Construction Market is predicted to reach USD 14.41 trillion by 2030 with a CAGR of 7.3%

The Construction Market size was valued at USD 7.28 trillion in 2021 and is predicted to reach USD 14.41 trillion by 2030 with a CAGR of 7.3% from 2022-2030.

Construction refers to maintenance, and repair of buildings or other immobile structures as well as building of roads and public service facilities. It also includes structural additions and alteration such as bearing walls, beams, and exterior walls. Moreover, each type of construction project requires a unique planning, financing, design, execution, and builds, along with repairs, maintenance, and improvement of work. The construction market consists of the sales revenues earned by entities such as sole traders, organizations, and partnerships that construct buildings and engineering projects including highways and utility systems.

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Competitive Landscape:

Currently, Sotarasib is solely manufactured by Amgen under the brand name of Lumakras. In June 2021, Amgen declared the combination study that results from the Phase 1b/2 CodeBreaK 101 study, the most comprehensive global clinical development program in patients with KRAS G12C-mutated advanced colorectal cancer (CRC). These data show that combining LUMAKRAS (sotorasib) with Vectibix (panitumumab), will provide monoclonal antibody epidermal growth factor receptor (EGFR) inhibitor, demonstrated encouraging efficacy and safety. Also, recently in September 2021, Boehringer Ingelheim declared a clinical phase 1 collaboration with Amgen in order to evaluate the combination of BI 1701963, the most advanced SOS1: pan-KRAS inhibitor exhibiting activity against a broad spectrum of KRAS alleles, and LUMAKRAS™ (sotorasib).

Market Segmentations and Scope of the Study:

The construction market size has been segmented based on construction type, sector, and geography. Based on construction type, the market is bifurcated into addition, re-development, and new constructions. Based on sector, the market is divided into commercial, residential, industrial, infrastructure, energy, and utilities construction. The commercial construction segment is further classified into office building, retail building, hospitality and luxury building, restaurant, entertainment, sports facility, and other commercial constructions. The residential construction segment is further classified into luxury, mid-tier, and affordable. The industrial construction segment is further classified into manufacturing plants, chemical & pharmaceuticals facilities, metal & material processing units and other industrial constructions. The infrastructure construction segment is further classified into marine and inland water infrastructure and inland transportation infrastructure. The infrastructure construction segment is further classified into oil and gas infrastructure, communication infrastructure, power infrastructure and water and sewer infrastructure. The geography breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

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Geographical Analysis

Asia-Pacific holds the lion share of global construction market and is expected to continue dominating the market during the forecast period. This is attributed to factors such as growing population, and increasing construction activities in India, Indonesia, Vietnam, China, and Southeast Asian countries. Also, due to advancements in technology, regulatory policies, and favorable government norms, there is a significant growth potential for the construction market players in this region. In addition, presence of major players such as Tata Projects, L&T, KEC International Limited, China State Construction Engineering Corporation, China Railway Group Limited, Obayashi Corporation, and Shapoorji Pallonji Co. Pvt. Ltd. are contributing towards the growth of Asia-Pacific construction market.

However, Europe is expected to show a steady rise in the construction market due to the increasing renovation activities of residential infrastructures in this region. Also, due to rising demand for consumer-oriented construction, and increasing demand from industrial and manufacturing sectors, the market is expected to experience significant growth.

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