Global Construction Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
2 Jul, 2021
The construction market consists of sales of construction services and related goods by entities (organizations, sole traders and partnerships) that construct buildings or engineering projects (e.g., highways and utility systems). Establishments that prepare sites for new construction and those that subdivide land for sale as building sites are included in this market. The construction market includes new work, additions, alterations, maintenance, and repairs.
Global Construction Market Size And Drivers:
The global construction market is expected to grow from $11.5 trillion in 2020 to $12.5 trillion in 2021 at a compound annual growth rate (CAGR) of 9%. The growth 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 market is expected to reach $16.6 trillion in 2025 at a CAGR of 7%. The construction market growth in the historic period was mainly driven by the increase in construction activity in emerging markets.
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Trends In The Global Construction Market
Building construction companies are increasingly using green construction techniques to build energy efficient buildings and reduce construction costs. Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact.
Global Construction Market Segments:
The global construction market is further segmented based on type, end user and geography.
By Type: Buildings Construction, Heavy And Civil Engineering Construction, Specialty Trade Contractors, Land Planning And Development
By End User Sector: Private, Public
Sub segments Covered: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Highway, Street, And Bridge Construction, Other Heavy And Civil Engineering Construction, Foundation, Structure, And Building Exterior Contractors, Building Equipment Contractors, Building Finishing Contractors, Other Specialty Trade Contractors, Residential Land Planning And Development, Commercial And Institutional Land Planning And Development, Industrial Land Planning And Development
By Geography: The global construction market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global construction market, accounting for 42% of the market in 2020.
Read More On The Report For The Global Construction Market At:https://www.thebusinessresearchcompany.com/report/construction-global-market-report
Construction Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides construction market overviews, analyzes and forecasts market size and growth for the global construction market, construction market share, construction market players, construction market segments and geographies, construction market’s leading competitors’ revenues, profiles and market shares. The construction market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.