Construction Market Revenue is Expected to Increase Vigorously Owing to Rapid Urbanization, Increasing use of Green Chemicals and Strong Government Investments by 2028
The ‘Global Construction Market Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global construction market, assessing the market on the basis of its segments like end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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Construction Market Analysis, Size, Share, Price Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 3.5%
The global construction market is expected to register growth during the forecast period on account of low-interest rates in several developed countries along with massive economic growth in emerging countries. The surging investments by the private sector in construction, coupled with technological development and increasing disposable income, are likely to enhance the market growth of construction over the coming years.
The growing expansion of infrastructure as well as increasing house expenditure by various governments is expected to boost market growth globally. The increasing application of advanced technology, equipment, and machine for the development of infrastructure is likely to enhance the construction market demand over the coming years. Rapid urbanisation and growing industrialisation with increasing investments in renewable energy infrastructure are resulting in an increased demand for construction projects.
However, unstable prices of raw materials along with increasing concern about the health and wellness of workers working in the construction companies at low wages are likely to increase costs involved in the sector, potentially reducing profit margins. The residential construction segment is expected to witness growth due to increasing development of residential infrastructure along with growing interest among consumers for new and innovative architecture.
Construction Industry Definition and Major Segments
Construction refers to the building process of structures based on frameworks, using different materials. Every construction project typically involves designing, laying out of foundations, actual building, and finishing touches. The types of construction projects, stages involved, designs used, and materials used vary depending upon region and application.
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Based on end use, the market is classified into:
• Commercial
• Residential
• Industry
• Education and Research
• Medical and Health
• Others
On the basis of region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Europe
• Middle East and Africa
Construction Market Trends
The surging usage of autonomous construction vehicles along with heavy equipment in various construction companies for better productivity is expected to aid the construction market growth globally. Such vehicles are outfitted with cameras, GPS, and sensors which are likely to gain traction among consumers and are expected to boost market growth.
Green construction techniques are increasingly used by several building construction companies to construct energy-efficient buildings. The increasing awareness about green construction and governmental policies encouraging its implementation is likely to fuel market growth as green construction provides sustainability and high performance.
Geographically, the Asia Pacific region is expected to gain momentum in the construction market share over the coming years on account of the favourable government policies to enhance infrastructure projects across developing regions like China, Southeast Asian countries, and India. The increasing population and rapid urbanisation in the region along with technological advancements in construction are expected to propel the market growth in the Asia Pacific region over the coming years.
Meanwhile, the North American and European regions are expected to witness growth in the market share of construction on account of the increasing construction spending, particularly in the remodelling of older buildings.
Key Market Players
The major players in the global construction market report are:
- Fluor Corporation
- Skanska AB
- PCL Constructors Inc.
- GS E&C Corp.
- CIMIC Group Limited
- Obayashi Corporation
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
Also Read:
https://sites.google.com/view/globalnewswire/blog/silt-curtain-market
https://think-how.com/feed-enzymes-market-size-to-witness-astonishing-growth-by-2028/
https://www.expertmarketresearch.com/articles/top-medical-devices-companies
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