Construction Market Size & Share to Surpass USD 17.1 billion by 2031, Grow at 4.5% CAGR | Exclusive Report by Transparency Market Research, Inc.

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Jan 15, 2024, 06:30 ET

Construction sectors adopting circular principles, reusing materials, reducing waste, and promoting sustainable resource management practices.

WILMINGTON, Del., Jan. 15, 2024 /PRNewswire/ -- The global construction market is estimated to flourish at a CAGR of 4.5% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for construction is estimated to reach US$ 17.1 billion by the end of 2031.

A prominent driver is the rising focus on prefabricated and modular construction methods. These methods streamline project timelines, reduce costs, and enhance quality by assembling components off-site. The trend is gaining traction due to its efficiency in addressing labor shortages and offering innovative design possibilities.

The growing demand for wellness-oriented spaces is reshaping construction practices. Wellness-driven designs prioritize factors like air quality, natural lighting, and ergonomic layouts, catering to occupants' health and productivity. This trend aligns with the rising importance placed on well-being in residential, commercial, and institutional spaces.

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The advent of 3D printing technology in construction marks a transformative driver. It enables the creation of complex architectural designs with reduced material waste and construction time. As this technology evolves, it holds promise for cost-effective and sustainable construction methods, especially in creating affordable housing solutions and infrastructure in remote or disaster-stricken areas.

Construction Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2017–2022
Size in 2022	US$ 12.1 Bn
Forecast (Value) in 2031	US$ 17.1 Bn
Growth Rate (CAGR)	4.5 %
No. of Pages	304 Pages
Segments covered	By Product, By Sector, Category, End-User

Key Findings of the Market Report

General construction, which includes residential (houses, apartments), commercial (hotels, offices, hospitals, malls/multiplexes, educational institutes), and industrial segments, leads the construction market globally.
The urban sector leads the construction market due to rapid urbanization, driving demand for infrastructure and commercial developments.
Renovation leads the construction market, driven by increasing demand for refurbishing existing structures and adapting to sustainable practices.

Construction Market: Competitive Landscape

The construction market thrives in a competitive landscape driven by various factors. Giants like Vinci, Bechtel, and Turner Construction maintain dominance through global reach, diverse portfolios, and expertise in mega projects. Emerging players such as Skanska and Jacobs challenge norms with innovative technologies and sustainable practices.

Regional firms like Larsen & Toubro (L&T) and China State Construction Engineering Corporation (CSCEC) capitalize on local expertise and government initiatives. Competition intensifies due to advancements in modular construction, digitalization, and green building techniques. This landscape fosters innovation, pushing companies to deliver cost-effective, efficient, and environmentally conscious solutions, driving the evolution of the construction industry worldwide. Some prominent manufacturers are as follows:

Actividades de Construcción y Servicios
ACO Industries k.s.
Bechtel
Bouygues
China Communications Construction Company
Larsen & Toubro
PowerChina
Skanska
STRABAG
TechnipFMC
Vinci

Construction Market Growth Drivers & Trends

Rapid urban development drives construction demand for infrastructure, residential, and commercial spaces, particularly in emerging economies.
Increasing emphasis on eco-friendly materials and green building practices to meet stringent environmental regulations.
Adoption of IoT, BIM, and modular construction for enhanced efficiency, cost-effectiveness, and project management.
Government initiatives worldwide fuel construction growth, focusing on transportation, energy, and smart city projects.
Rising demand for disaster-resilient structures and renovations due to climate change impacts and natural disasters.

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Global Construction Market: Regional Profile

North America, driven by major players like Bechtel and Fluor Corporation, experiences steady growth due to infrastructure modernization and commercial development. Robust technological adoption and stringent regulatory standards further bolster market expansion.
Europe's construction landscape, led by Vinci and Bouygues Construction, emphasizes sustainability and innovation. Stricter environmental norms and a focus on energy-efficient structures drive the demand for green construction, shaping the region's future projects and renovations.
The Asia Pacific region, dominated by China State Construction Engineering Corporation (CSCEC) and Shimizu Corporation, encounters rapid growth fueled by urbanization and infrastructure demands. Large-scale government initiatives and investments in residential and commercial projects continue to propel the market, particularly in emerging economies like India and Southeast Asia.

Product Portfolio

ACO Industries k.s. offers a diverse portfolio of high-quality drainage solutions. Their range includes innovative drainage systems, stainless steel channels, and grates designed for commercial, industrial, and residential applications. With a focus on durability and efficiency, ACO ensures effective water management solutions worldwide.
Bechtel stands as a global leader in engineering, construction, and project management. Offering comprehensive services across infrastructure, energy, and transportation sectors, Bechtel excels in delivering innovative and sustainable solutions, ensuring successful project execution on a global scale.
Bouygues is a prominent construction and infrastructure group known for its diverse portfolio. With expertise in building, civil engineering, and real estate development, Bouygues delivers high-quality, sustainable projects across residential, commercial, and industrial sectors, emphasizing innovation and societal impact.

Construction Market: Key Segments

By Product

Heavy and Civil Engineering
Bridges
Roads
Railways
Airports
Others (Sewage, Under Bridges, etc.)
General Construction
Residential
Houses
Apartments
Others (Villas, Hostels, etc.)
Commercial
Hotels
Offices
Hospitals
Malls/Multiplexes
Educational Institutes
Others (Shops, Leisure Parks, etc.)
Industrial
Chemical & Pharmaceutical
Metal & Category Processing
Textiles
Oil & Gas
Others (Marine, Power, etc.)

By Sector

Urban
Rural

By Category

New
Renovation

By End User

Public
Private

By Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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About Transparency Market Research

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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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