Global Construction Market Opportunities And Strategies Report
The global construction market reached a value of nearly $12,744.4 billion in 2019, having increased at a compound annual growth rate (CAGR) of 6.1% since 2015. The market is expected to decline from $12.74 trillion in 2019 to $12.63 trillion in 2020 at a growth rate of -0.9%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7.5% from 2021 and reach $15.48 trillion in 2023. Increasing growth in investments in renewable power generation capacities and urbanization will drive the growth of the market. However, factors that could hinder the growth of the construction market include the outbreak of the coronavirus disease and health and safety measures.
The construction market consists of the sales revenues earned by entities that construct buildings or engineering projects (for example, 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. The market covered in this report includes the sales of construction services, new construction, remodeling, or renovating existing residential structures, maintenance and repairs, construction of temporary buildings, on-site assembly of precut, panelized, and prefabricated buildings, construction of distribution lines and related buildings and structures for utilities, installation of specialized building equipment such as elevators, escalators, and service station equipment.
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The global construction market is further segmented based on type and geography.
By Type: Buildings Construction, Heavy And Civil Engineering Construction, Specialty Trade Contractors, 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, the Asia-Pacific construction market has the largest share, accounting for 41% of the global construction market.
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Trends In The Construction Market
Construction companies are adopting digital technologies such as augmented reality (AR), virtual reality (VR) and wearables to improve construction site safety. VR and AR enable construction managers to view jobsite conditions in a simulated environment. They can also be used for training workers on safe operation of heavy equipment in a controlled environment. Wearables can track workers in the field to protect them from jobsite hazards and other potential injuries. New safety devices such as carbon monoxide-detecting hats use noninvasive blood oxygen monitors to alert workers in areas with high carbon monoxide emissions.
Construction Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides construction market overviews, analyzes and forecasts construction market size and growth for the global construction market, construction market share, construction market players, construction market size, construction market segments and geographies, construction market trends, construction market drivers and construction market restraints, 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.