Nonresidential Building Construction Global Market To Reach Value Of About $3.55 Trillion In 2025
3 Feb, 2021
The non-residential building construction market consists of sales of nonresidential building construction services and related goods by entities (organizations, sole traders and partnerships) that construct non-residential buildings (including new work, additions, alterations, maintenance, and repairs). The establishments in this market include non-residential general contractors, non-residential for-sale builders, non-residential design-build firms, and non-residential project construction management firms.
Global Nonresidential Building Construction Market Size And Drivers:
The global nonresidential building construction market is expected to grow from $2.38 trillion in 2020 to $2.67 trillion in 2021 at a compound annual growth rate (CAGR) of 12%. 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 $3.55 trillion in 2025 at a CAGR of 7%.
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Trends In The Global Nonresidential Building 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. According to World Green Building Trends Survey 2015, about 51% of construction firms in the UK were involved in green construction projects. 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 material are being widely used in the UK.
Global Nonresidential Building Construction Market Segments:
The global nonresidential building construction market is further segmented based on type, end user sector, building type and geography.
By Type: Institutional Buildings, Commercial Buildings.
By End User Sector: Private, Public.
By Building Type: Nonresidential Smart Buildings, Traditional Buildings.
Subsegments Covered: Education Buildings, Public Convenience Buildings, Government Buildings, Religious Buildings, Healthcare Buildings, Office And Factory Buildings, Hospitality And Restaurant Buildings, Entertainment And Sports Buildings, Retail And Other Commercial Buildings
By Geography: The global nonresidential building 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 nonresidential building construction market, accounting for 44% of the total market.
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Nonresidential Building Construction Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides nonresidential building construction market overviews, analyzes and forecasts market size and growth for the global nonresidential building construction market, nonresidential building construction market share, nonresidential building construction market players, nonresidential building construction market segments and geographies, nonresidential building construction market’s leading competitors’ revenues, profiles and market shares. The nonresidential building construction market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.