New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Residential Land Planning And Development Global Market Report 2022" - https://www.reportlinker.com/p06193656/?utm_source=GNW
85 billion in 2021 to $130.44 billion in 2022 at a compound annual growth rate (CAGR) of 12.6%. 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 $203.71 billion in 2026 at a CAGR of 11.8%.
The residential land planning and development market consists of sales of residential land planning and development services and related goods by entities (organizations, sole traders and partnerships) that service land and subdivide real property into lots, for subsequent sale to builders for residential construction. residential land planning and development refers to one or more houses, structures, or portions of them that are planned and used for human habitation. Single-family, duplex, or multi-family dwellings, apartment/condominium buildings, mobile homes, short/long land developments, and other structures that house people are all included. Servicing of land may include excavation work for installation of roads and utility lines.
The main types of residential land planning and development are houses and housing estate developments, and apartments, and other residential developments.Houses and housing estate developments include a single detached dwelling, a semi-detached dwelling, a multiple dwelling, an apartment dwelling, a garden suite, a special care/special need dwelling, an accessory dwelling, and the residential element of a mixed-use structure.
The different service providers include large chain companies, independent contractors and construction type include new construction and renovation.
Asia Pacific was the largest region in the residential land planning and development market 2021.North America was the second-largest region in the residential land planning and development market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Technological development will be a key driver of the residential land planning and development market during the forecast period.Areas of rapid technological change include smart highways, 3D concrete printing, drone surveying, kinetic roads, ’tiny houses’, and solar roads.
Due to the advancement in technology the demand for better infrastructure which will further positively impact the growth in the residential land planning and development market.
Technologies such as augmented reality (AR) are gaining popularity in the residential land planning and development market for faster construction and to cut costs associated with construction.Augmented reality is the real world supplemented with computer-generated sensory inputs, allowing the creation of a 3-dimensional model of construction design to interact realistically.
These technologies benefit the construction industry in reducing rework, increasing quality, lowering labor costs, meet timelines, improving safety and customer experience, streamline collaboration, design analysis, measuring accuracy, construction project management and presentation of plans. Some of the major construction companies utilizing AR technology are McCarthy Building Companies, Mortensen construction companies, BNBuilders, Inc and ISG, Global Construction Services Company.
During the forecast period, interest rates globally are expected to rise in most developing and developed economies; this is expected to limit the new investments in capital intensive industries such as residential land planning and development market.Most countries across the world are raising interest rates to control inflation and also to limit the flow of capital out of the country.
This is likely to affect new investments in terms of expansion, research and development of new products. The US interest rates, for instance, are expected to rise up to 4.0% by 2022. In addition, the increase in interest rates is likely to have a major impact on construction of both residential and non-residential housing. Higher mortgage rates not only discourage new home buyers but also put pressure on homeowners forcing them to sell. For instance, the average mortgage rate in US was around 3.1% in 2021 . These factors are expected to have a negative impact on the market as borrowing money becomes expensive, affecting the market’s growth.
The countries covered in the residential land planning and development 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/p06193656/?utm_source=GNW
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