The global building construction market is expected to grow from $6.53 trillion in 2021 to $7.36 trillion in 2022 at a compound annual growth rate (CAGR) of 12.7%. The growth in the building construction market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The building construction market is expected to reach $11.47 trillion in 2026 at a CAGR of 11.7%.
What is the Global Buildings Construction Market?
The building construction market consists of sales of buildings construction services and related goods by entities (organizations, sole traders and partnerships) that construct buildings. Establishments that prepare sites for new construction and those that subdivide land for sale as building sites are included in this market. The building construction market includes new work, additions, alterations, maintenance, and repairs.
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What drives the Global Buildings Construction Market?
The population profile of most countries is becoming older, increasing the demand for elderly friendly infrastructure. According to the United Nations, in 2019, the world's population of people aged 65 and up totaled 703 million. In 2050, the number of elderly people is expected to increase to 1.5 billion. So, the demand for infrastructural improvements which are 'elderly-friendly' will increase during the forecast period. Houses and the wider surroundings have to be adapted to be made safer and more inclusive. Better residential as well nonresidential buildings have to be made more accessible to the elderly. This results in increased building construction activity.
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Global Buildings Construction Market Segments
The global buildings construction market is segmented:
By Type: Residential Building Construction, Nonresidential Building Construction
By End User Sector: Private, Public
By Building Type: Smart Buildings, Traditional Buildings By Geography: The regions covered in the buildings construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global buildings construction market.
Buildings Construction Global Market Report 2022provides market size and growth forecasts for the global buildings construction market, global buildings construction market share, buildings construction market segments and geographies, buildings construction market competitive landscape including leading competitors’ revenues, profiles and market shares. The buildings construction market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches
Global Buildings Construction Industry Playersinclude China State Construction Engineering Corporation Ltd., China Evergrande Group, Country Garden Holdings Co Ltd, Sunac China Holdings Ltd., and Greenland Holding Group. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
