Global report examines building construction market size, share, trends, types 2021-2031
WILMINGTON, DELAWARE, February 20, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, The building construction market size was valued at $5,412.80 billion in 2021, and is estimated to reach $11,121.90 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.
In recent years, the global construction sector has experienced rapid expansion, driven by various factors. The burgeoning world population, alongside the robust economic growth observed in countries like China and India, as well as the increasing per capita income in emerging economies, and reduced unemployment rates in advanced economies, collectively contribute to this upward trajectory.
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The advancement of economies typically necessitates substantial investments in new construction projects and the expansion of existing infrastructure. Consequently, during phases of expansion, developing economies witness significant growth in construction activities.
Moreover, nations with thriving tourism sectors require infrastructure enhancements to accommodate tourists, indicating a promising segment for market growth in the foreseeable future.
Within the construction industry, key players include real estate agents, residential and commercial builders, contractors, engineering firms, and heavy construction companies. Looking ahead, global industry dynamics are expected to be primarily shaped by private housing developments, infrastructure projects, and commercial construction endeavors.
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Notably, commercial construction is poised to emerge as a frontrunner over the next five years, surpassing growth rates in other sectors. Factors such as economic prosperity in countries like China and certain Middle Eastern nations contribute significantly to the burgeoning commercial sector.
Key Segments:
The building construction market segmented on the basis of type, end user, construction type, application, and region.
On the basis of type, it is further classified into residential and non-residential.
By end-user, it is divided into private and public.
By construction type, it is categorized into owned and rental.
By application, it is categorized into new construction and renovation.
Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Top Players:
The major players profiled in the global building construction market analysis include, ACS, Actividades De Construction Services, Bouygues SA, China Evergrande Group, China State Construction Engineering Corporation Ltd., Country Garden Holdings Co. Ltd., Daiwa House Group, D.R. Horton Inc., Greenland Holding Group, HOCHTIEF, Lennar Corporation, Power Construction Corp of China, Skanska, Sunac China Holdings Ltd., The Metallurgical Corp of China, and VINCI.
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In essence, the global construction landscape is experiencing robust expansion, driven by a confluence of demographic, economic, and market dynamics. As various sectors within the industry continue to evolve and expand, opportunities abound for stakeholders to capitalize on the growing demand for construction services and infrastructure development worldwide.
David Correa
Allied Market Research
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