Impact of COVID-19 on Construction Industry Market worth $13,572.4 Billion in 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 20, 2021 /PRNewswire/ -- According to the new market research report "Impact of COVID-19 on Construction Industry Market by Type (Residential, Non-Residential, and Heavy & Civil Engineering) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2024", published by MarketsandMarkets™, the Global Construction Market size is declined from USD 11,217.4 billion in 2019 to USD 10,741.2 billion in 2020. However, the industry is showing signs of recovery since the beginning of 2021 and is expected to reach a market size of USD 13,572.4 billion in 2024, projecting a CAGR of 6.0% between 2020 and 2024.
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The construction industry is declined in 2020 due to frequent lockdowns, stringent government regulations and supply chain disruption caused by the COVID-19 pandemic.
The residential sector comprises a major share of the construction industry.
Globally, construction is more than USD 11 trillion industry, of which residential construction is the largest sector. The occurrence of COVID-19 has caused disruption in the residential construction sector. The transformation of COVID-19 from a China-centric challenge to a global pandemic has resulted in the shifting of the impact to the global construction supply chains and markets.
Operations had stopped or limited in to adhere to the government rules for ensuring the safety of the employees. However, many companies were operating in some countries where the construction industry is listed under essential activities. For many companies, the digitally enabled functions, for instance, design, were continue, but the operational or site-related work is completely suspended. Labor shortage, near-total restrictions on logistics and transport have disrupted supply chains, creating a scarcity of raw materials.
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APAC is expected to account for the largest share in the construction industry during the forecast period.
APAC is the largest construction market. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various sectors such as residential, non-residential, and heavy & civil engineering. However, COVID-19 has affected the entire world disastrously, and APAC is one of the most affected regions, globally. The deadly virus has affected various major markets in APAC, including China and India. It has forced the government to lock down in multiple phases that resulted in slow down across all the sectors.
The key players in the Construction Industry Market Industry include Bechtel Group (US), Balfour Beatty (UK), Grupo ACS (Spain), China State Construction Engineering Corporation Limited (China), L&T Construction (India), PCL Construction Enterprises (Canada), and Skanska Construction (Sweden). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the construction industry. These players have taken different organic and inorganic developmental strategies over the past five years.
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