The construction market is witnessing significant growth globally, driven by factors such as urbanization, infrastructure development, and increasing demand for residential and commercial projects
—
Global construction market size reached USD 12,639.41 Billion in 2020 and is expected to register a CAGR of 7.4% during the forecast period, according to latest analysis by Emergen Research.
The market for construction is an essential industry that is vital to the expansion and advancement of any economy. It entails the development of buildings, infrastructure, and other tangible structures essential to human endeavours. The market includes a number of subsectors, including infrastructure building, retail, and business. Being a dynamic industry, the construction market is impacted by a number of variables, such as governmental rules, economic situations, technological developments, and environmental laws.
Urbanisation is one of the main factors influencing the construction business. The need for homes, offices, and other commercial structures rises as more people relocate to urban areas in quest of better work prospects and living conditions. As a result, there is a sizable opportunity for the construction sector to build new buildings to meet the expanding demand. Infrastructure growth is another factor that influences the construction business. To increase connectivity, ease trade, and foster economic growth, governments around the world are making significant investments in infrastructure projects including highways, bridges, airports, and seaports.
Get | Download Sample Copy with TOC, Graphs & List of Figures@ https://www.emergenresearch.com/request-sample/710
The construction market, however, also faces a number of obstacles and limitations. The lack of trained labour is one of the main obstacles. Engineers, architects, and construction workers are all in high demand as the building sector becomes more sophisticated and technologically oriented. Construction projects may be delayed and costlier due to a labour shortage. The rising cost of raw materials is another constraint. Steel, cement, and timber are examples of raw materials whose rising costs have an effect on the price of construction projects as well as their profitability
Construction Market Segmentation:
According to the Emergen Research, the construction market has been segmented into various categories based on type, building, construction machinery, end-use, and region.
The type segment includes building construction, heavy and civil engineering construction, specialty trade contractors, and land planning and development. Building construction involves the construction of residential and commercial buildings, while heavy and civil engineering construction includes infrastructure projects such as roads, bridges, and airports. Specialty trade contractors are involved in specialized construction work such as plumbing and electrical work. Land planning and development involves the acquisition and development of land for construction purposes.
The building segment has been further divided into residential and non-residential building construction. Residential building construction involves the construction of houses and apartments, while non-residential building construction includes offices, retail stores, and hotels.
In terms of construction machinery, the market has been segmented into earth moving machinery, material handling machinery, and concrete and road construction machinery. Earth moving machinery includes excavators, bulldozers, and loaders, while material handling machinery includes cranes and forklifts. Concrete and road construction machinery includes equipment such as concrete mixers and pavers.
The end-use segment of the construction market includes housing, healthcare, industrial, infrastructure, commercial, and educational construction. Housing construction involves the construction of residential buildings, while healthcare construction includes hospitals and medical facilities. Industrial construction includes factories and warehouses, while infrastructure construction includes roads, bridges, and airports. Commercial construction includes offices, retail stores, and hotels, and educational construction involves schools and universities.
Browse the complete Global Vibration Sensors Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2028 @ https://www.emergenresearch.com/industry-report/construction-market
Here are a few noteworthy findings from the report.
Land planning and development segment revenue is expected to expand at a significantly robust CAGR during the forecast period due to Land planning and development is expected to witness a significant growth rate during the forecast period due to several factors. One of the primary factors is the increasing demand for land for construction purposes, especially in developing countries. As urbanization continues to drive population growth, there is a need for more land for housing, commercial, and industrial development. Land planning and development companies play a critical role in acquiring, developing, and preparing land for construction purposes.
In terms of revenue share, the residential segment is expected to register significant growth over the forecast period due to The residential segment is expected to register significant growth over the forecast period due to several factors. Firstly, the growing population and urbanization are leading to an increase in demand for residential construction projects. As more people move to cities, the demand for housing, such as apartments and houses, is increasing. This creates opportunities for construction companies to build new residential buildings to meet the growing demand.
Increasing demand for large commercial, residential, and infrastructure projects due toThere is an increasing demand for large commercial, residential, and infrastructure projects due to several factors. One of the primary factors is the growth of urbanization and population. As more people move to cities in search of better job opportunities and living standards, the demand for large commercial and residential projects increases. These projects include shopping malls, office complexes, and residential complexes
Factors such as increasing population as well as robust presence of major players in Asia Pacific due to Asia Pacific is witnessing robust growth in the construction market due to several factors, including the increasing population and the robust presence of major players in the region.
In April 2021, Samsung C&T Corporation got the USD 1.60 billion construction contract of terminal 3 in Taoyuan airport in Taiwan due to In April 2021, Samsung C&T Corporation won the construction contract of Terminal 3 at Taoyuan International Airport in Taiwan. The contract, which is valued at USD 1.60 billion, was awarded to Samsung C&T due to its expertise in the construction of large-scale infrastructure projects.
About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Info:
Name: Eric Lee
Email: Send Email
Organization: Emergen Research
Address: 14671 110 Avenue, Surrey, British Columbia, V3R2A9
Phone: 604757975
Website: https://www.emergenresearch.com/
Release ID: 89095817
