Dublin, Sept. 28, 2020 (GLOBE NEWSWIRE) -- The "Impact of COVID-19 on the Global Construction Industry by Type (Residential, Non-Residential, Heavy & Civil Engineering) and Region - Forecast to 2021" report has been added to ResearchAndMarkets.com's offering.
The coronavirus pandemic has created many challenges for several businesses, governments, organizations, and societies around the world. Companies working in different sectors are reacting in different ways to ensure business continuity, supply chain flexibility, and other such measures to innovative ways to generate revenue. The uncertainties with regard to this pandemic have affected the heavy & civil engineering sector. Despite the effects of COVID-19, a few civil engineering activities have been maintained to some extent and are likely to continue in the very short term. There is no complete lockdown in several countries, and hence, companies are willing to continue executing their contracts to avoid liquidation damages. However, these activities are expected to halt soon, as supply chains are disrupted by a shortage of equipment and materials. In addition, public agencies and administrations are beginning to terminate contracts to control expenses.
The global construction market size is expected to decline from USD 11,217.4 billion in 2019 to USD 10,566.8 billion in 2020. However, the industry will show signs of recovery in 2021 and reach a market size of USD 11,496.7 billion, projecting a CAGR of 1.2% between 2019 and 2021.
An increase in automation in public spaces, along with the rising awareness about antibacterial construction materials, is expected to boost the construction industry post COVID-19 pandemic. However, shutdown of manufacturing facilities, non-availability of raw materials, and impact on supply chain and logistics is expected to restrain the industry growth.
This report covers the global construction industry and forecasts the market size until 2021. The report includes the market segmentation - Type (Residential, Non-Residential, and Heavy & Civil Engineering) and Region (Europe, North America, APAC, South America, and the Middle East & Africa). Porter's Five Forces analysis, along with the drivers and restraints, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global construction industry.
Recent Developments
- Bechtel is taking extensive steps to minimize risks of COVID-19 spread. Yet many workers remain reluctant regarding potential exposure to COVID-19 on the job. Even at sites that remain open, the absenteeism rates are high among laborers. As a result of these factors, the company is establishing widespread test and trace capabilities so that the workers/labors can return to work.
- A wide range of preventive measures, especially at the plant level, has been implemented throughout the crisis, which is helping Balfour Beatty to maintain the supply chain intact. Despite a surge in demand, a shortage of raw material, and logistical challenges, the company has succeeded in fulfilling contractual obligations without outages or long delays. The company's strategic building merchants are operating at reduced capacity across the UK.
- Amid the global pandemic, CSCEC immediately built two hospitals in Wuhan in the span of 10 to 12 days. The 1,000-bed Huoshenshan hospital was completed on February 3, 2020, while the 1,600-bed hospital Leishenshan was completed on February 5, 2020.
- CSCEC has been steadily carrying on the construction of projects in Wuhan as well as others across Hubei province, without compromising the outbreak prevention and control. Its North Fourth Ring Road project in Wuhan was picked up in March 2020.
- In June 2020, PCL Construction Services, Inc. and Silicon Ranch Corporation came together to begin the construction on the 20-megawatt (MWAC) Odom Solar Farm, located near the city of Moultrie in Colquitt County, a rural community in Southwest Georgia. Silicon Ranch Corporation, one of the nation's largest independent solar power producers, selected PCL's solar division as the Engineer-Procure-Construct (EPC) contractor for the project.
- The renovation work of the University of Delaware's Worrilow Hall academic building carried out by Skanska was also initially impacted by COVID-19. The company authorities had to rethink on their project plans as materials and workers became scarce. In addition, there was a limit on travel, which made some team members unable to visit the job site. Apart from this, the government and CDC orders mandated new requirements for job site cleanliness. The above-mentioned factors were seriously taken into consideration by the company. Skanska has been following city and state guidelines along with university rules and regulations and working closely and collaboratively with its clients and partners. As a result, the renovation activity of the Worrilow Hall continued during the lockdown, and the Hall is set to reopen in the next few months.
Companies Mentioned
- Bechtel Group
- Balfour Beatty
- Grupo ACS
- China State Construction Engineering
- L&T Construction
- PCL Construction Enterprises
- Skanska Construction
For more information about this report visit https://www.researchandmarkets.com/r/gqxiqm
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.