The Commercial Buildings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Commercial Buildings Global Market Report 2024, The commercial buildings market size has grown steadily in recent years. It will grow from $1880.41 billion in 2023 to $1943.55 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to economic growth and stability, urbanization trends, regulatory environment, consumer behavior and preferences, global events and crises.
The commercial buildings market size is expected to see steady growth in the next few years. It will grow to $2236.76 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to flexible work arrangements, climate change mitigation, rapid urbanization in emerging markets, e-commerce impact on retail spaces, government initiatives and incentives. Major trends in the forecast period include advanced security systems, modular construction, data-driven decision-making, smart building technology, digital transformation.
Increasing construction of green buildings is expected to propel the commercial buildings market going forward. Green buildings refer to a technique for building that uses fewer resources and results in healthier, more environmentally friendly, and less expensive to maintain structures. The full life cycle of a structure is taken into account in the sustainable construction method. Green buildings are used in commercial buildings because they reduce the day-to-day costs year-over-year, so an increase in green buildings will propel market growth. For instance, in 2021, according to the Multidisciplinary Digital Publishing Institute, a Switzerland-based open-access publisher of scientific journals, there were around 2600 projects in China that were awarded LEED (Leadership in Energy and Environmental Design) certification, and further, China’s green buildings exceeded 6.6 billion square meters in 2021 amid the country’s efforts to promote high-quality development in urban and rural areas. Therefore, an increase in the construction of green buildings is driving the commercial buildings market.
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The commercial buildings market covered in this report is segmented –
1) By Product: New Construction, Repair And Maintenance, Refurbishment And Demolition
2) By Application: Owned, Rental
3) By End User: Offices, Retail, Leisure, Other End Users
Major companies in the commercial buildings market are focused on developing innovative tools, such as BIM Plug-In, for architects and gain a competitive edge in the market. BIM Plug-In is a software component that enhances building information modeling (BIM) software functionality for specific tasks or features. For instance, in July 2023, Cemex, a Mexico-based building materials supplier, launched a plug-in for Building Information Modelling (BIM) REVIT software, an innovative tool designed for architects and engineers involved in construction projects. This tool allows users to identify the most suitable Cemex products, emphasizing those that are both innovative and environmentally sustainable. The BIM software provides a comprehensive search for concrete properties, facilitates product comparison based on essential characteristics, and enables users to target embodied carbon values. It is the first of its kind in the UK construction industry. The tool aims to enhance efficiency and collaboration in construction project planning and visualization.
The commercial buildings market report table of contents includes:
1. Executive Summary
2. Commercial Buildings Market Characteristics
3. Commercial Buildings Market Trends And Strategies
4. Commercial Buildings Market – Macro Economic Scenario
5. Global Commercial Buildings Market Size and Growth
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26. South America Commercial Buildings Market
27. Brazil Commercial Buildings Market
28. Middle East Commercial Buildings Market
29. Africa Commercial Buildings Market
30. Commercial Buildings Market Competitive Landscape And Company Profiles
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