The global construction market is expected to decline from $12.7 trillion in 2019 to $12.6 trillion in 2020 at a growth rate of -0.9%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a rate of 7.5% from 2021 and reach $15.48 trillion in 2023.
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The construction market consists of the sales revenues earned by entities that construct buildings or engineering projects (for example, highways and utility systems). Establishments that prepare sites for new construction and those that subdivide land for sale as building sites are included in this market. The construction market includes new work, additions, alterations, maintenance, and repairs.
Global Construction Market Segmentation –
The Construction market is segmented by type, by end-user sector and by geography.
By Construction Type –
a) Buildings Construction
b) Heavy And Civil Engineering Construction
c) Specialty Trade Contractors
d) Land Planning And Development
The Buildings Construction Market Is Further Segmented Into
a) Residential Building Construction
b) Nonresidential Building Construction
The Heavy And Civil Engineering Construction Market Is Further Segmented Into
A) Utility System Construction
B) Highway, Street, And Bridge Construction
C) Other Heavy And Civil Engineering Construction
The Specialty Trade Contractors Market Is Further Segmented Into
a) Building Equipment Contractors
b) Building Finishing Contractors
c) Foundation, Structure, And Building Exterior Contractors
d) Other Specialty Trade Contractors
The Land Planning And Development Market Is Further Segmented Into
a) Residential Land Planning And Development
b) Commercial And Institutional Land Planning And Development
c) Industrial Land Planning And Development
By End-User Sector – The Construction Market Can Be Segmented By End-User Sector Into
a) Public
b) Private
Global Construction Market Driver –
Construction companies are increasingly using autonomous construction vehicles and heavy equipment to improve productivity. These automated vehicles are equipped with sensors, cameras, and GPS. Real-time data obtained from these devices helps in remote monitoring of a jobsite and reduces construction time. Vehicles connected through IoT, telematics and RFID tracking technologies are also helping the construction industry to be more collaborative, efficient, and safe.
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Few Points From The Global Construction Market TOC
1. Executive Summary
2. Construction Market Characteristics
3. Construction Market Size And Growth
3.1. Global Construction Historic Market, 2015 – 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Construction Forecast Market, 2019 – 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Construction Market Segmentation
5. Construction Market Regional And Country Analysis
5.1. Global Construction Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Construction Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
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