Asia Pacific Architectural Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Asia Pacific Architectural Services Market is expected to register a CAGR of approximately 4. 2% over the forecast period (2021 - 2026). Architectural planning has witnessed a paradigm shift in the last few years owing to the emergence of computer software.

New York, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Architectural Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06177388/?utm_source=GNW
Advancements in digital design tools, computer-controlled fabrication, computer-controlled connectedness, and inter-connectedness have enabled a new phase of the designing and building processes.

Key Highlights
Architectural services comprise a wide variety of processes, including feasibility studies, architectural programming, project management with the help of design, preparation of construction documents, and construction administration. The Increasing Demand for Green Building is driving the architectural services market, as sustainable construction provides important benefits and business opportunities. Moreover, the return on investment can be improved, along with the occupancy, thereby saving operating costs.
The Asia Pacific region is characterized by significant ongoing and upcoming infrastructural projects, particularly smart city projects, across Singapore, China, Japan, and India, which may create a demand for architectural services. According to the India Brand Equity Foundation (IBEF), the real estate sector in India is expected to reach a value of USD 1 trillion by 2030, which may account for over 13% of the country’s GDP by 2025.
In the context of technology insertion, homes are adopting automation and transforming into smart homes. New buildings are designed by keeping automation as the top priority. Automated systems aid in functions like security, temperature control, and lighting, which is helpful in controlling bills and positively impacts the environment and the surroundings.
The firms offering architectural services were significantly impacted in a negative manner due to the COVID-19 pandemic. The pandemic led to nationwide lockdowns in many countries, which caused a complete halt in construction projects in the Asia Pacific. However, the market is expected to regain momentum as the condition continuously improves and moves towards normalcy due to the widespread vaccination in this region.
Furthermore, the architectural industry in the region is growing considerably, with an increasing number of new architectural firms entering the market with innovative designs and software, thereby providing better services, such as enhancements in urban planning. These advancements are expected to increase the demand for upgraded design technology involving 3D models and high-end designing software. The entry of new players is backed by several investments from venture capital firms, which is supporting the growth of the studied market.

Key Market Trends

Residential Sector to Hold Significant Market Share

The residential sector is among the largest end-user segment for architectural services. The residential project stakeholders use different forms of architectural visualization to serve distinct needs.
These architectural services provide a full variety of help, including interior design, in the residential sector to ensure a successful residential construction project. The operating firms work with trusted partners, suppliers, and service providers to help users achieve their project goals.
Rapid urbanization is one of the major factors boosting the residential architectural services market in the APAC region. Residential development growth remained low in 2020, but it is likely to pick up in 2021. There is a substantial government focus on affordable housing across the region’s emerging markets.
For instance, the Indian government recently introduced the Affordable Rental Housing Scheme (AHRC) to provide migrant workers with affordable rental housing. This, combined with the Maharashtra Chief Minister’s introduction of the Maha Awas Yojana, a new rural housing project, is projected to propel India’s residential construction sector forward.
Similarly, in Malaysia’s budget 2021, the government proposed a number of incentives aimed at increasing homeownership. For example, the Malaysian government declared that first-time property buyers in the country will be exempt from paying stamp duty until 2025. Several Malaysians who want to buy a home in the nation will profit from the stamp duty exemption.
Initiatives such as these are expected to create a plethora of opportunities for architectural services in the residential arena.

China to Occupy Maximum Market Share

China’s urbanization rate is one of the highest in the world. According to the data from the American Institute of Architects (AIA) Shanghai reports, by 2025, China will have constructed the equivalent of 10 New York-sized cities since the 1990s. China remains a site for architectural experimentation and is attracting multiple companies to provide architectural services.
In the past development of China’s construction industry, the architectural design does not profoundly participate in the subsequent building construction process after submitting design drawings, showing a state of fragmentation between architectural design and building construction, which has brought a series of drawbacks. The shortcomings of the traditional production model have promoted the development of new business models, such as general engineering contracting and whole-process engineering consulting.
Furthermore, China has registered rapid development of LEED (Leadership in Energy and Environmental Design) green buildings over the past few years, with first-tier cities remaining the most active players. As of April 2021, nearly 6,600 projects in China totaling more than 330 million square meters either received the LEED certification or were working toward it, making it the second-largest market after the United States in terms of LEED certification, according to data by the US Green Building Council.
China is also massively investing in the digital transformation of its cities and has developed smart city infrastructure that has already been applied to many of its major metropolises and their industries. Furthermore, China’s state-led initiatives in technological innovation and public-private enterprise involvement are further expected to drive the demand for architectural services during the forecast period.

Competitive Landscape

The Asia Pacific Architectural Services Market is moderately competitive and is growing in competition with the entry of an increased number of players. The market consists of a significant number of local and global players. The players are focusing on expanding their client base across the region and are adopting both organic and inorganic growth strategies. Some of the major players operating in the market include IBI Group Inc., AECOM Ltd., Aedas Architects Ltd, and HDR Architecture Inc., among others.

October 2021 - Bengaluru Airport City Limited (BACL) appointed DP Architects Singapore & Portland Design UK as a building consultant for the integrated Retail-Dining-Entertainment (RDE) Village project. Developed at the BIAL (Bengaluru) Airport as part of the Airport City, RDE Village is built on the vision of creating retail and lifestyle destinations. In a high-energy, lively airport environment, RDE Village may meet the expectations of millennials. This development envisions having an open, fluid environment that links multiple zones through an interactive and sensory experience and facilitates longer dwell times and repetitive visits.
September 2021 - Arup was awarded a civil and structural engineering consultancy contract for the detailed design stage of the Long Thanh International Airport passenger terminal 40km outside Ho Chi Minh City. This project adds to a growing list of key regional transport hubs with Arup selected as a key consultant, including the Hong Kong International Airport, Taiwan Taoyuan Airport T3, Singapore Changi Airport T5, Beijing Capital Airport T3, and the timber-framed Mactan-Cebu terminal building in the Philippines.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06177388/?utm_source=GNW

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