The Religious Buildings 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 Religious Buildings, The religious buildings market size has grown marginally in recent years. It will grow from $19.43 billion in 2023 to $19.71 billion in 2024 at a compound annual growth rate (CAGR) of 1.4%. The growth in the historic period can be attributed to religious practices and worship, community growth and demographics, cultural and architectural heritage, urban development and zoning, migration and diaspora communities.
The religious buildings market size is expected to see marginal growth in the next few years. It will grow to $21.11 billion in 2028 at a compound annual growth rate (CAGR) of 1.7%. The growth in the forecast period can be attributed to cultural and interfaith dialogue, community outreach and social services, sustainability and environmental considerations, adaptation to changing religious practices, urban renewal and redevelopment. Major trends in the forecast period include community engagement initiatives, preservation and restoration, art and symbolism, adaptive reuse of historic buildings, accessibility and inclusivity.
The increasing religious donation is expected to boost the growth of the religious building market going forward. Religious donation refers to a donation made for the benefit of a religious organization that is utilized entirely or significantly by that organization. Religious donations are commonly used for providing members with structures or places of worship (religious buildings), education programs, support missionary programs and support wellness programs (regardless of religion, nationality, or race). For instance, in 2021, according to article published by Giving USA reports, a US-based non-profit organization which publishes annual report on Philanthropy, Americans gave $471.44 billion to charity in 2020, a 5.1% rise over previous year. Therefore, the increasing religious donations are driving the growth of the religious building market.
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The religious buildings market covered in this report is segmented –
1) By Type: Residential, Non-residential
2) By Construction Activity: New Construction, Repair And Maintenance, Refurbishment, Demolition
3) By Application: Owned, Rental
Technological advancement has emerged as a key trend gaining popularity in the religious building market. Major market players are concentrating their efforts on using different construction technologies such as 3D printing to strengthen their position in the market. 3D printing refers to the method of manufacturing construction elements or entire buildings using a 3D printer for printing concrete, polymer, metal, or other materials using layer-by-layer. For instance, in February 2022, The Lake California Community Church, a US-based independent religious organization partnered with Don Ajamian Construction, a US-based construction company to build a church using 3D printing technology. Using this technique, the company significantly reduced the cost of construction and interior walls were built to funnel sound waves toward the audience, creating the ideal acoustics in less time.
The religious buildings market report table of contents includes:
1. Executive Summary
2. Religious Buildings Market Characteristics
3. Religious Buildings Market Trends And Strategies
4. Religious Buildings Market – Macro Economic Scenario
5. Global Religious Buildings Market Size and Growth
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31. Global Religious Buildings Market Competitive Benchmarking
32. Global Religious Buildings Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Religious Buildings Market
34. Religious Buildings Market Future Outlook and Potential Analysis
35. Appendix
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