Luton, Bedfordshire, United Kingdom, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Construction Industry Market.
The size of the global construction industry market is anticipated to reach USD 17,247.96 billion by 2029, with a CAGR of 7.3%, from an estimated value of USD 11,561.40 billion in 2020.
There are prospects in residential, non-residential, and infrastructure construction, which bodes well for the future of the global construction business. Due to increased urbanisation and population growth, rising infrastructure costs and an increase in housing starts are the main factors driving this market's expansion. Construction is the process of putting together diverse elements to create a structure, such as a building, framework, or model. Any construction project is composed of unique variants that fit within a predetermined framework of separate stages: design, production, and the transformation of raw materials into manufactured goods, followed by construction. Each of these phases has internal phases, procedures, and components that come together to finish a building project.
Better safety standards have been developed thanks to artificial intelligence, which also aids in the early detection of potential hazards at building sites. As a result, when it comes to risk management tools and proactive maintenance, the construction industry is utilising artificial intelligence technologies. Artificial intelligence has also shown to be quite effective in helping workers complete their tasks securely. Over the course of the projected period, integration of artificial intelligence with activities of the construction industry is likely to support growth. Heavy machinery and autonomous construction vehicles are being used by construction businesses more frequently to increase production. These automated vehicles have GPS, cameras, and sensors. Real-time data collected from these gadgets speeds up construction and aids in remote jobsite monitoring. The construction sector is becoming more cooperative, efficient, and safe thanks to the use of vehicles connected by Internet of Things (IoT), telematics, and RFID tracking technology.
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Report Scope
| Attributes | Details |
| Forecast Period | 2022 to 2029 |
| Growth Rate | 7.3% |
| Estimated Market Value | USD 11,561.40 billion in 2020 |
| Forecasted Market Value | USD 17,247.96 billion by 2029 |
| Analysis Duration | 7 Years |
| No. of Pages | 100 |
| No. of Figures & Tables | 68 and 26 |
| Company Analysis | More than 10 |
| Regions Covered | North America Europe Asia Pacific South America Middle East and Africa |
| Countries Covered | US, Canada, Mexico, Japan, South Korea, India, Australia, ASEAN and Rest of APAC, UK, Germany, France, Italy, Spain, Russia, and Rest of Europe, Brazil, Argentina and Rest of South America, Turkey, UAE, Saudi Arabia, South Africa, and the Rest of MEA |
Regional Scope
North America, Europe, South America, the Middle East and Africa, and Asia-Pacific (APAC) are the regions represented in the construction industry market Report.
During the forecast period, Asia-Pacific is expected to account for 41% of the global construction industry. In comparison to other regional markets, Asia-Pacific is anticipated to have the fastest revenue share growth rate throughout the projection period due to the significant presence of major market players in countries around the region. Global players are entering the Asia-Pacific region to gain significant market share.
Driving Factors
Residential building is anticipated to rise at the quickest rate globally in 2021, at 7.1%. The largest sub-sector and a major contributor to global growth, residential construction accounted for 44% of all construction globally in 2020. Infrastructure building is forecast to increase at a 6.8% rate in 2021 and be the fastest-growing subsector through 2030, with average yearly growth of about 4%. This will be fueled by developing nations' efforts to build expansive projects in the areas of energy, transportation, sewerage, and waste management.
During the forecast period, the construction industry is anticipated to be driven by a rapid increase in investments in renewable power generation capacity. Particularly in the USA and Europe, numerous power producing businesses are making investments in renewable energy sources. For instance, the French state-owned energy provider EDF Energy stated in December 2017 that it would invest more than EUR 25 billion in solar power infrastructure.
Opportunities
- The residential building construction industry, which will increase global yearly sales to $3,137.3 billion by 2026, will offer the greatest potential in the construction of buildings.
- The market for highway, street, and bridge building, which will increase global annual sales to $486.6 billion by 2026, will present the most lucrative opportunities in the heavy and civil engineering construction industry by type.
- Building equipment contractors will have the highest growth potential in the specialist trade contractors industry, with annual global sales expected to reach $1,666.6 billion by 2026.
- The residential land planning and development market, which will increase global annual sales to $87.9 billion by 2026, will offer the best opportunities in the land planning and development industry by type.
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Construction industry companies profiled in this market include
- CHINA STATE CONSTRUCTION ENGINEERING CO., LTD
- AL HABTOOR GROUP LLC
- LARSEN & TOUBRO LTD
- BAUER GROUP LTD
- CHINA COMMUNICATIONS CONSTRUCTION GROUP LTD
- SKANSKA AB
- VINCI SA
- ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS SA
- BECHTEL CORPORATION
- SAMSUNG C&T CORPORATION
Global Construction Industry Market Segments
Construction Industry Market by Type
- Building Construction
- Heavy & Civil Engineering Construction
- Specialty Trade Contractors
- Land Planning And Development
Construction Industry Market by Building
- Residential
- Non-Residential
Construction Industry Market by Regions
- North America
- Europe
- Asia Pacific
- South America
- Middle East And Africa
Important Countries In All Regions Are Covered.
This Report is useful for
- Construction industry Companies
- Research Organizations
- Investors
- Regulatory Authorities
- Others
The following questions will be answered with the help of this research report.
- What is the current market size for this rapidly expanding industry?
- What is the rate of overall growth?
- What are the main applications, end uses, growing areas, and types?
- Principal drivers of growth
- obstacles to growth
- Who are the key market participants in this sector?
- What are these players' main game plans?
- What technological advances are taking place in this field?
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