Dublin, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The "Single-Family Housing Construction (Individual Houses) Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global single-family housing construction (individual houses) market is on a robust growth trajectory, with experts predicting it will surge from $747.34 billion in 2022 to an impressive $797.20 billion in 2023, representing a compound annual growth rate (CAGR) of 6.7%.
This remarkable growth comes despite the challenges posed by the Russia-Ukraine war, which disrupted global economic recovery from the COVID-19 pandemic. Economic sanctions, commodity price surges, and supply chain disruptions have impacted various sectors worldwide, including housing construction.
Single-family housing construction encompasses self-contained residential structures designed for single-family occupancy, featuring single ownership, no shared walls, and private property. These homes can be classified as either permanent or relocatable, with permanent structures constructed using durable materials such as wood, steel, and concrete, designed for long-term use. These materials find application in various sectors, including residential, commercial, and industrial construction.
One notable trend shaping the single-family home construction market is the adoption of advanced technologies. Leading companies in the industry are embracing innovations like modular construction, AI, digital twins, blockchain technology, virtual and augmented reality, 4D simulations, and 3D printing to streamline construction processes, reducing both time and cost. A prime example of this technological shift is the launch of South Africa's first 3D printed building using a 3D concrete printer, a collaboration between the Department of Science and Innovation (DSI) and the University of Johannesburg in January 2023.
Another significant development in the industry occurred in January 2020 when GS Engineering & Construction acquired Danwood S.A., a Poland-based manufacturer of modern prefabricated houses, for $160 million. This strategic move aimed to bring modular construction technologies from the United States and Europe to Asia and Oceania.
In terms of regional performance, Asia-Pacific led the single-family housing construction market in 2022, while Europe is expected to exhibit the fastest growth in the coming years. The geographical scope of this market report includes Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The report also covers 13 key countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the USA.
One of the primary drivers fueling the growth of the single-family housing construction market is the increasing demand for housing. Housing demand is influenced by factors like personal preferences and financial capacity. As housing serves as both an economic investment and a shelter, there is a growing trend in the construction of single-family homes. For instance, in February 2023, the Census Bureau reported a 13.8% increase in privately-owned housing units authorized by building permits in the USA, reflecting strong demand.
The single-family housing construction market also encompasses services such as plumbing, wiring, door and window installations, and finishing. The market value includes related goods sold alongside these services. This report provides a comprehensive analysis of the market, covering market characteristics, size, growth, segmentation, competitive landscape, trends, and strategies.
Major players in the single-family housing construction market include Red Sea Housing Services Co., Skanska AB, Bouygues Construction SA, ACS Group, Lindal Cedar Homes Inc., Kiewit Corporation, Balfour Beatty plc, Taisei Corporation, System House R & C Co., Ltd., Larsen & Toubro Limited, Algeco Scotsman Inc., Skyline Champion Corporation, Kirby Building Systems LLC, Butler Manufacturing, and Astron Buildings.
In conclusion, the global single-family housing construction market is witnessing impressive growth despite global challenges. With technological advancements and rising housing demand driving the industry forward, this market is set to continue its upward trajectory.
A selection of companies mentioned in this report includes
- Red Sea Housing Services Co.
- Skanska AB
- Bouygues Construction SA
- ACS Group
- Lindal Cedar Homes Inc.
- Kiewit Corporation
- Balfour Beatty plc
- Taisei Corporation
- System House R & C Co. Ltd.
- Larsen & Toubro Limited
- Algeco Scotsman Inc.
- Skyline Champion Corporation
- Kirby Building Systems LLC
- Butler Manufacturing
- Astron Buildings
For more information about this report visit https://www.researchandmarkets.com/r/t6gj8m
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