Dublin, March 16, 2021 (GLOBE NEWSWIRE) -- The "Construction Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global construction market is expected to grow from $11,491.42 billion in 2020 to $12,526.4 billion in 2021 at a compound annual growth rate (CAGR) of 9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $16614.18 billion in 2025 at a CAGR of 7%.
The construction market consists of sales of construction services and related goods by entities (organizations, sole traders and partnerships) that construct buildings or engineering projects (e.g., highways and utility systems). Establishments that prepare sites for new construction and those that subdivide land for sale as building sites are included in this market. The construction market includes new work, additions, alterations, maintenance, and repairs. The construction market is segmented into buildings construction; heavy and civil engineering construction; specialty trade contractors and land planning and development.
The Asia Pacific was the largest region in the global construction market, accounting for 42% of the market in 2020. North America was the second largest region accounting for 26% of the global construction market. Africa was the smallest region in the global construction market.
Building construction companies are increasingly using green construction techniques to build energy efficient buildings and reduce construction costs. Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact. According to World Green Building Trends Survey 2015, about 51% of construction firms in the UK were involved in green construction projects. Certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies to develop high-performance, sustainable residential and commercial buildings, and also offer a variety of benefits, from tax deductions to marketing opportunities. Sustainable construction materials such as natural paints and steel beams made from recycled material are being widely used in the UK. Other green construction techniques such as cross-ventilation for a more natural environment, green construction software such as Construction Suite to ensure green compliance, and Green Globes management tool are also being used in the construction industry. For instance, some, major companies using green construction techniques include Turner Construction Co, Clark Group, AECOM, Hensel Phelps and Holder Construction.
Construction costs have increased steadily due to rising material costs in the historic period. Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil, a key component of asphalt increased by 49%, softwood lumber, a major component used for buildings construction, which rose by 23% during the historic period. In 2018, cement prices rose 2.5% and plumbing and fixtures increased by 3% in the US. High material prices adversely affected the construction market during the historic period.
The construction market growth in the historic period was mainly driven by the increase in construction activity in emerging markets. Emerging markets that registered robust construction activity included China, Brazil, India, Saudi Arabia and Indonesia. For instance, China's construction market grew from $1,653 billion in 2016 to $2,279 billion in 2019. This rapid growth in construction activity contributed to the growth of the construction market.
Construction Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global construction market as it emerges from the COVID-19 shut down.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider construction market and compares it with other markets.
Companies Mentioned:
- China State Construction Engineering Co Ltd
- China Railway Group Ltd
- China Railway Construction Corporation Limited
- China Communications Construction Group Ltd
- Vinci SA
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Construction Market Characteristics
4. Construction Market Product Analysis
5. Construction Market Supply Chain
6. Construction Market Customer Information
7. Construction Market Trends and Strategies
8. Impact Of COVID-19 On Construction
9. Construction Market Size and Growth
10. Construction Market Regional Analysis
11. Construction Market Segmentation
- Buildings Construction
- Heavy and Civil Engineering Construction
- Specialty Trade Contractors
- Land Planning And Development
- Private
- Public
12. Construction Market Segments
13. Construction Market Metrics
14. Asia-Pacific Construction Market
- Region Information
- Impact of COVID-19
- Market Information
- Background Information
- Government Initiatives
- Regulations
- Regulatory Bodies
- Major Associations
- Taxes Levied
- Corporate Tax Structure
- Investments
- Major Companies
15. Western Europe Construction Market
16. Eastern Europe Construction Market
17. North America Construction Market
18. South America Construction Market
19. Middle East Construction Market
20. Africa Construction Market
21. Construction Market Competitive Landscape
22. Key Mergers and Acquisitions in the Construction Market
23. Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/slkxmw