New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Government Buildings Global Market Report 2023" - https://www.reportlinker.com/p06464057/?utm_source=GNW
A., Bouygues SA, Kajima U.S.A. Inc., Bechtel Corporation, and Skanska.
The global government buildings market is expected to grow from $47.28 billion in 2022 to $48.47 billion in 2023 at a compound annual growth rate (CAGR) of 2.5%. 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 government buildings market is expected to reach $51.11 billion in 2027 at a CAGR of 1.3%.
The government buildings market includes revenues earned by entities by constructing government buildings like municipal administration buildings, maintenance facilities, office buildings, government parking facilities, parks and recreation facilities.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.
Government buildings refer to structures that house and combine the different government offices. These buildings are used to conduct an organized community’s legal and civic affairs.
Asia-Pacific was the largest region in the government buildings market in 2022. The regions covered in government buildings report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of government buildings are institutional buildings and commercial buildings.Institutional building refers to any structure that is utilized in the industries of healthcare, education, recreation, or public works.
The various building types include non-residential smart buildings and traditional buildings. These are used by various end-users such as private, and public.
The increasing government expenditure is expected to boost the growth of the government buildings market going forward.Government expenditure refers to the capital the government spends on various goods and services.
Government buildings such as government hospitals and schools are part of government expenditure that benefits the development of different infrastructural requirements. For instance, in March 2022, according to Central Statistics Office Ireland, an Ireland-based government agency, in 2021, general government spending was projected to be 1,595.0 billion ISK ($11.61 billion), or 49.3% of GDP, considering general government spending totalled 1,485.6 billion ISK ($10.82 billion) in 2020, or 50.7% of GDP. Further, according to the Government of India 2021-22 annual budget report, in 2021–22, the overall government spending is anticipated to be Rs 34,83,236 crore ($4,127,831.20), an increase of 14% annually from 2019–20. Therefore, the increasing government expenditure is driving the growth of the government buildings market.
Specialized government buildings are the key trend gaining popularity in the government buildings market.Major companies operating in the government buildings market focus on designing buildings with specialized systems.
For instance, in September 2021, the Government of India, Ministry of Housing and Urban Affairs, launched Central Vista Project.This project commenced with the construction of a new parliament building.
The large Committee areas with the most modern audio-visual equipment will be available in the new structure.It will include practical spaces specifically intended to facilitate and provide greater efficiency.
The new structure is triangular in shape to ensure optimum space utilization.
In October 2022, Pike Construction Services, a US-based construction company that offers construction management and development services, acquired Charles A.Gaetano Construction Corporation and C2C Construction Solutions, LLC for an undisclosed amount.
The acquisition is anticipated to boost Pike’s position in Utica, the Central New York region, and the whole Northeast while increasing the value it provides to its present and prospective clients.Charles A.
Gaetano Construction Corporation and C2C Construction Solutions, LLC are US-based providers of construction services, including government buildings.
The countries covered in the government 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 government buildings market research report is one of a series of new reports that provides government buildings market statistics, including government buildings industry global market size, regional shares, competitors with a government buildings market share, detailed government buildings market segments, market trends, and opportunities, and any further data you may need to thrive in the government buildings industry. This government 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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