Construction Industry Sales, Supply and Consumption Analysis By Top Players: Komatsu, Caterpillar and Volvo CE.
The construction market consists of the sales revenues earned by entities (organizations, sole traders and partnerships) that construct buildings or engineering projects (e.g., 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.
Growth in the historic period resulted from strong economic growth in emerging markets, low interest rates, and technological advances. Factors that negatively affected growth in the historic period were geo-political tensions that hampered construction activity globally.
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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.
The construction market size will gain the most in China at $1,178 billion. The top opportunities in the global buildings construction market will arise in the residential building construction segment, which will gain $1653.8 billion of global annual sales by 2022. The top opportunities in the global heavy and civil engineering construction market will arise in the utility system construction segment, which will gain $416.4 billion of global annual sales by 2022.
Construction Market Segmentation: -
By Type - The construction market can be segmented by type of construction
1. Buildings Construction
2. Specialty Trade Contractors
3. Heavy and Civil Engineering Construction
4. Land Planning and Development
Buildings construction was the largest segment of the construction market in 2018 at 50.5%. The land planning and development market is expected to be the fastest-growing segment going forward at a CAGR of 13.3%.
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By Geography - The construction market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
Asia-Pacific was the largest market for construction, accounting for 42.1% of the global market in 2018. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the construction market will be Africa and the Middle East.
Major Competitors of global construction market are China State Construction Engineering Co., Ltd., China Railway Group Ltd., China Railway Construction Corporation Limited, China Communications Construction Group Ltd., Vinci S.A.
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