Construction Market, 50% of Growth to Originate from APAC, Technavio
NEW YORK, May 1, 2024 /PRNewswire/ -- The global construction market size is estimated to grow by USD 1.12 trillion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.3% during the forecast period. APAC is estimated to contribute 50%. to the growth of the global market.
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The Construction Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027.
Region Outlook
- APAC
- Europe
- North America
- South America
- Middle East & Africa
1. APAC - The Asia-Pacific (APAC) region is set to drive 50% of global market growth, fueled by burgeoning construction activities in countries like India, Afghanistan, and Bangladesh. This growth is bolstered by increased demand for residential and commercial structures, supported by government investments in infrastructure projects. For instance, India's USD 8.58 billion allocation for the Odisha Economic Corridor Project in 2020 is a significant driver.
The manufacturing and service sectors play pivotal roles in this expansion. Urban population growth, economic development, and design innovations further shape the construction market. In response, contractors and businesses are capitalizing on these trends to construct modern, sustainable buildings tailored to the needs of APAC's populace and businesses.
Additionally, Germany is witnessing notable growth in its construction market, particularly in industrial and housing segments. Emerging economies are also experiencing substantial growth in both commercial and residential construction sectors.
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Research Analysis
In the bustling construction market, players like Bechtel, Bouygues, Skanska, STRABAG, TechnipFMC, and Vinci lead the charge, shaping economies worldwide. From residential complexes to commercial hubs, their projects span diverse sectors like infrastructure, airports, dams, and public facilities. Architects, engineers, and project managers orchestrate every step, from securing permissions to final inspections.
Efficient infrastructure and climate change resilience drive innovation, with IT and telecommunications seamlessly integrated into modern builds. Raw resources like clay, stone, timber, brick, concrete, metals, and plastics form the backbone, while 3D printing revolutionizes production.
Across office spaces, schools, healthcare centers, and tourism hubs, sustainable practices and worker safety regulations take center stage. The retail, leisure, hospitality, and healthcare sectors benefit from tailored solutions, while smart cities embrace cutting-edge technologies for seamless living.
From bridges to cold storage, the construction market delivers vital lifelines for thriving communities, underpinned by a diverse array of suppliers, subcontractors, and laborers. With a focus on quality and efficiency, this dynamic sector continues to shape the built environment, driving economic growth and prosperity.
Market Overview
In the construction market, frameworks and models guide building projects from planning to maintenance. Key phases include site preparation, with a focus on economy and sustainability regulations. This market encompasses diverse sectors, from housing and commercial buildings to roads and hospitality. Retail, leisure, and healthcare sectors also drive demand.
Innovative technologies and construction materials play pivotal roles, ensuring efficiency and compliance with sustainability standards. From laying foundations to finishing touches, every step requires careful coordination and adherence to regulations.
The construction market thrives on adaptability and responsiveness to evolving needs, continually integrating new technologies to enhance productivity and environmental stewardship.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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