Dublin, Oct. 10, 2024 (GLOBE NEWSWIRE) -- The "Construction Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global construction market has achieved a significant milestone, reaching nearly $15.26 trillion in 2023 and is forecasted to continue its robust growth. With an anticipated compound annual growth rate (CAGR) of 5.61% from 2023 to 2028, the market is expected to grow to $20.05 trillion. A further increase at a CAGR of 5.94% is predicted from 2028, with a projection of reaching $26.75 trillion by 2033. This growth trajectory highlights the vigorous nature of the construction industry and its critical role in the global economy.
Factors Influencing the Historic and Future Market
Investments in renewable power generation, increasing urbanization, and corresponding infrastructure development are principal drivers behind the market's historic growth. Challenges such as fluctuations in raw material prices and geopolitical tensions have been identified as constraints. In the forecast period, numerous factors such as government initiatives, the burgeoning trend of smart cities, and a rising demand for sustainable construction practices are set to steer the market ahead. Conversely, potential roadblocks could stem from a tightening of interest rates, labor shortages, and heightened safety and cybersecurity considerations.
Market Segmentation Outlook
Noteworthy shifts are occurring within the construction market's segmentation. Building construction led the market segments in 2023, representing 46.56% of the industry. However, land planning and development is projected to be the fastest-growing segment, suggesting an evolving focus within the construction landscape. Similarly, the large contractors' segment dominated the market by type of contractor. Yet intriguingly, small contractors are poised to surge forward at a rate of 5.92% CAGR. Such trends indicate a dynamism in the market and a diversification of growth opportunities across different construction sectors.
Regional Market Dynamics
In regional terms, Asia-Pacific stood out as the market's juggernaut in 2023, but Africa and South America are predicted to take the lead in growth rates. This implies potential paradigm shifts in global construction hotspots and opportunities for strategic realignments within the industry. North America and Western Europe continue to be significant, but the rapid advancements in emerging regions may offer new avenues for investment and expansion.
Competitive Landscape and Strategic Recommendations
The industry exhibits a highly fragmented market, presenting a spectrum of opportunities for smaller entities to innovate and compete. Companies within the market are encouraged to concentrate on modern modular systems, AI integration, and sustainable construction practices to ride the wave of growth opportunities. Furthermore, focusing on strategic collaborations may optimize market positions in a competitive landscape.
The construction industry appears to be on the cusp of a transformative era, with sustainability, technology, and regional shifts at the forefront of this evolution. Industry stakeholders should note these emerging trends and align their strategies to harness the vast opportunities presented by this growing market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 374 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $15.3 Trillion |
| Forecasted Market Value (USD) by 2033 | $26.8 Trillion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
Companies Featured
- China State Construction Engineering Co., Ltd.
- Skanska Group
- China Railway Group Ltd.
- China Railway Construction Corporation Limited
- China Communications Construction Company, Ltd.
- ACS (Actividades de Construcción y Servicios, S.A.)
- Lennar Corporation
- D.R. Horton, Inc.
- Power Construction Corporation of China
- Kiewit Corporation
- CIMIC Group
- Shimizu Corporation
- Lendlease Group
- CapitaLand Limited
- L&T Engineering & Construction Division
- Tata Projects Ltd.
- Hindustan Construction Company
- Shapoorji Pallonji Group
- PT Wijaya Karya (WIKA)
- Obayashi Corporation
- GS Engineering & Construction (GS E&C)
- Zeppelin GmbH
- SGS
- Interconstruct
- Etex
- Anker Hansen & Co. A/S
- Christiansen & Essenbæk 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
- VINCI
- Bouygues Construction
- Sogea-Satom
- Hochtief
- Salini Impregilo.
- Altaca Group
- Renaissance Construction
- ALFA Engineering & Construction Co.
- Budimex Group
- STRABAG International GmbH
- BeautyWalls LLC.
- SC Geamuri Serv SRL
- Octagon Contracting & Engineering SA.
- Acciona
- PCL Construction
- EllisDon Corporation
- Aecon Group Incorporated
- Ledcor Group of Companies
- Graham Construction
- Pomerleau Incorporated
- Bird Construction Incorporated
- Empresas ICA
- Bechtel
- Owens Corning
- Masonite International Corporation
- Fluor Corporation
- Turner Corporation
- Jacobs Engineering Group
- Bechtel Corporation
- Oderbrecht
- Camargo Corrêa
- Andrade Gutierrez
- Queiroz Galvão
- MRV Engenharia
- SalfaCorp
- Mourik General Contractors
- Mota-Engil
- Concremat
- Sacyr
- 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.
- Orascom Construction PLC
- Hassan Allam Construction
- The Arab Contractors (Osman Ahmed Osman & Co.)
- WBHO Construction
- Stefanutti Stocks
- Raubex Group Limited
- 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/5zzcjh
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
