New York, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Buildings Construction Global Market Report 2022" - https://www.reportlinker.com/p06193657/?utm_source=GNW
The global building construction market is expected to grow from $6529.74 billion in 2021 to $ 7361.37 billion in 2022 at a compound annual growth rate (CAGR) of 12.7%. 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 $ 11475.81 billion in 2026 at a CAGR of 11.7%.
The building construction market consists of sales of buildings construction services and related goods by entities (organizations, sole traders and partnerships) that construct buildings.Establishments that prepare sites for new construction and those that subdivide land for sale as building sites are included in this market.
The building construction market includes new work, additions, alterations, maintenance and repairs.
The main types of building construction are residential building construction and nonresidential building construction.Non-residential structures comprise non-residential structures, as well as fixtures, facilities, and equipment that are integral to the structures, and also site clearance and preparation costs.
The different types of buildings include smart buildings, traditional buildings and are used by private and public industries.
Asia Pacific was the largest region in the building construction market in 2021.North America was the second-largest region in the building construction market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The population profile of most countries is becoming older, increasing the demand for elderly friendly infrastructure.According to the United Nations, in 2019, the world’s population of people aged 65 and up totalled 703 million.
In 2050, the number of elderly people is expected to increase to 1.5 billion. So, the demand for infrastructural improvements which is ’elderly’ friendly will increase during the forecast period. Houses and the wider surroundings had to be adapted to be made safer and more inclusive. Better residential as well nonresidential buildings had to be made more accessible to the elderly. This resulted in increased buildings construction activity.
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.
In UK, 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 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.
Building construction costs are increasing steadily due to rising material costs.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 58% in 2021 from the year 2020 .
According to the latest Producer Price Index (PPI) released by the Bureau of Labor Statistics, in the US, prices paid for items used in residential construction jumped 1.7% in April 2021 and have increased by 12.4% over the last 12 months. According to the National Association of Home Builders (NAHB), softwood lumber prices jumped 6.5 percent in April 2021, marking a new high for the third month in a row. Since November 2020, lumber prices have risen by 52.0 percent. High material prices will adversely affect the buildings construction market during forecast period.
The countries covered in the building construction market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06193657/?utm_source=GNW
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