Establishments involved in the planning and design of residential and non-residential structures comprise the architects’ industry. Globally, the size of the architectural services market was valued at USD 344.9 billion. From 2022 to 2030, the market size is anticipated to grow at a compound annual growth rate of 7.4%. The increasing construction activity across the globe is the source of demand for such services.
Moreover, rapid urbanization in developing countries is also resulting in increasing commercial and residential construction activity, such as in India and Brazil. Furthermore, governments are also concentrating on launching initiatives for low-cost homes in many nations. The demand for architectural services, including construction and project management services and urban planning, is anticipated to be supported by this increase in construction activities, which will ultimately drive market growth.
In almost every sector, architecture services have expanding potential. Many businesses are choosing to use architectural services such as space planning, schematic design, and interior design. These services help businesses attract more customers and improve their guests’ experience. Also anticipated to boost market growth is leading players’ focus on expanding their brands and clientele through strategic alliances.
Asia-Pacific regions dominated the market and had a revenue share of about 36.0% in 2021. Over the forecast period, the segment is anticipated to increase steadily. Rapid urbanization, a rising population, and an increase in the number of industrial and residential construction projects in this area can all be attributed to the rise. Due to the presence of significant manufacturers and their expanding attempts to create new production facilities, China dominated the market for architectural services.
Speaking of Hong Kong, it has become a popular site for a well-established architectural design community and is home to the regional offices and headquarters of many worldwide design businesses interested in the Asian markets. Hong Kong has developed into a prominent vista for the world of Asian trends and styles as well as a regional design hub with a wide range of new ideas, products, and talents as the number of design businesses has almost tripled over the past two decades.
Hong Kong provides both a thriving market for high-end design services and a vibrant pool of design talent, which has led to an increase in the number of architectural design firms based there over the past two decades, up 161% from 2,660 in 2000 to more than 6,900 in 2020. Hong Kong’s design expertise in a variety of building types and development projects is on par with the best in the world in terms of quality. Hong Kong is a world leader in designing for high rises, slopes, high densities, and limited space. It is well-known for its high-rise structures, which are best exemplified by the skyscrapers in Hong Kong’s financial sector. These structures demonstrate how creatively architects in Hong Kong have used building materials, technology, and designs. These design businesses or firms are taking the architecture market in Hong Kong to a significant level. One such firm is LWK & Partners.
Factors that impact the Hong Kong architecture industry
One of the leading architecture and design practices rooted in Hong Kong is LWK & Partners. Its 1,100+ creative employees work together across a powerful worldwide network of 12 locations to provide top-tier built-environment solutions. The diverse design team at LWK & Partners, which has experienced over 35 years of growth, pools their skills to offer a variety of services, including architecture, planning & urban design, interiors, landscape, heritage conservation, building information modelling (BIM), brand experience, and lighting design. Great design, in the opinion of LWK & Partners, has limitless potential and can positively affect people’s lives.
The firm has had over 36 years of growth and has finished a number of exceptional projects in a variety of industries, including mixed-use, commercial, residential, educational, transit-oriented developments, recreational, and public facilities developments.
The specialty of the firm is to provide sustainable solutions. The Burj Crown, one of their newest structures, is the latest eye-catching addition to Downtown Dubai’s dramatic skyline. LWK & Partners was entrusted with the task of developing a magnificent, opulent residential destination at the heart of Sheikh Mohammed bin Rashid Boulevard. As per the vision, a 44-story luxury residential skyscraper featuring one, two, and three-bedroom apartments with thoughtfully designed floor plans and floor-to-ceiling windows offering mesmerizing views of the city’s prominent sites has been created.
Modern buildings in the world’s largest cities are envisioned and designed with ingenuity, creativity, foresight, and dedication. LWK & Partners is dedicated to these principles and offers clients and their communities sustainable solutions. Consequently, the firm was chosen as the winner of the ‘Best Master Planning Consultancy KSA 2022’ title by International Business Magazine.
Workplace design in Hong Kong reflects the pragmatic nature of practice and the city’s distinct urban environment in a way that is distinctive. It moves swiftly and at scale while being inventive and fast-paced. Offices can be renovated as frequently as every four years. It exemplifies the territory’s highly regulated but business-like attitude, which responds quickly to the demands of one of the world’s most populous places. Its members are from different countries, and it always keeps a close eye on the swift changes taking place in mainland China. Hence, the Hong Kong architecture and design industry will expand more in the future.
By Tasleem Majumder
