The size of the global construction market is expected to grow at a CAGR of 3.5% during the forecast period 2022-2027
The Global Construction market shareSize, Price, Trends, Report and Forecast 2022-2027′ by Expert Market Research provides an in-depth view of the global construction market, assessing the market on the basis of its segments such as end-uses and major regions.
The report studies the latest market updates along with their impact on the market. It also analyzes market demand, along with its price and demand indicators. The report also tracks the market based on SWOT and Porter’s Five Forces models.
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Construction Market Analysis, Size, Share, Price Trends, Industry Report, Key Player, Major Segments and Forecast
Key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 3.5%
The global construction market is expected to register growth during the forecast period due to low interest rates in several developed countries as well as massive economic growth in emerging countries. Rising private sector investment in construction coupled with technological development and increasing disposable income is expected to bolster the growth of the construction market over the coming years.
Growing infrastructure expansion along with increasing expenditure on housing by various governments is expected to drive the growth of the market globally. Growing application of advanced technology, equipment and machinery for infrastructure development is expected to boost the demand for the construction market over the coming years. Rapid urbanization and increasing industrialization with growing investments in renewable energy infrastructure are driving increased demand for construction projects.
However, volatile commodity prices as well as growing concerns about the health and well-being of workers working in low-wage construction companies are likely to increase the costs involved in the sector, potentially reducing profit margins. The residential construction segment is expected to witness growth owing to the increasing development of residential infrastructure as well as growing consumer interest in new and innovative architecture.
Definition of the construction industry and main segments
Construction refers to the process of constructing frame-based structures, using different materials. Every construction project typically involves design, laying the foundation, actual construction, and finishing. The types of construction projects, the steps involved, the designs used, and the materials used vary by region and application.
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On the basis of end-use, the market is categorized into:
• Education and research
• Medical and Health
On the basis of region, the market is split into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Construction Market Trends
The increasing use of autonomous construction vehicles along with heavy equipment in various construction companies for better productivity is expected to aid in the growth of the construction market globally. These vehicles are equipped with cameras, GPS, and sensors that are likely to gain traction among consumers and drive market growth.
Green building techniques are increasingly being used by several building construction companies to construct energy efficient buildings. Growing awareness of green building and government policies encouraging its implementation is likely to fuel market growth as green building offers durability and high performance.
Geographically, the Asia-Pacific region is expected to gain ground in the construction market share in the coming years owing to favorable government policies to improve infrastructure projects in developing regions like China, the Southeast Asian countries and India. The growing population and rapid urbanization in the region, along with technological advancements in construction, are expected to propel the growth of the market in the Asia-Pacific region over the coming years.
Meanwhile, North American and European regions are expected to experience growth in construction market share owing to increased construction expenditure, especially in the renovation of old buildings.
Main market players
Leading companies reviewed in the Global Construction Market report are:
- Fluor Corporation
- Skanska AB
- PCL Builders Inc.
- GS E&C Corp.
- CIMIC Group Limited
- Obayashi Society
The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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