Construction Market Key Trends, Size, Outlook, Overview 2024-2033: Strategic Perspectives

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The Construction 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 Construction, The construction market size has grown strongly in recent years. It will grow from $15192.71 billion in 2023 to $15971.45 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to the increasing infrastructure development, the increase in renovation activities, rapid growth in the elderly population and the rise in domestic manufacturing.

The construction market size is expected to see strong growth in the next few years. It will grow to $19856.65 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to the rising urbanization, the increasing population growth, the increasing government support, the rising industrialization and the increase in smart cities. Major trends in the forecast period include automated construction equipment, construction equipment vehicle, development of high-performance equipment, integration of digital platform and innovative solutions, introduction of artificial intelligence (ai) and machine learning, strategic collaborations and partnerships, launch of innovation network, introduction of fully electric construction equipment, technological innovations and new lot development in suburban areas..

The rapid growth in construction activity worldwide is expected to propel the growth of the construction market going forward. Emerging markets that registered robust construction activity included China, Brazil, India, Saudi Arabia, and Indonesia. Construction activities stimulate demand for construction services and materials, thereby supporting and growing the construction market. For instance, in February 2023, according to the Office for National Statistics, a UK-based statistics authority, annual construction output increased by 5.6% in 2022 compared with 2021, which follows a record increase in 2021 of 12.8%. This rapid growth in construction activity contributed to the growth of the construction market.

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The construction market covered in this report is segmented –

1) By Type Of Construction: Buildings Construction, Heavy And Civil Engineering Construction, Specialty Trade Contractors, Land Planning And Development

3) By Type Of Contractor: Large Contractor, Small Contractor

2) By End-Use Sector: Public, Private

Sub segments: Residential Building Construction, Non-Residential Building Construction, Single-Family Housing Construction (Individual Houses), Multifamily Housing Construction (Apartments), New Housing For-Sale Builders, Residential Remodelers, Institutional Buildings, Commercial Buildings, Education Buildings, Public Convenience Buildings, Government Buildings, Religious Buildings, Healthcare Buildings, Office And Factory Buildings, Hospitality And Restaurant Buildings, Entertainment And Sports Buildings, Retail And Other Commercial Buildings, Office Buildings, Factory Buildings, Hospitality Buildings, Restaurant Buildings, Entertainment Buildings, Sports Buildings, Retail Buildings, Other Commercial Buildings, Utility System Construction, Highway, Street, And Bridge Construction, Other Heavy And Civil Engineering Construction, Water And Sewer Line And Related Structures Construction, Oil And Gas Pipeline And Related Structures Construction, Power And Communication Line And Related Structures Construction, Water Well Drilling Contractors, Sewer Construction, Water Main And Plant Construction, Roads And Highways, Bridges And Tunnels, Other Highway, Street, And Bridge Construction, Roads, Highways, Bridges, Tunnels, Marine Construction And Port Construction, Rail Road Construction, Sea Wall Construction, All Other Heavy And Civil Engineering Construction, Marine Construction, Port Construction, New Rail Road Track Construction, Rail Road Track Repair And Maintenance, Foundation, Structure, And Building Exterior Contractors, Building Equipment Contractors, Building Finishing Contractors, Other Specialty Trade Contractors, Excavation And Demolition, Roofing, Concrete Work, Water Well Drilling, Electrical Contractors And Other Wiring Installation Contractors, Plumbing, Heating And Air-Conditioning Contractors, Other Building Equipment Contractors, Drywall And Insulation Contractors, Painting And Wall Covering Contractors, Flooring Contractors, Tile And Terrazzo Contractors, Finish Carpentry Contractors, Other Building Finishing Contractors, Site Preparation Contractors, All Other Specialty Trade Contractors, Residential Land Planning And Development, Commercial And Institutional Land Planning And Development, Industrial Land Planning And Development, Houses And Housing Estate Developments, Apartments And Other Residential Developments

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. For instance, some, Major companies using green construction techniques include Turner Construction Co, Clark Group, AECOM, Hensel Phelps and Holder Construction.

The construction market report table of contents includes: