New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Religious Buildings Global Market Report 2023" - https://www.reportlinker.com/p06464061/?utm_source=GNW
, Hencken & Gaines, CB Construction LLC, Scherrer Construction Co.Inc., Tejjy Inc., and Hankins Construction Company.
The global religious buildings market is expected to grow from $19.06 billion in 2022 to $19.51 billion in 2023 at a compound annual growth rate (CAGR) of 2.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The religious buildings market is expected to reach $20.44 billion in 2027 at a CAGR of 1.2%.
The religious buildings market includes revenues earned by entities by constructing religious buildings such as a church, mosques, temples, and synagogues that serve as a place of worship.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
A religious building refers to a specially designed construction for religious acts where individuals or a group of people perform acts of devotion, and religious study.These locations are used by members of religious communities to commemorate life’s significant events, such as births.
Religious buildings are important to communities as they allow people to share and connect over shared beliefs.
Asia-Pacific was the largest region in the religious buildings market in 2022. The regions covered in religious buildings report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of religious buildings are residential and non-residential.Residential religious buildings are used as a building inhabited by a community of monks or nuns.
The various construction activity includes new construction, repair and maintenance, refurbishment, and demolition. These are used in various applications such as owned, and rental.
The increasing religious donation is expected to boost the growth of the religious building market going forward.Religious donation refers to a donation made for the benefit of a religious organization that is utilized entirely or significantly by that organization.
Religious donations are commonly used for providing members with structures or places of worship (religious buildings), education programs, support missionary programs and support wellness programs (regardless of religion, nationality, or race). For instance, in 2020, according to article published by Giving USA reports, a US-based non profit organization which publishes annual report on Philanthropy, Americans gave $471.44 billion to charity in 2020, a 5.1% rise over 2019. Therefore, the increasing religious donations are driving the growth of the religious building market.
Technological advancement has emerged as a key trend gaining popularity in the religious building market. Major market players are concentrating their efforts on using different construction technologies such as 3D printing to strengthen their position in the market. 3D printing refers to the method of manufacturing construction elements or entire buildings using a 3D printer for printing concrete, polymer, metal, or other materials using layer-by-layer. For instance, in February 2022, The Lake California Community Church, a US-based independent religious organization partnered with Don Ajamian Construction, a US-based construction company to build a church using 3D printing technology. Using this technique, the company significantly reduced the cost of construction and interior walls were built to funnel sound waves toward the audience, creating the ideal acoustics in less time.
In March 2020, The Christman Company, a US-based commercial construction management firm acquired MEDCO Construction L.L.C. for an undisclosed amount. Through this acquisition, The Christman Company aims to strengthen its offering in the building construction business. MEDCO Construction L.L.C. is a US-based company operating in religious buildings.
The countries covered in the religious buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The religious buildings market research report is one of a series of new reports that provides religious buildings market statistics, including religious buildings industry global market size, regional shares, competitors with a religious buildings market share, detailed religious buildings market segments, market trends, and opportunities, and any further data you may need to thrive in the religious buildings industry. This religious buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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