise Size Insights

In 2019, the large enterprise accounted for more than 68.0% share in the recruitment process outsourcing market. Various large enterprises such as pharmaceuticals, financial services, and manufacturing are increasingly incorporating recruitment outsourcing practices. Greenfield projects, which limit companies in the establishment of their full-fledged HR department, are encouraging companies to collaborate with recruitment service providers for end-to-end recruitments. In addition, high budgets and the need for sophisticated services are further driving the growth of this segment.

On the other hand, SMEs are expected to witness moderate growth as they have a dedicated HR team that performs multiple tasks such as hiring, onboarding, training, and others. In addition, SMEs have low budgets for recruitment. However, challenges in hiring the right candidates and continuous fluctuation in the workforce demand are encouraging SMEs to incorporate RPO services.

End-use Insights

In 2019, the BFSI sector accounted for the highest share of more than 27.0% in the market. The financial sector is continuously changing owing to changing operation models and digital disruptions. Therefore, due to the challenges in recruiting the right candidates and reduce the overall recruitment cost, a large number of financial services companies are opting for recruitment outsourcing services. BFSI firms include commercial banks, management firms, insurance companies, asset management firms, and co-operatives. Growth in these sectors leads to the creation of various direct and in-direct jobs. Often, these sectors require candidates with the desired set of skill, where recruitment agencies play a crucial role in selecting the right candidate.

Global RPO market

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On the other hand, the healthcare segment is likely to register considerable growth over the forecast duration. This sector is diverse in nature and includes hospitals, home-care services, enterprises, and healthcare laboratories. These healthcare verticals require a skilled workforce who can work in a regulated environment. In addition, the healthcare sector is witnessing considerable growth owing to the outbreak of COVID-19 and the increasing prevalence of chronic diseases.

Regional Insights

In 2019, North America held the largest share in the recruitment process outsourcing market with more than 42.0%. The United States was the leading shareholder in the region and projected to maintain its dominance over the forecast duration. The country's economy is returning to normalcy and the demand for a skilled workforce is increasing. Healthcare sector is one of the highest growing sectors in the country while the manufacturing sector is witnessing robust growth. As estimated by the U.S. Bureau of Labor Statistics (BLS), from 2018 to 2028, there would be around 8.4 million jobs in the U.S. Therefore, growing job opportunity and rising manufacturing and healthcare sectors are projected to drive the demand for recruitment outsourcing in the region.

Canada, on the other hand, has a significant share in the market with its four provinces Alberta, Ontario, Quebec, and British Columbia generating considerable employment opportunities. These provinces together account for almost 50.0% share in the Canadian market and mostly outsource their recruitment needs. Mexico is also generating increasing demand for staffing solutions and anticipated to offer lucrative growth opportunity for the market over the next few years.

The Asia Pacific is anticipated to register noticeable growth owing to the expansion of multinational companies in countries such as India and China. India is considered a talent hub with a huge number of working professionals and a large population in the age group of 25 to 35. In addition, several multinational companies are aiming to set their footprint in the country owing to the availability of low cost and effective workforce. Thus, Asia Pacific offers a lucrative opportunity for the growth of the market.

COVID-19 Impact Analysis

The RPO market has been adversely affected owing to the outbreak of COVID-19. The pandemic has led to a major change in the recruitment processes, as companies are required to adhere to the social distancing norms. For example, a U.K.-based recruitment service provider, Datum RPO advised its resources and clients to be proactive in screening the applicants and check for the details such as their location and past 14 days history to adhere to the COVID-19 norms. Moreover, companies are implementing advanced recruitment solutions to avoid direct in-person meetings while recruiting a candidate.

Recruitment Process Outsourcing Market Share Insights

The global market is characterized by the presence of several regional and international players. Leading market players are IBM Corporation, Korn Ferry, Manpower Group Inc., Wilson HCG, Sevenstep, People Scout, Cielo, Inc., Pontoon Solutions, and ADP, Inc. among others. These companies provide diversified services and take care of various recruitment needs. However, with the entry of new players in the market, existing players are focusing on diversifying their product portfolio. It is estimated that the rise in the blended services and tailored solutions are projected to transform the RPO industry. In addition, market players are also focusing on mergers & acquisitions to gain competitive advantages over their peers. For example, Permira Holdings Limited made an acquisition of Cielo, Inc. in December 2019 to consolidate its position in the market.

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Monday, February 14, 2022

Underwater Robotics Market On Recent Innovation, Current And Future Demand

Industry Insights

The underwater robotics market across the globe generated a revenue of USD 2.52 billion in 2017. It is expected to witness growth with a 13.5% CAGR over the forecasted years, 2018 to 2025. This growth can be associated with their increasing demand for carrying out activities like offshore gas & oil exploration coupled with the rising need for underwater surveillance. For example, ROVs (Remotely Operated Vehicles) are largely being used for activities like development, drilling, maintenance, and repair operations which can enhance efficiency as compared to that of human divers.

The rising adoption of robotics technology for security and defense applications is also anticipated to gain momentum in the upcoming years. Rapid advances being carried out in the technology sector have resulted in the emergence of more reliable and sophisticated products that can be used for law enforcement and military applications.             

U.S. underwater robotics market

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Previously, the submarine was largely used for underwater surveillance. But, the emergence of robotics technology has resulted in the usage of this technologically advanced equipment. Several statutory governing bodies have started investing in the development of such technologies for carrying out applications like investigation, surveillance, intelligence, communication/navigation, and oceanography. For example, the DARPA (Defense Advanced Research Projects Agency) had signed a USD 4.6 million contract with a player named BAE Systems for developing UUV (Unmanned Underwater Vehicle).

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The major concerns arising in underwater robotics deployment are communication and navigation. The transmission of information for communication takes place through sound, FSO (free-space optical), and electromagnetic waves. The underwater communication through sound waves is getting affecting by temperature gradients and surface ambient noise.

Type Insights

The segment of ROV (Remotely Operated Vehicle) held the largest share of around 86.0% across the global market in 2017. This can be associated with the surging offshore deep-sea drilling and oil industry across the globe. But, these ROVs are anticipated to witness a loss in the market share owing to the emergence of AUV (Autonomous Underwater Vehicles).

The segment of AUV is anticipated to register the highest growth during the forecasted period, 2018 to 2025. This growth can be attributed to the rising adoption and demand across the defense sector for carrying out activities like anti-warfare applications; mine counter measurement, and surveillance. Further, activities like water sample testing, research on polar ice, mapping of the ocean floor are expected to drive market growth in the upcoming years.

Application Insights

The global underwater robotics market can be further segmented into defense & security, scientific research, commercial exploration, and others. In 2017, the commercial exploration segment held the largest share across the global market. It is anticipated to continue its dominance with a 14.8% CAGR during the forecasted years, 2018 to 2025.

Asia Pacific underwater robotics market

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This can be associated with the surging need for carrying out offshore gas, oil, and undersea mineral exploration activities. The majority of the players engaged in mining are using robotics technology for extracting mineral deposits beneath the sea bed. For example, Nautilus Minerals is expected to deploy several underwater robots for extracting minerals like copper, silver, and gold at 1,600m depth.

Regional Insights

In 2017, Europe held the largest share across the global market and generated a revenue of USD 855.6 Million.  It is also anticipated to register significant growth across the globe on account of surging offshore gas and oil exploration activities. For example, a Russian firm named Lukoil has constructed the third well across Filanovsky fiend near the Caspian sector.

The Asia Pacific is anticipated to register the highest growth during the forecasted years, 2018 to 2025. This can be associated with the surging usage of such underwater robotic products for carrying out oil exploration and defense activities across countries like India, China, and Japan.

Underwater Robotics Market Share Insights

The market is facing strong competition due to the surging number of major and small players offering various types of AUV and ROV products. The key players in this market are Schilling Robotics LLC, International Submarine Engineering, Oceaneering International, Bluefin Robotics Corp, Inuktun Services Ltd., ATLAS MARIAN Aps, ECA Group, Soil Machine Dynamics Ltd. and Saab AB.

Few major players dominated the global market. However, small companies developing innovative products are challenging the major players. Several players are engaged in product development and innovation to gain a competitive advantage over other players. For example, Oceaneering International, Inc. declared its AUV operations expansion across the region of West Africa.

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Automotive Steel Market Seeking Excellent Growth

Industry Insights

The global automotive steel market size was accounted for USD 104.47 billion in 2018 and expected to grow with a CAGR of 3.2% during the forecast period, from 2019 to 2025. Automobile manufacturers are focusing on reducing vehicle weight in order to meet stringent emission reductions. Therefore, manufacturers are using high-quality steel for weight reduction which is expected to drive the market growth over the forecast period.

Over the past few years, the automotive industry is facing challenges such as high carbon dioxide emissions from vehicles. To overcome these challenges, market players are focusing to develop lightweight vehicles which will help to improve fuel efficiency and reduce in the emission of harmful gasses from the vehicle. Materials like hot forming steel and metal composites have properties to cut the vehicle’s weight. It has been noticed by automakers that hot firming steel can reduce vehicle weight by 20% to 30%.

U.S. automotive steel market

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In North America, the U.S. is the largest producer of motor vehicles. Pickup trucks and passenger cars accounted for the largest number of vehicles in the country. Several manufacturers are using steel material for manufacturing passenger car components which are expected to drive the market growth over the forecast period. In addition, the introduction of compact SUVs has positively impacted the U.S. automotive industry, as several manufacturers are using stainless steel to reduce vehicle weight.

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Growing investment in green infrastructure and stringent emission regulations are expected to drive the demand for steel-made automotive parts. Using steel in automotive construction reduces weight and helps to conserve resources without comprising safety standards implemented by the government for low carbon emission. For example, the Canadian government has invested around USD 3.5 million in green infrastructure and clean technologies by increasing the production of zero-emission vehicles. In addition, the Canadian government entered into a partnership with private sector companies in order to increase the sales of electric vehicles. In 2019, the Canadian government has invested around USD 98 million in charging infrastructure. Moreover, the government is offering some incentives that are buying zero-emission vehicles. Therefore, several initiatives taken by the government of Canada to increase sales of electric vehicles will propel the demand for lightweight material in order to reduce overall vehicle weight

The development of advanced high-strength steels (AHSS) is a major factor to focus on for market players. This material has a combination of mechanical properties that helps improve efficiency, durability, and safety at an affordable cost. Further, the safety standards set by the National Highway Traffic Safety Administration (NHTSA) which are focused on improving the safety standard of vehicles and fuel efficiency are expected to drive the demand for this material.

Vehicle Type Insights

On the basis of vehicle types, the automotive steel market is segmented into passenger vehicles, light, heavy commercial vehicles, and commercial vehicles. In 2018, the passenger vehicle segment dominate the market and held the largest market share of more than 71.0% in terms of revenue. Increasing demand for passenger vehicles in developing regions such as the Asia Pacific is expected to drive the segment growth in the next few years. According to OICA statistics, countries such as Malaysia, Indonesia, India, and Thailand have production growth of 13.7%, 7.5%, 2.6%, and 7.2% respectively.

Technological advancement in steel-based composite material for automotive and growing anticipation for commercializing are major factors that are expected to drive the passenger vehicles segment growth during the forecast period. Several automotive market players across the globe are focusing on the development of autonomous vehicles, which is expected to drive the segment growth in the next few years.

The light commercial vehicle is estimated to grow at the fastest rate during the forecast period in the report. The demand for LCV is expected to increase from commercial and industrial transportation services. In addition, the development of road infrastructure, government supportive policies, and rapid urbanization are expected to propel the demand for LCVs from 2019 to 2025.

Application Insights

Based on application, the market is fragmented into suspension, body structure, power train, and others. In 2018, body structure held the largest volume share of more than 35.0% Body structure comprises frames, panels, trunks, doors, and bonnet. These automotive parts are generally manufactured by steel to offer crash energy absorption and high robustness to the body structure. In addition, stringent regulation by governments across the globe for safety around vehicle parts is expected to drive the segment growth in the next few years.

Market players in the automotive industry are focusing on power train weight reduction which is expected to fuel the demand for automotive steel. On the other hand, some automotive manufacturers are using plastic and composites to reduce the weight of power trains, which is expected to hamper the market growth for this segment to some extent.

Global automotive steel market

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The suspension segment is projected to grow with a CAGR of more than 3.0% in terms of revenue over the forecast period. Growing demand for high strength and high rigidity is expected to fuel the automotive steel demand for suspension applications. Vehicle suspension helps to reduce high-level stress and vibrations. Therefore, the material used for automotive components especially springs should be able to bear such stress without damages.

Regional Insights

North America is projected to grow with a CAGR of more than 2.5% from 2019 to 2025 in terms of volume. In this region, the demands for electric vehicles are increasing, as they are manufactured with lightweight materials including steel. Therefore, increasing demand for electric vehicles in Mexico, Canada, and the U.S. is expected to impel regional market growth. For example, in 2018, Zacua established a new vehicle production plant worth USD 4.3 million in Mexico.

In Europe, Germany is a substantial and integral part of the automotive industry. Moreover, Germany is a major producer of passenger cars, heavy automotive vehicles, and precision equipment. Growing exports of luxury cars in this country and rising investment in R&D activities in order to develop premium cars are projected to drive the market growth in Europe.

In 2018, Asia Pacific accounted for a market share of more than 45.0%, in terms of revenue in the global market. Favorable government policies are projected to drive the automotive industry growth in the Asia Pacific. Moreover, manufacturers are striving to come up with attractive designs and develop advanced manufacturing processes in order to fulfill the rapidly changing demand for OEMs.

Impact of COVID-19

Due to the COVID-19 pandemic and lockdown, all manufacturing operations in the automotive industry are suspended. The automotive industry is one of the major consumers of steel material, which may hamper the automotive steel market growth to some extent. Recently, various manufacturers including Nissan, VW, Volvo, and others have decided to re-open their factories and restart vehicle production in European countries which is expected to drive the demand for steel. In addition, as China is the largest consumer of steel across the globe, it is focusing on imports of semi-finished steel, thereby expected to fuel the market growth during this pandemic situation.

According to International Energy Agency (IEA), the sales of the electric car are expected to reach around 10 million this year despite the COVID-19 pandemic. In addition, government favorable support to sale electric vehicles is expected to further augment the market growth for automotive steel.

Automotive Steel Market Share Insights

Geographical expansion and continuous production in developed nations such as Japan and the U.S. are expected to remain key strategies among market players. For example, Japan is home to key automakers including Mitsubishi, Fuso, Hino, Daihatsu, Toyota, Honda, Subaru, Nissan, Mazda, Lexus, and others. Therefore, rising demand for steel from these automakers is expected to drive the market growth over the forecast period.

Some major manufacturers operating in this market are ArcelorMittal, JFE Steel Corp., JSW Group, Hyundai Steel, POSCO, U.S. Steel, Tata Steel, Nucor Corporation, and China Steel Corp.

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Civil Engineering Market Progresses For Huge Profits By 2027

Industry Insights

The global civil engineering market size was accounted for USD 8.73 trillion, in 2019 and is anticipated to grow at a CAGR of 5.4% over the forecast period of 2020 to 2027. The expansion of the real estate business promoting the construction of multistoried apartments and single-family dwellings in developing countries of the Asia Pacific region is projected to propel market growth.

The rapidly increasing rate of the urban population along with rising demand for their accommodation is one of the most important factors driving the market growth. Additionally, increasing infrastructural development supported by public-private partnerships in developing countries of the Asia Pacific and the Middle East is anticipated to boost the growth of the market.

U.S.civil Engineering market

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The imposition of strict emission standards in course of construction activities in North America is anticipated to proliferate the demand for civil engineering services for on-time completion of projects according to the requisite standards. Additionally, a swift change of the construction sector from using ordinary construction materials to green building materials is anticipated to have a positive impact on the growth of the market in the upcoming years.

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Players functioning in the market are majorly concentrating on using green building materials because of the new concept of energy efficiency and tenable building structures. Additionally, the constant introduction of innovative and new building materials and evolving technologies are also projected to facilitate profitable opportunities for the companies in the coming years. The market depends majorly on the developing construction industry, which further relies on macroeconomic and microeconomic factors. Therefore, the market is highly susceptible to cyclic fluctuations owing to economic downturns in the construction industry.

Increasing adaptation of innovative digital technologies is anticipated to have a positive impact on the growth of the civil engineering value chain all around the world. Hence, the evolution of advanced software and tools is projected to monitor the cost-effective and timely execution of construction projects in order to boost the market growth.

Service Insights

The segment of planning and design is anticipated to grow at the fastest CAGR of 6.1% over the forecast period, as it is one of the primary stages and important fundamental of civil engineering services and hence, most in demand. Additionally, the increasing importance of in-time completion and cost-efficiency of projects is expected to propel the growth of the segment. Increasing usage of innovative and extraordinary construction materials like cross-laminated timber, glue-laminated timber, and various other materials has driven the importance of planning and design as it plays an important role in the successful completion of building projects with great structural integrity.

The construction segment dominated the market with 27.7% of its share in 2019. Additionally, the recent development of construction equipment and improvised materials have increased the construction capabilities of the players in the industry, thereby, enhancing their profits, which is likely to have a positive impact on the demand for services in the forecast period. Construction services encompass building various structures like public infrastructure consisting of healthcare facilities, recreational parks, bus stations, railway stations and community centers, commercial and residential buildings. Hence, the rising demand for housing and initiatives by the government to promote infrastructural development is anticipated to boost the growth of the segment.

Customer Insights

The government sector was the primary customer dominating the market with 41.6% of share in 2019 because of several favorable frameworks and policies. Further, governments across the globe are constantly putting in their efforts to provide affordable housing to the rapidly increasing population, thereby, propelling the growth of the market. Governments are working on improving the infrastructure in their own countries over the upcoming years. Further, local and state governments in European countries are concerned with constructing a huge number of infrastructural projects.

The private sector consists of real estate developers, construction contractors, and individuals that are the main stakeholders of this market. Rising investments by private companies in construction activities like building new schools, housing projects, and developing healthcare centers are anticipated to drive the growth of the market. The construction industry is observing a rise in modular construction as the buildings are constructed offsite. These trends along with an increasing number of public-private partnerships are anticipated to boost the demand for civil engineering services in this sector in the forecast period.

Application Insights

On the basis of application, the civil engineering market is segmented into infrastructure, industrial, and real estate. The real estate application segment dominated the market with 41.9% of the share in 2019 because of the increasing demand for residential buildings, which is a result of rapid urbanization and increasing disposable income of the majority of the population.

Usage of advanced equipment, processes, and materials has considerably enhanced efficiency. Additionally, it has led to affordable pricing and greater capacity for construction activities. Further, the easy availability of financial and banking services owing to favorable government schemes is anticipated to promote the growth of the construction segment by 2027.

Global-civil-engineering-market

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The infrastructure application segment is anticipated to grow at the fastest CAGR of 6.1% over the forecast period because of the increase in government investment in infrastructures and buildings in developing countries. Further, the developed nations have recovered from the previous economic degradation, thereby, concentrating on renovating their old infrastructures. Developing flexible infrastructures with the help of design and development are expected to have a positive impact on the growth of the segment. Further, enhancement in technical skills of the workforce especially design engineers to use recent technologies is also anticipated to boost the growth.

Regional Insights

The Asia Pacific dominated the market with a 32.5% share in 2019 and is projected to grow steadily over the upcoming years. The regional market is dependent on the easy availability of skilled labor at minimum cost and land, thereby, providing profitable growth opportunities for the market. The shift in the international production landscape has helped many developing countries like India. Additionally, the previously mentioned factors about land and labor have benefitted the construction sector in southeast Asian countries, thereby, propelling the growth of the market.

North America is anticipated to grow at a CAGR of 4% in the forecast period owing to the increasing number of government initiatives to renovate old infrastructures. Additionally, the emergence of improved construction technologies is anticipated to drive regional market growth in the upcoming years.

Europe accounted for USD 2.33 trillion in 2019 and is considered to be the second-largest market as the construction sector is one of the main contributors to the overall GDP for most of its countries. Additionally, positive indications in private and public debt are proliferating the growth of the industry and contributing to driving the regional market growth in the upcoming years.

Civil Engineering Market Share Insights

The major players in the industry include Amec Foster Wheeler plc; SNC-Lavalin; Jacobs Engineering Group, Inc.; AECOM; United States Army Corps of Engineers; and Galfar Engineering & Contracting SAOG. The players are majorly focused on introducing improved technologies like equipment and materials to build sustainable buildings. Most of the companies also concentrate on minimizing operational costs, improving the building quality, and enhancing output efficiency. Further, large investments in R&D for making energy and cost-efficient designs are a factor giving companies a competitive edge over one another.

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