Portland,OR , Aug. 01, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global building construction market generated $5,412.80 billion in 2021 and is estimated to hit $11,121.90 billion by 2031, registering a CAGR of 7.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $5,412.80 billion |
| Market Size in 2031 | $11,121.90 billion |
| CAGR | 7.6% |
| No. of Pages in Report | 242 |
| Segments covered | Type, Construction Type, Application, End User and Region |
| Drivers | Rise in government expenditure for the development and reconstruction & repair of residential and construction buildings in various countries |
| Benefits offered by innovative construction materials such as reduced construction time and cost and high production quality and capacity | |
| Opportunities | Rapid urbanization and industrialization in developing countries |
| Restraints | High initial investment costs to setup production facility for construction materials |
Covid-19 scenario-
- The Covid-19 outbreak impacted the global building construction market negatively.
- Activities regarding manufacturing of various construction materials were halted or restricted. Construction and transportation activities along with their supply chains were hampered on a global level. This led to a decline in manufacturing of construction materials, thereby leading to reduced demand in the market.
- Conversely, industries across the world are gradually resuming their regular manufacturing operations and the market is getting back to normalcy.
Get detailed COVID-19 impact analysis on the Building Construction Market Request Here
The report offers detailed segmentation of the global building construction market based on type, construction type, application, end user and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on type, the residential segment accounted for more than half of the total market share in 2021, and is projected to rule the roost by the end of 2031. The same segment would also cite the fastest CAGR of 7.8% throughout the forecast period. The other type discussed in the report is non-residential.
Based on construction type, the new construction segment contributed to more than two-thirds of the total market revenue in 2021, and is expected to lead the trail by 2031. The renovation segment, on the other hand, would grow at the fastest CAGR of 8.2% from 2022 to 2031.
Based on application, the rental segment contributed to more than half of the total market share in 2021, and is expected to lead the trail through 2031. Moreover, the same segment would grow at the fastest CAGR of 7.7% from 2022 to 2031. The report also discusses the owned segment under application.
Based on end user, the private segment captured the largest share of more than two-thirds of the global market in 2021, and is likely to maintain its dominancy through the forecast period. The same segment would also grow at the fastest CAGR of 7.7% from 2022 to 2031. The report also discusses the public segment under the end user section.
Based on region, the market across Asia-Pacific contributed to nearly half of the total market share in 2021, and is expected to maintain a noteworthy growth during the forecast period. The LAMEA, on the other hand, would grow at the fastest CAGR of 8.5% from 2022 to 2031. The other two provinces discussed in the report include Europe and North America.
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Top Players:
The key market players analyzed in the global building construction market report include ACS, Actividades De Construction Services, Bouygues SA, China Evergrande Group, China State Construction Engineering Corporation Ltd., Country Garden Holdings Co. Ltd., Daiwa House Group, D.R. Horton Inc., Fluor Corporation, Greenland Holding Group, HOCHTIEF, Lennar Corporation, Power Construction Corp of China, Skanska, Sunac China Holdings Ltd., The Metallurgical Corp of China, and VINCI.
The report analyzes these key players of the global building construction market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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