Construction Market to Rise at Over 4.6% CAGR from 2023 to 2031, Reaching a Valuation of US$ 14.5 Billion: TMR Report

Wilmington, Delaware, United States, May 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Construction Market size was worth US$ 9.3 Bn in 2022 and the global market is likely to reach a value of US$ 14.5 Bn by 2031. The global industry is predicted to expand at a CAGR of 4.6% between 2023 and 2031.

The global construction market is expected to be driven by a rise in both non-residential and commercial construction activity. Additionally, the global industry is projected to grow due to increase in adoption of green buildings are growing concerns about the environment. The global construction market size is also anticipated to be driven by increased mechanization, rapid urbanization, population expansion, and a boom in the construction of residential and commercial buildings.

Expansion of modern economies and increasing pace of industrialization are driving the market demand for efficient and innovative building technology. Government funding for infrastructure projects is also generating opportunities for the construction industry. Implementation of smart infrastructure that can track and improve performance, use of drones for mapping and surveying, and 3D printing for construction are just a few of the innovations that the construction industry is implementing. These technologies present attractive potential for market development.

Numerous construction and infrastructure expansion activities are currently being carried out, from straightforward industrial construction tasks such as building a dam, airport, or bridge to detailed residential construction projects such as constructing a garden shed. Globally, the commercial and residential building industries are growing at a rapid pace, which in turn is boosting business growth.

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Market Scope:

Key Findings of Market Report

• Based on type, the heavy & civil engineering segment is anticipated to dominate the global industry between 2023 and 2031. Urbanization of the global population continues to increase at a rapid pace, and as cities expand, so does the need for infrastructure, such as dams, bridges, roads and public structures. Consequently, the need for heavy and civil engineering services has increased.
  

Global Construction Market: Growth Drivers

• The global construction market is growing as a result of an increase in demand for more industries, companies, houses, and various other facilities. Urbanization and economic mechanization in industrialized nations are expected to drive this global industry. Demand for new residential and commercial structures as well as other infrastructure is increasing due to population expansion, rising incomes, and evolving lifestyles. Increase in the number of people relocating to metropolitan areas is fueling the need for new development projects.
• Construction methods that are efficient and cost-effective can be made possible by new technology. The industry is gaining from technological advancements as well as the usage of cutting-edge materials and construction techniques to build infrastructure that is more effective and long-lasting. The construction sector is also responding to the escalating environmental issues, such as resource depletion and climate change. Construction firms are currently focusing on environmentally friendly and sustainable infrastructure development by implementing green techniques and technology

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Global Construction Market: Regional Landscape

• Asia Pacific is projected to dominate the global market from 2023 to 2031. Several countries in the Asia Pacific are making significant investments in the construction of high-speed rail networks, new roadways, and airports. This in turn is estimated to boost the construction sector in the region.
  

Global Construction Market: Key Players

Some of the key players in the global construction market are as follows

• China State Construction Engineering Corp. Ltd.
• China Communications Construction Company Ltd
• HOCHTIEF Aktiengesellschaft
• Power Construction Corporation of China
• Bouygues S.A
• STRABAG International GmbH

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Global Construction Market: Segmentation

Type

• Heavy & Civil Engineering
• General Construction
• Others
  

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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