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Impact of COVID-19 on Construction Industry Market worth $13,572.4 billion in 2024 | Key players Bechtel Group, Balfour Beatty, Grupo ACS, L&T Construction, Skanska Construction

09-27-2021 10:24 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: MarketsandMarkets

Impact of COVID-19 on Construction Market, Construction Market, Construction, Constructions

Impact of COVID-19 on Construction Market, Construction Market, Construction, Constructions

According to recent market research "Impact of COVID-19 on Construction Industry Market by Type (Residential, Non-Residential, and Heavy & Civil Engineering) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2024", The global construction market size is declined from USD 11,217.4 billion in 2019 to USD 10,741.2 billion in 2020. However, the industry is showing signs of recovery since the beginning of 2021 and is expected to reach a market size of USD 13,572.4 billion in 2024, projecting a CAGR of 6.0% between 2020 and 2024. The construction industry is declined in 2020 due to frequent lockdowns, stringent government regulations and supply chain disruption caused by the COVID-19 pandemic.

Browse 43 market data Tables and 14 Figures spread through 84 Pages and in-depth TOC on "Impact of COVID-19 on Construction Industry Market - Global Forecast to 2024"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/covid-19-impact-on-construction-market-65270035.html

Globally, construction is more than USD 11 trillion industry, of which residential construction is the largest sector. The occurrence of COVID-19 has caused disruption in the residential construction sector. The transformation of COVID-19 from a China-centric challenge to a global pandemic has resulted in the shifting of the impact to the global construction supply chains and markets.

Operations had stopped or limited in to adhere to the government rules for ensuring the safety of the employees. However, many companies were operating in some countries where the construction industry is listed under essential activities. For many companies, the digitally enabled functions, for instance, design, were continue, but the operational or site-related work is completely suspended. Labor shortage, near-total restrictions on logistics and transport have disrupted supply chains, creating a scarcity of raw materials.

For more Details Speak to Our Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=65270035

The construction industry, which mirrors the economy, has taken a huge blow from the frequent lockdowns clamped to check the spread of the COVID-19 pandemic. Increasing automation in public spaces and rising awareness about antibacterial construction materials is expected to boost the construction industry in the future. However, amidst the global COVID-19 pandemic, the demand for construction equipment and materials have witnessed a sharp decline. The global construction market size is decline from USD 11,217.4 billion in 2019 to USD 10,741.2 billion in 2020. However, the industry showed signs of recovery since the beginning of 2021 and is expected to reach a market size of USD 13,572.4 billion in 2024, projecting a CAGR of 6.0% between 2020 and 2024.

Over the past years, companies have strengthened their position in the global construction industry by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, due to the lockdown announced by several countries in 2020, the demand for materials and equipment in construction sectors has declined sharply.

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Larsen & Toubro (L&T) is one of the leading construction contractors in the world. The company is a major technology, engineering, construction, manufacturing, and financial services conglomerate with operations all across the globe. It caters to industries, such as hydrocarbon, infrastructure, power, process industries, and defense. In 2021, L&T joined a national effort to overcome the oxygen shortage. L&T will soon start delivering 22 oxygen generators to various hospitals in India, where the scarcity is most acute. These units will absorb air from the atmosphere before converting it into medical-grade oxygen and pumping it into pre-existing pipes in hospitals.

Bechtel Group Established in 1898, Bechtel Group, Inc. provides engineering and construction services. It caters to industries such as infrastructure, oil & gas, and mining & metals worldwide. The company offers technology, procurement, and project management services. It is into designing and building roads, airports, nuclear power plants, communication networks, mines, pipelines, and oil & gas field development projects. The Bechtel Group Foundation donated USD 3 million to communities globally, coping with the coronavirus pandemic, in partnership with the crowdfunding nonprofit organization GlobalGiving. The newly established Bechtel COVID-19 Relief Fund has supported local nonprofit organizations that provide vital services in areas where Bechtel Corporation maintains offices and project sites.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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