Dublin, March 19, 2024 (GLOBE NEWSWIRE) -- The "Construction Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The construction market size has grown strongly in recent years, from $15.193 trillion in 2023 to $15.97 trillion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The expansion witnessed during the historical period can be credited to the surge in infrastructure development, escalating renovation endeavors, rapid growth within the elderly demographic, and the upsurge in domestic manufacturing.
The construction market size is expected to see further growth in the next few years. reaching $19.857 trillion in 2028 at a compound annual growth rate (CAGR) of 5.6%. Forecasted growth is driven by urbanization, population expansion, government backing, industrialization, and the emergence of smart cities. Anticipated trends involve automated construction tools, high-performance equipment, digital platform integration, AI and machine learning adoption, strategic partnerships, innovation networks, fully electric construction equipment, technological advancements, and suburban area development.
The anticipated surge in global construction activity is poised to drive growth in the construction market in the coming years. Noteworthy emerging markets, such as China, Brazil, India, Saudi Arabia, and Indonesia, have exhibited robust construction undertakings. This heightened construction activity generates demand for both construction services and materials, thereby bolstering and expanding the construction market. A case in point is the data from February 2023, where the Office for National Statistics, a UK-based statistics authority, reported a 5.6% annual increase in construction output in 2022 compared to 2021. This follows a record surge of 12.8% in 2021, highlighting the significant contribution of rapid construction growth to the construction market.
The expansion of urbanization is projected to be a key driver for the growth of the construction market. Urbanization, denoting the escalating growth and sprawl of cities accompanied by population migration from rural to urban areas, relies heavily on construction to provide essential infrastructure and buildings for a burgeoning urban populace. Illustratively, data from April 2022, as reported by the World Economic Forum, a Switzerland-based independent international organization, indicates that over 4.3 billion people, constituting 55% of the world's population, resided in urban settings. This figure is expected to climb to 80% by 2050, underscoring the pivotal role of increasing urbanization in propelling the construction market.
Building construction firms are increasingly embracing green construction techniques to erect energy-efficient structures while concurrently mitigating construction costs. Green construction involves utilizing sustainable building materials and construction processes to create environmentally friendly buildings with enhanced energy efficiency. The World Green Building Trends Survey indicates that approximately 60% of global construction firms are engaged in green construction projects.
Certifications such as Leadership in Energy and Environmental Design (LEED) empower construction companies to craft high-performance, sustainable residential and commercial buildings, offering various advantages from tax deductions to marketing opportunities. The adoption of sustainable construction materials, such as natural paints and recycled steel beams, is becoming widespread in the UK. Additionally, green construction practices such as cross-ventilation for a more natural environment, the use of green construction software such as Construction Suite for ensuring green compliance, and the Green Globes management tool are gaining traction in the construction industry. Noteworthy companies implementing green construction techniques include Turner Construction Co, Clark Group, AECOM, Hensel Phelps, and Holder Construction.
Major players in the construction market are actively pursuing innovative technologies, particularly automation, to elevate project efficiency, curtail costs, and attain a competitive advantage. An automated construction service center, serving as a centralized facility, leverages automation and technology to streamline diverse aspects of construction projects, encompassing scheduling, resource allocation, and communication. Notably, in July 2023, Tata Steel, a leading provider in the Indian construction solutions industry, unveiled its inaugural fully automated construction service center in Odisha. This pioneering initiative aims to revolutionize reinforcement applications in the construction sector, meeting the escalating infrastructure demand in Odisha through a commitment to sustainability, precision, quality, and expeditious construction practices.
Report Scope
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Markets Covered:
- By Type Of Construction: Buildings Construction; Heavy and Civil Engineering Construction; Specialty Trade Contractors; Land Planning and Development
- By Type Of Contractor: Large Contractor; Small Contractor
- By End-Use Sector: Public; Private
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled:
- China State Construction Engineering Co., Ltd
- China Railway Group Ltd
- China Railway Construction Corporation Limited
- China Communications Construction Group Ltd
- Vinci S.A.
- Grupo ACS
- Lennar Corporation
- D.R. Horton, Inc.
- Bouygues S.A.
- Power Construction Corp. Of China
- CIMIC Group
- Shimizu Corporation
- Lendlease Group
- CapitaLand Limited
- L&T Engineering & Construction Division
- Tata Projects Ltd
- Hindustan Construction Company
- Yunnan Zhiling Construction Engineering Co., Ltd.
- Zhejiang Yijian Construction Group Co
- Zeppelin GmbH
- SGS
- Interconstruct
- Etex
- Anker Hansen & Co. A/S
- Christiansen & Essenbak A/S
- C.C. Contractor A/S
- EKE-Construction Ltd
- Colas Group
- Eiffage Construction
- Bauer Group
- Bennett Construction Limited
- Collen Construction Limited
- Casais Group
- Balfour Beatty
- Laing O' Rourke
- Interserve
- Morgan Sindall
- Kier
- Altaca Group
- Renaissance Construction
- ALFA Engineering & Construction Co
- Budimex Group
- STRABAG International GmbH
- BeautyWalls LLC
- SC Geamuri Serv SRL
- Octagon Contracting & Engineering SA
- PCL Construction
- EllisDon Corporation
- Aecon Group Incorporated
- Ledcor Group of Companies
- Graham Construction
- Pomerleau Incorporated
- Bird Construction Incorporated
- Empresas ICA
- Bechtel
- Fluor Corporation
- Turner Corporation
- Skanska USA
- Kiewit Corporation
- Jacobs Engineering Group
- Oderbrecht
- Camargo Correa
- Andrade Gutierrez
- Queiroz Galvao
- MRV Engenharia
- SalfaCorp
- Mourik General Contractors
- McCrory Construction Company
- Al Habtoor Group LLC
- Al-Naboodah Constructing
- Arabian Construction Company
- Dutco Balfour Beatty LLC
- SHIKUN & BINUI LTD
- Mekorot Water Company Ltd
- DANYA CEBUS LTD
- ASHTROM GROUP LTD
- Saudi Bin Ladin Group
- Al-Rashid Trading & Contracting Co
- Al Ayuni Investment & Contracting Co
- Al Harbi Trading & Contracting Co
- Arabian Bemco Contracting Co
- Redcon Construction Company
- Estim Construction Co. Ltd
- Eco-Beam, Ecomo
- TSAI design studio
For more information about this report visit https://www.researchandmarkets.com/r/6bdio6
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