Global Construction Market Report 2022: Use of Advanced Technology, Machines, and Equipment for Construction in Developed Countries Presents Opportunities

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Aug 03, 2022, 06:30 ET

DUBLIN, Aug. 3, 2022 /PRNewswire/ -- The "Construction Market by Construction Type, by Sector - Global Opportunity Analysis and Industry Forecast 2022-2030" report has been added to ResearchAndMarkets.com's offering.

Market Definition:
The Construction Market size was valued at USD 7.28 trillion in 2021 and is predicted to reach USD 14.41 trillion by 2030 with a CAGR of 7.3% from 2022-2030. Construction refers to erection, maintenance, and repair of buildings or other immobile structures as well as building of roads and public service facilities. It also includes structural additions and alteration such as bearing walls, beams, and exterior walls. Moreover, each type of construction project requires a unique planning, financing, design, execution, and builds, along with repairs, maintenance, and improvement of work. The construction market consists of the sales revenues earned by entities such as sole traders, organizations, and partnerships that construct buildings and engineering projects including highways and utility systems.

Market Dynamics and Trends
The demand for construction is increasing due to huge economic growth in developing countries and low interest rates in number of developed countries. . Also, factors such as increasing private sector investments in construction, technological development, and rising disposable income are expected to propel the growth of the market during the forecast period. Moreover, increased infrastructure and housing spending by governments across the globe is invigorating the market growth.

However, volatility in raw material prices and rising concern regarding the health and wellness of workers employed by construction companies at low wages are factors expected to restrain the growth of the market during the forecast period. On the other hand, rising demand for infrastructure development with the use of advanced technology, machines, and equipment for construction in developed countries with the aim to reduce overall completion time of projects is expected to create ample growth opportunities for the market players in the coming years.

Market Segmentations and Scope of the Study:
The construction market size has been segmented based on construction type, sector, and geography. Based on construction type, the market is bifurcated into addition, re-development, and new constructions. Based on sector, the market is divided into commercial, residential, industrial, infrastructure, energy, and utilities construction. The commercial construction segment is further classified into office building, retail building, hospitality and luxury building, restaurant, entertainment, sports facility, and other commercial constructions.

The residential construction segment is further classified into luxury, mid-tier, and affordable. The industrial construction segment is further classified into manufacturing plants, chemical & pharmaceuticals facilities, metal & material processing units and other industrial constructions.

The infrastructure construction segment is further classified into marine and inland water infrastructure and inland transportation infrastructure. The infrastructure construction segment is further classified into oil and gas infrastructure, communication infrastructure, power infrastructure and water and sewer infrastructure. The geography breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis
Asia-Pacific holds the lion share of global construction market and is expected to continue dominating the market during the forecast period. This is attributed to factors such as growing population, and increasing construction activities in India, Indonesia, Vietnam, China, and Southeast Asian countries. Also, due to advancements in technology, regulatory policies, and favorable government norms, there is a significant growth potential for the construction market players in this region. In addition, presence of major players such as Tata Projects, L&T, KEC International Limited, China State Construction Engineering Corporation, China Railway Group Limited, Obayashi Corporation, and Shapoorji Pallonji Co. Pvt. Ltd. are contributing towards the growth of Asia-Pacific construction market.

However, Europe is expected to show a steady rise in the construction market due to the increasing renovation activities of residential infrastructures in this region. Also, due to rising demand for consumer-oriented construction, and increasing demand from industrial and manufacturing sectors, the market is expected to experience significant growth.

KEY MARKET SEGMENTS:
Construction Type

Additions
Re-development
New Constructions
Sector

Commercial Construction

Office Building
Retail Building
Hospitality and Luxury Building
Restaurant
Entertainment
Sports facility
Other Commercial Constructions

Residential Construction

Luxury
Mid-tier
Affordable

Industrial Construction

Manufacturing Plants
Chemical & Pharmaceuticals Facilities
Metal & Material Processing Units
Other Industrial Constructions

Infrastructure Construction

Marine and Inland Water Infrastructure
Inland Transportation Infrastructure

Energy and Utilities Construction

Oil and Gas Infrastructure
Communication Infrastructure
Power Infrastructure
Water and Sewer Infrastructure

Key Topics Covered:

1. Introduction

2. Construction Market - Executive Summary

3. Market Overview

4. Covid-19 Analysis

5. Global Construction Market, by Construction Type

6. Global Construction Market, by Sector

7. Global Construction Market, by Region

8. Company Profiles

Companies Mentioned