LONDON, Jan. 04, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s construction industry overview, rising investments in renewable energy infrastructure is expected to be amongst the key drivers of the construction market during 2023-2026. A large number of power generation companies are investing in renewable energy sources, especially in the USA and European countries.
For instance, in December 2017, a French state-owned energy company, EDF Energy announced an investment of more than EUR 25 billion in solar power infrastructure. With increasing population growth and urbanization, it is predicted that 60% of the world’s population is expected to live in cities by 2030. This means that governments will substantially spend more on infrastructure development, giving a massive push to the construction sector. According to the India Brand Equity Foundation (IBEF), through the NIP (National Infrastructure Pipeline), the government of India invested US$ 1.4 trillion in infrastructure development.
The global construction market size reached a value of nearly $13.57 trillion in 2023, having increased at a compound annual growth rate (CAGR) of 4.6% since 2016. The increasing construction activities in emerging markets is expected to propel the growth of the construction market over coming years from $13.57 trillion in 2023 to $22.87 trillion in 2026 at a rate of 9.8%. The market is then expected to grow at a CAGR of 11.5% from 2026 and reach $39.35 trillion in 2031.
Emerging markets which registered robust construction activity included China, Brazil, India, Saudi Arabia and Indonesia. According to the National Bureau of Statistics, construction output contributed to 25.9% of China’s GDP in 2020, up from 6.2% in 2019. Major players in the building construction market include China State Construction Engineering Co., Ltd., China Railway Group Ltd., China Railway Construction Corporation Limited., China Communications Construction Group Ltd., and Vinci S.A.
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Asia Pacific was the largest region in the construction market, accounting for 42.2% of the global market in 2023 as per TBRC’s construction market research. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the construction market will be Africa and the Eastern Europe, where growth will be at CAGRs of 17.2% and 10.5% respectively from 2023-2026.
The report provides insight on the construction market in the following countries – Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
Construction market trends see Green Building rising. Building construction companies are progressively using green construction techniques to build energy efficient buildings and reduce construction costs. According to the World Green Building Trends Survey 2018 conducted on 2000 industry-wide participants about 47% of the surveyed companies believe that they will build around 60% of their projects using green technology by 2023. Certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies to develop high-performance, sustainable residential and commercial buildings, and also offer a variety of benefits, from tax deductions to marketing opportunities. Sustainable construction materials such as natural paints and steel beams made from recycled materials are being widely used in the UK along with other techniques such as cross-ventilation for more natural environment, green construction software such as Construction Suite and Green Globes management tool.
The construction market is segmented by type of construction into buildings construction, heavy and civil engineering construction, specialty trade contractors and land planning and development. Building construction was the largest segment of the construction market by type of construction, accounting for 48.1% of the total market in 2023. The building construction market is also expected to be the fastest-growing segment going forward, at a CAGR of 10.6%.
Construction Global Market Report 2023 – By Type (Buildings Construction, Heavy And Civil Engineering Construction, Specialty Trade Contractors, Land Planning And Development), By End User (Private, Public) – Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide construction market overviews, construction market analyze and forecast market size and growth for the whole market, construction market segments and geographies, construction market trends, construction market drivers, construction market restraints, construction market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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