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Global Smart Cities Engineering & Construction Services Market is estimated to witness a major jump in revenue from US$ 114.27 Bn in 2021 to US$ 453.07 Bn by 2030. The market is registering growth at a CAGR of 16.5% over the forecast period 2022-2030. A smart city is a technologically modern urban area that uses different types of electronic methods, voice activation methods, and sensors to collect specific data. It includes data collected from citizens, devices, buildings, and assets which are processed and analyzed to monitor and manage traffic and transportation systems, power plants, utilities, water supply networks, waste, crime detection, information systems, schools, libraries, hospitals, and other community services. Smart city's engineering and construction services are used for the development and building of smart cities.
The growing impetus of the global smart cities engineering & construction services market is attributed to factors such as the rising adoption of connected and smart technologies in smart cities, favorable government initiatives promoting smart cities, and increasing digitization in public safety and transportation. The world is getting more and more urbanized. By 2040, 65% of the world’s population will be living in cities. 1.3 million people move into cities every day, and this has further insisted many governmental and corporate bodies utilize smart city services. For instance, the United Nations initiated the United Smart Cities Program to develop and scale up this concept. Moreover, roughly 500 Chinese cities started their transition to smart cities in 2018. Furthermore, increasing digitization across the world is also paving the way for smart cities, which in turn is expected to propel market growth. However, the high capital expenditure in smart city construction and rising security concerns over the Internet of Things (IoT) are hindering the market growth.
The study of the global smart cities engineering & construction services market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the smart cities & construction services industry for the period 2017-2030, where the base year is 2021 and the forecast period is 2022-2030. The report provides a detailed analysis of the global smart cities engineering & construction services market across 19 Chapters and, 307 pages. The report includes data presentation across 72 tables and 151 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides a SWOT analysis and Porter’s five forces analysis wherein bargaining power of buyers and threat of substitutes is low.
The subsequent section provides details of the market analysis based on different segments such as service type, solution, project, application, city topography, and region. The report includes a detailed study of the value chain of the industry. It includes system integrators, EPC firms, and delivery partners. The report also covers extensively the key competitors in the market for super abrasives.
Key Takeaways from the Global Smart Cities Engineering & Construction Services Market Report
Impact of COVID-19
During the COVID-19 pandemic, the global demand for smart city engineering and construction service market slightly declined due to the reduced spending by government and private companies in smart city development, which led to cutbacks in service infrastructure. Furthermore, strict lockdown due to Covid-19 led to the shutdown of the manufacturing industry thereby disrupting the supply chains. This has created stress on the supplies of several products and services offered by this industry.
The key players in the global smart cities engineering & construction services market are AECOM, Arup Group, Black & Veatch, TuV, Bleak & Veatch Singapore, PWC, Accenture, Tata Consulting Engineers, and Gaia Smart Cities Solutions Pvt. Ltd among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip in the stabilized market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
The following are the different segments of the global smart cities engineering & construction services market.
By Service Type segment of the Global Smart Cities Engineering & Construction Services Market is sub-segmented into:
By Solution segment of the Global Smart Cities Engineering & Construction Services Market is sub-segmented into:
By Project segment of the Global Smart Cities Engineering & Construction Services Market is sub-segmented into:
By Application segment of the Global Smart Cities Engineering & Construction Services Market is sub-segmented into:
By City Topography segment of the Global Smart Cities Engineering & Construction Services Market is sub-segmented into:
|Market Size Value in 2021||US$ 114.27 Bn|
|Expected Revenue in 2030||US$ 453.07 Bn|
|Unit||Value (USD Bn)|
|Segments covered||By Service Type, Solution, Project, Application, City Topography, Regionsegment, and Region|
|Key Companies||AECOM, Arup Group, Black & Veatch, TuV, PWC, Accenture, Tata Consulting Engineers, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The Global Smart Cities Engineering and Construction (E&C) Services Market is projected to grow at a CAGR of 16.5% during the forecast period 2022-2030.
Rising adoption of connected and smart technologies in smart cities, favorable government initiatives promoting smart cities and increasing digitization in public safety and transportation.
The ICT consulting segment is estimated to have the highest market share during the forecast period.
The Global Smart Cities Engineering and Construction (E&C) Services Market was valued at US$ 453.07 Billion in 2030.
The market is segmented into Design/ Consulting, network, infrastructure, hardware, software, equipment and other solutions.
Increasing population, globalization and hyper-urbanization in the global economy transforms a city into a smart city.
Security concern associated with smart cities and high capital expenditure in smart city construction restrain the market growth.
Urban development segment is projected to be the most lucrative segment over the forecast period.
Asia Pacific region holds the largest market share and is expected to grow at the fastest CAGR during the forecast period.
Technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), Big Data, Blockchain, 5G networks, geospatial technology and many others.
Germany holds the major share in the Western Europe Market in terms of revenue
The key players operating in the marketplace are Honeywell International Inc, AECOM, Arup Group, Meinhardt Group, TuV Rheinland, Incheon Smart-City Corporation, McKinsey & Company, Mott MacDonald Group, PWC, Accenture and Tata Consulting Engineers among others.