Portland, OR, Nov. 12, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global construction & manufacturing industry garnered $14.42 trillion in 2019, and is expected to generate $14.86 trillion by 2022, witnessing a CAGR of 5.2% from 2020 to 2022. The report offers a detailed analysis of the Covid-19 impact on the construction and manufacturing industry with the help of tabular and graphical formats.
The global construction market garnered $9.50 trillion in 2019, and is projected to generate $9.77 trillion by 2022, manifesting a CAGR of 4.5% during the forecast period. However, the global manufacturing industry held $4.92 trillion in 2019, and is projected to reach $5.08 trillion by 2022, registering a CAGR of 6.7% from 2020 to 2022.
Covid-19 impact:
- The abrupt halt in supply chain and disruptions in manufacturing activities have been taken place in the construction and manufacturing industries due to the lockdown imposed by governments. A huge number of workers have returned to their hometowns.
- The foreign direct investment (FDI) inflows have undergone a sharp decrease due to economic turbulence occurred across the world. Among the most affected industries by the sharp decline in FDIs are construction and manufacturing.
- The Covid-19 pandemic gave a wake-up call for the construction industry as it outlined the importance of the Industry 4.0 (IR4) technologies for sustaining in the global market. This would enable manufacturers to adopt digital-first approach to physical businesses.
- The pandemic also emphasized the need for remote communication and asset management solutions. To achieve this, manufacturers need to implement cutting-edge manufacturing technologies, which include 5G solutions and cloud-based services.
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The report provides detailed segmentation of the construction industry into building construction, construction materials, transportation infrastructure, and construction services. The building construction segment held the highest market share in 2019, contributing to more than one-third of the total market share, and will maintain its dominant share during the forecast period. However, the construction services segment is projected to witness the largest CAGR of 6.9% from 2020 to 2022.
The manufacturing industry is segmented into equipment and machinery, heating, ventilation, and air conditioning (HVAC), packaging, and manufacturing services. The equipment and machinery segment contributed to the highest market share in 2019, holding nearly three-fifths of the total share. However, the packaging segment would register the largest CAGR of 8.1% during the forecast period.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.