The engineering and construction industry is facing considerable hurdles—finding and retaining talent, responding to material price volatility due to tariffs and other trade-related headwinds, and absorbing the rapid pace of technology development pervading our personal and business lives. However, there is reason to be optimistic. Digital is transforming the industry itself and helping us imagine, create, and build the spaces, structures, and cities of tomorrow. Engineering, design, and construction firms have a unique opportunity to leave a mark on the smart cities of the future, using advanced technologies to design and build them today. These same technologies hold the promise to help firms achieve operational efficiencies, thereby reducing costs while improving margins. Those firms that embrace the projects of tomorrow and invest in digital transformation are expected to be the winners here.
Economic development will generally demand for considerable investments in new constructions and expansions to existing infrastructure. In developing economies during their expansion phase there is growth in construction. Countries having tourism opportunities require more infrastructures for tourist accommodations, and are likely to occupy decent share of the market in the coming years.
In Europe many countries such as Spain, Ireland, and Romania are experiencing major boom in construction sector in the recent years. Asia-Pacific is expected to lead the construction market in the coming years, with China and India driving the growth. Emerging markets such as China, India, Indonesia and developed economies such as the U.S. and Russia are estimated to occupy nearly 3/4th of the global construction market in the next five years.