| Source: Research and Markets Research and Markets
Dublin, Feb. 09, 2022 (GLOBE NEWSWIRE) — The “Construction Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
The global construction market is expected to grow from $13570.90 billion in 2021 to $15171.80 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The market is expected to reach $22873.96 billion in 2026 at a CAGR of 10.8%.
Asia Pacific was the largest region in the construction market in 2021. North America was the second-largest region in the construction market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing construction activities in emerging markets is expected to propel the growth of the construction market over coming years. Emerging markets which registered robust construction activity included China, Brazil, India, Saudi Arabia and Indonesia. For instance, according to the National Bureau of Statistics, construction output contributed for 25.9% of China’s GDP in 2020, up from 6.2% in 2019 . This rapid growth in construction activity contributed to the growth of the construction market.
Building construction companies are increasingly using green construction techniques to build energy efficient buildings and reduce construction costs. Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact.
According to World Green Building Trends Survey, about 60% of construction firms across the globe were involved in green construction projects . Certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies to develop high-performance, sustainable residential and commercial buildings, and also offer a variety of benefits, from tax deductions to marketing opportunities. Sustainable construction materials such as natural paints and steel beams made from recycled material are being widely used in the UK. Other green construction techniques such as cross-ventilation for more natural environment, green construction software such as Construction Suite to ensure green compliance, and Green Globes management tool are also being used in the construction industry.
Construction costs have increased steadily due to rising material costs in the historic period. Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil, a key component of asphalt reached $41.96 per barrel in 2020, softwood lumber, a major component used for buildings construction, rose by 112% in February 2021 compared to 2020. Therefore, high material prices adversely affected the construction market during historic period.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider construction market, and compares it with other markets.
Metrics Covered: Number of Enterprises; Number of Employees
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, construction indicators comparison.
Data segmentations: Country and regional historic and forecast data, market share of competitors, market segments.
For more information about this report visit https://www.researchandmarkets.com/r/ki9ftg
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