Construction Market
Analysts’ Viewpoint on Market Scenario
Increase in commercial, and non- residential construction activities is projected to boost the global construction market. Furthermore, rise in environmental concerns, and adoption of green buildings are likely to boost the market.
Rapid urbanization, increase in mechanization, growth in population, and surge in building residences and commercial structures are expected to bolster the construction market size. Demand for practical and cutting-edge construction technologies is being driven by the development of modern economies and rapid industrialization.
Furthermore, government spending on infrastructure projects is creating construction business opportunities. Construction industries are introducing innovations such the use of drones for surveying and mapping, 3D printing for construction, and the development of smart infrastructure that can monitor and optimize performance, thus offering lucrative opportunities for market expansion.
Construction is the process of placing together diverse elements to create a structure, such as a building, framework, or model. Any construction project has an established structure of separate stages such as design, production, and the transformation of raw materials into manufactured goods, followed by construction.
Each of these phases has internal procedures and components that come together to finish a building project. It also involves several other stages, including planning, designing, obtaining permits and approvals, site preparation, excavation, foundation work, framing, installation of systems and utilities, interior and exterior finishing, and final inspection.
The types of construction can range from simple projects such as building a garden shed, to complex industrial construction projects such as constructing a bridge, airport, and dam. The constantly expanding commercial and residential construction sectors globally are fueling construction market development.
The construction industry involves architects, engineers, contractors, builders, electricians, and plumbers, who work together to bring a construction project to completion.
The need to construct more residences, companies, industries, and other amenities is leading to the expansion of the construction industry worldwide. The construction business is driven by the growth in urbanization and mechanization of economies in developed countries.
Population growth, surge in incomes, and changing lifestyles, are creating the need for new housing & commercial constructions, and other infrastructure. Demand for new construction projects in urban areas is rising as more people move to cities.
Moreover, the construction industry plays a vital role in shaping a country’s economic development by creating employment opportunities from engineers to powerline installers, and truck drivers to pilots, thus stimulating economic growth. Governments and private entities are investing in these projects to boost local economies and improve overall living standards.
Government policies and regulations can have a significant impact on the global construction market. Regulations related to zoning, building codes, environmental protection, and safety influences the type of projects that are undertaken and the cost of construction. Growth of the construction sector is being augmented by an increase in infrastructure spending by governments across the world. For instance, the U.K government planned to invest US$ 10 Bn in the National Home Building Fund in November 2020 to equalize communities and build more beautiful, ecological, and affordable homes throughout the country.
New technologies can lead to efficient and cost-effective construction processes. The market is benefitting from advances in technology and the use of advanced materials and methods to construct more efficient and durable infrastructure. The industry is also responding to the growing environmental concerns, such as climate change, and resource depletion. Construction companies are now focusing on sustainable and eco-friendly infrastructure development by adopting sustainable practices and technologies.
Overall, the growth of the construction industry is driven by a combination of factors, such as infrastructure development, population growth, technological advancements, environmental concerns, and economic development.
The construction market segmentation based on type comprises heavy & civil engineering, general construction, and others.
The heavy & civil engineering segment is expected to lead the global market during the forecast period. The global population is increasingly becoming urbanized, and as cities grow, the demand for infrastructure, including transportation systems, bridges, dams, and public buildings is rising. This has led to an increase in demand for heavy and civil engineering services.
Moreover, according to construction market analysis, governments around the world are investing substantially in infrastructure development, such as building roads, airports, seaports, railways, and other public work projects which require the expertise of heavy and civil engineering companies to plan, design, and construct these projects.
All these factors are contributing to the growth of the heavy & civil engineering construction segment in the construction industry.
According to the construction market forecast analysis, Asia Pacific is likely to dominate the global market during the forecast period. The region has been experiencing robust economic growth over the past few decades, leading to increased demand for infrastructure, housing, commercial & industrial facilities, and other construction projects.
Moreover, many governments in the Asia Pacific region are investing heavily in infrastructure development, such as new airports, highways, and high-speed rail networks. This investment is helping to drive growth of the construction industry in the region.
The global construction market is fragmented with the presence of many local and global players. Competition is expected to intensify in the next few years due to the entry of local players.
Observing the construction market trends and future of construction, key suppliers and manufacturers are focusing on product development, research, and introducing more efficient methods of construction.
Prominent players operating in the global construction market include China Communications Construction Company Ltd., Power Construction Corporation of China, VINCI S.A., Bouygues S.A, Skanska A.B, STRABAG International GmbH, ACS Constructions Activities and Services SA, China State Construction Engineering. Corp. Ltd., HOCHTIEF Aktiengesellschaf,t and Bechtel Corporation.
Key players have been profiled in the construction market report based on various factors that include business segments, company overview, product portfolio, latest developments, financial overview, and business strategies.
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Attribute |
Detail |
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Market Value in 2022 (Base Year) |
US$ 9.3 Bn |
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Market Forecast Value in 2031 |
US$ 14.5 Bn |
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Growth Rate (CAGR) |
4.6% |
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Forecast Period |
2023-2031 |
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Quantitative Units |
US$ Bn for Value |
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Market Analysis |
Global qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces analysis, value chain analysis, SWOT analysis, regulatory analysis, technology overview, etc. Furthermore, at the regional level, qualitative analysis includes key trends, price trends, key supplier analysis and consumer buying behavior analysis. |
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Competition Landscape |
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Regions Covered |
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Market Segmentation |
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Companies Profiled |
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Customization Scope |
Available upon Request |
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Pricing |
Available upon Request |
It was valued at US$ 9.3 Bn in 2022
It is expected to reach US$ 14.5 Bn by the end of 2031
It is projected to grow at a CAGR of 4.6% from 2023 to 2031
Rise in construction activities, increase in government investments, and technological advancements
Heavy & civil engineering is likely to be the prominent type segment during the forecast period
Asia Pacific is a more attractive region for vendors, followed by North America
China Communications Construction Company Ltd., Power Construction Corporation of China, VINCI S.A., Bouygues S.A, Skanska A.B, STRABAG International GmbH, ACS Constructions Activities and Services SA, China State Construction Engineering. Corp. Ltd., HOCHTIEF Aktiengesellschaft, and Bechtel Corporation.
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions
3. Research Methodology
4. Executive Summary
5. Market Overview
5.1. Market Dynamics
5.1.1. Drivers
5.1.2. Restraints
5.1.3. Opportunities
5.2. Key Trends Analysis
5.2.1. Demand Side Analysis
5.2.2. Supply Side Analysis
5.3. Key Market Indicators
5.4. Porter’s Five Forces Analysis
5.5. Industry SWOT Analysis
5.6. COVID-19 Impact Analysis
5.7. Global Construction Market Analysis, 2017 - 2031
5.7.1. Market Value Projections (US$ Bn)
6. Global Construction Market Analysis and Forecast, By Type
6.1. Global Construction Market Size (US$ Bn), By Type, 2017 – 2031
6.1.1. Heavy & Civil Engineering
6.1.1.1. Bridges
6.1.1.2. Roads
6.1.1.3. Railways
6.1.1.4. Airports
6.1.1.5. Others
6.1.2. General Construction
6.1.2.1. Residential
6.1.2.2. Commercial
6.1.2.3. Industrial
6.1.3. Others
6.2. Incremental Opportunity, By Type
7. Global Construction Market Analysis and Forecast, By Region
7.1. Global Construction Market Size (US$ Bn), By Region, 2017 - 2031
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Middle East & Africa
7.1.5. South America
7.2. Incremental Opportunity, By Region
8. North America Construction Market Analysis and Forecast
8.1. Regional Snapshot
8.2. Key Trends Analysis
8.2.1. Demand Side Analysis
8.2.2. Supply Side Analysis
8.3. Construction Market Size (US$ Bn) Forecast, By Type, 2017 - 2031
8.3.1. Heavy & Civil Engineering
8.3.1.1. Bridges
8.3.1.2. Roads
8.3.1.3. Railways
8.3.1.4. Airports
8.3.1.5. Others
8.3.2. General Construction
8.3.2.1. Residential
8.3.2.2. Commercial
8.3.2.3. Industrial
8.3.3. Others
8.4. Construction Market Size (US$ Bn), By Country/Sub-region, 2017 - 2031
8.4.1. U.S.
8.4.2. Canada
8.4.3. Rest of North America
8.5. Incremental Opportunity Analysis
9. Europe Construction Market Analysis and Forecast
9.1. Regional Snapshot
9.2. Key Trends Analysis
9.2.1. Demand Side Analysis
9.2.2. Supply Side Analysis
9.3. Construction Market Size (US$ Bn) Forecast, By Type, 2017 - 2031
9.3.1. Heavy & Civil Engineering
9.3.1.1. Bridges
9.3.1.2. Roads
9.3.1.3. Railways
9.3.1.4. Airports
9.3.1.5. Others
9.3.2. General Construction
9.3.2.1. Residential
9.3.2.2. Commercial
9.3.2.3. Industrial
9.3.3. Others
9.4. Construction Market Size (US$ Bn), By Country/Sub-region, 2017 - 2031
9.4.1. U.K.
9.4.2. Germany
9.4.3. France
9.4.4. Rest of Europe
9.5. Incremental Opportunity Analysis
10. Asia Pacific Construction Market Analysis and Forecast
10.1. Regional Snapshot
10.2. Key Trends Analysis
10.2.1. Demand Side Analysis
10.2.2. Supply Side Analysis
10.3. Construction Market Size (US$ Bn) Forecast, By Type, 2017 - 2031
10.3.1. Heavy & Civil Engineering
10.3.1.1. Bridges
10.3.1.2. Roads
10.3.1.3. Railways
10.3.1.4. Airports
10.3.1.5. Others
10.3.2. General Construction
10.3.2.1. Residential
10.3.2.2. Commercial
10.3.2.3. Industrial
10.3.3. Others
10.4. Construction Market Size (US$ Bn), By Country/Sub-region, 2017 - 2031
10.4.1. China
10.4.2. India
10.4.3. Japan
10.4.4. Rest of Asia Pacific
10.5. Incremental Opportunity Analysis
11. Middle East & Africa Construction Market Analysis and Forecast
11.1. Regional Snapshot
11.2. Key Trends Analysis
11.2.1. Demand Side Analysis
11.2.2. Supply Side Analysis
11.3. Construction Market Size (US$ Bn) Forecast, By Type, 2017 - 2031
11.3.1. Heavy & Civil Engineering
11.3.1.1. Bridges
11.3.1.2. Roads
11.3.1.3. Railways
11.3.1.4. Airports
11.3.1.5. Others
11.3.2. General Construction
11.3.2.1. Residential
11.3.2.2. Commercial
11.3.2.3. Industrial
11.3.3. Others
11.4. Construction Market Size (US$ Bn), By Country/Sub-region, 2017 - 2031
11.4.1. GCC
11.4.2. South Africa
11.4.3. Rest of Middle East & Africa
11.5. Incremental Opportunity Analysis
12. South America Construction Market Analysis and Forecast
12.1. Regional Snapshot
12.2. Key Trends Analysis
12.2.1. Demand Side Analysis
12.2.2. Supply Side Analysis
12.3. Construction Market Size (US$ Bn) Forecast, By Type, 2017 - 2031
12.3.1. Heavy & Civil Engineering
12.3.1.1. Bridges
12.3.1.2. Roads
12.3.1.3. Railways
12.3.1.4. Airports
12.3.1.5. Others
12.3.2. General Construction
12.3.2.1. Residential
12.3.2.2. Commercial
12.3.2.3. Industrial
12.3.3. Others
12.4. Construction Market Size (US$ Bn), By Country/Sub-region, 2017 - 2031
12.4.1. Brazil
12.4.2. Rest of South America
12.5. Incremental Opportunity Analysis
13. Competition Landscape
13.1. Market Player – Competition Dashboard
13.2. Company Profiles (Details – Company Overview, Sales Area/Geographical Presence, Financial/Revenue, Strategy & Business Overview, Sales Channel Analysis, Size Portfolio)
13.2.1. China Communications Construction Company Ltd.
13.2.1.1. Company Overview
13.2.1.2. Sales Area/Geographical Presence
13.2.1.3. Financial/Revenue
13.2.1.4. Strategy & Business Overview
13.2.1.5. Sales Channel Analysis
13.2.1.6. Size Portfolio
13.2.2. Power Construction Corporation of China
13.2.2.1. Company Overview
13.2.2.2. Sales Area/Geographical Presence
13.2.2.3. Financial/Revenue
13.2.2.4. Strategy & Business Overview
13.2.2.5. Sales Channel Analysis
13.2.2.6. Size Portfolio
13.2.3. VINCI S.A.
13.2.3.1. Company Overview
13.2.3.2. Sales Area/Geographical Presence
13.2.3.3. Financial/Revenue
13.2.3.4. Strategy & Business Overview
13.2.3.5. Sales Channel Analysis
13.2.3.6. Size Portfolio
13.2.4. Bouygues S.A
13.2.4.1. Company Overview
13.2.4.2. Sales Area/Geographical Presence
13.2.4.3. Financial/Revenue
13.2.4.4. Strategy & Business Overview
13.2.4.5. Sales Channel Analysis
13.2.4.6. Size Portfolio
13.2.5. Skanska A.B
13.2.5.1. Company Overview
13.2.5.2. Sales Area/Geographical Presence
13.2.5.3. Financial/Revenue
13.2.5.4. Strategy & Business Overview
13.2.5.5. Sales Channel Analysis
13.2.5.6. Size Portfolio
13.2.6. STRABAG International GmbH
13.2.6.1. Company Overview
13.2.6.2. Sales Area/Geographical Presence
13.2.6.3. Financial/Revenue
13.2.6.4. Strategy & Business Overview
13.2.6.5. Sales Channel Analysis
13.2.6.6. Size Portfolio
13.2.7. ACS, Constructions Activities and Services, SA
13.2.7.1. Company Overview
13.2.7.2. Sales Area/Geographical Presence
13.2.7.3. Financial/Revenue
13.2.7.4. Strategy & Business Overview
13.2.7.5. Sales Channel Analysis
13.2.7.6. Size Portfolio
13.2.8. China State Construction Engineering Corp. Ltd.
13.2.8.1. Company Overview
13.2.8.2. Sales Area/Geographical Presence
13.2.8.3. Financial/Revenue
13.2.8.4. Strategy & Business Overview
13.2.8.5. Sales Channel Analysis
13.2.8.6. Size Portfolio
13.2.9. HOCHTIEF Aktiengesellschaft
13.2.9.1. Company Overview
13.2.9.2. Sales Area/Geographical Presence
13.2.9.3. Financial/Revenue
13.2.9.4. Strategy & Business Overview
13.2.9.5. Sales Channel Analysis
13.2.9.6. Size Portfolio
13.2.10. Bechtel Corporation
13.2.10.1. Company Overview
13.2.10.2. Sales Area/Geographical Presence
13.2.10.3. Financial/Revenue
13.2.10.4. Strategy & Business Overview
13.2.10.5. Sales Channel Analysis
13.2.10.6. Size Portfolio
14. Key Takeaways
14.1. Identification of Potential Market Spaces
14.1.1. Type
14.1.2. Region
14.2. Preferred Sales & Marketing Strategy
14.3. Understanding the Procurement Process of End-users
List of Tables
Table 1: Global Construction Market by Type, US$ Bn 2017-2031
Table 2: Global Construction Market Region, US$ Bn 2017-2031
Table 3: North America Construction Market by Type, US$ Bn 2017-2031
Table 4: North America Construction Market by Country, US$ Bn 2017-2031
Table 5: Europe Construction Market Type, US$ Bn 2017-2031
Table 6: Europe Construction Market Country, US$ Bn 2017-2031
Table 7: Asia-Pacific Construction Market by Type, US$ Bn 2017-2031
Table 8: Asia-Pacific Construction Market by Country, US$ Bn 2017-2031
Table 9: Middle East & Africa Construction Market by Type, US$ Bn 2017-2031
Table 10: Middle East & Africa Construction Market by Country, US$ Bn 2017-2031
Table 11: South America Construction Market by Type, US$ Bn 2017-2031
Table 12: South America Construction Market by Country, US$ Bn 2017-2031
List of Figures
Figure 1: Global Construction Market Projections, by Type, US$ Bn 2017-2031
Figure 2: Global Construction Market, Incremental Opportunity, by Type, US$ Bn 2023-2031
Figure 3: Global Construction Market Projections, by Region, US$ Bn 2017-2031
Figure 4: Global Construction Market, Incremental Opportunity, by Region, US$ Bn 2023-2031
Figure 5: North America Construction Market Projections, by Type, US$ Bn 2017-2031
Figure 6: North America Construction Market, Incremental Opportunity, by Type, US$ Bn 2023-2031
Figure 7: North America Construction Market Projections, by Country, US$ Bn 2017-2031
Figure 8: North America Construction Market, Incremental Opportunity, by Country, US$ Bn 2023-2031
Figure 9: Europe Construction Market Projections, by Type, US$ Bn 2017-2031
Figure 10: Europe Construction Market, Incremental Opportunity, by Type, US$ Bn 2023-2031
Figure 11: Europe Construction Market Projections, by Country, US$ Bn 2017-2031
Figure 12: Europe Construction Market, Incremental Opportunity, by Country, US$ Bn 2023-2031
Figure 13: Asia Pacific Construction Market Projections, by Type, US$ Bn 2017-2031
Figure 14: Asia Pacific Construction Market, Incremental Opportunity, by Type, US$ Bn 2023-2031
Figure 15: Asia Pacific Construction Market Projections, by Country, US$ Bn 2017-2031
Figure 16: Asia Pacific Construction Market, Incremental Opportunity, by Country, US$ Bn 2023-2031
Figure 17: Middle East & Africa Construction Market Projections, by Type, US$ Bn 2017-2031
Figure 18: Middle East & Africa Construction Market, Incremental Opportunity, by Type, US$ Bn 2023-2031
Figure 19: Middle East & Africa Construction Market Projections, by Country, US$ Bn 2017-2031
Figure 20: Middle East & Africa Construction Market, Incremental Opportunity, by Country, US$ Bn 2023-2031
Figure 21: South America Construction Market Projections, by Type, US$ Bn 2017-2031
Figure 22: South America Construction Market, Incremental Opportunity, by Type, US$ Bn 2023-2031
Figure 23: South America Construction Market Projections, by Country, US$ Bn 2017-2031
Figure 24: South America Construction Market, Incremental Opportunity, by Country, US$ Bn 2023-2031
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*86 figures and 60 tables includes