Building Construction Market Worth $11,121.90 billion by 2031 with CAGR of 7.4%

According to a new report published by Allied Market Research, titled, "Building Construction Market," The building construction market size was valued at $5,412.80 billion in 2021, and is estimated to reach $11,121.90 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.

The advancement of economies typically necessitates substantial investments in new construction projects and the expansion of existing infrastructure. In developing economies, the expansion phase is characterized by significant growth in construction activities. Countries with tourism prospects require additional infrastructure for accommodating tourists and are expected to command a notable market share in the coming years.

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In Europe, countries like Spain, Ireland, and Romania have witnessed a substantial boom in the construction sector in recent years. The Asia-Pacific region is anticipated to take the lead in the construction market in the coming years, driven by the growth engines of China and India. Both emerging markets (such as China, India, and Indonesia) and developed economies (such as the U.S. and Russia) are projected to collectively hold nearly three-quarters of the global construction market over the next five years.

Key players in the construction industry include real estate agents, residential and non-residential builders, contractors, engineering firms, and heavy construction companies. The report estimates that, in the short term, private housing, infrastructure, and commercial construction activities will primarily drive global industry activity. Commercial construction is poised to lead the market in the next five years, surpassing growth in other sectors of the industry. The growth of the commercial sector is attributed to economic expansion in countries like China and certain Middle Eastern nations.

Market research reports on building construction focus on comprehending and predicting the size, scope, and components of the industry. These reports also offer macroeconomic and demographic insights, understanding customer behavior and preferences, and an overview of market trends. They often explore the impact of technology on the industry, including automation and innovation.
Additionally, these reports cover potential challenges and opportunities arising from recent economic or social changes, along with perspectives on competitive pressures, threats, and government regulations affecting market participants.

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Building construction means any physical activity over the site that is involved in the formwork which are the forms in place in order to hold the wet concrete until it sets, external finishing, cladding, and construction of the structure. Increase in government expenditures for development and reconstruction & repair of infrastructures in various countries leads to increase in demand for various building construction materials and elements. In addition, certain building materials, such as ready-mix concrete and precast products reduce construction time, which, in turn, saves project cost and timeline. Moreover, these products are cost effective and reduce wastage of raw material. Furthermore, innovation in manufacturing technology boost production quality and capacity. These factors are anticipated to propel the market growth.

Top Players:
The major players profiled in the global building construction market analysis include, ACS, Actividades De Construction Services, Bouygues SA, China Evergrande Group, China State Construction Engineering Corporation Ltd., Country Garden Holdings Co. Ltd., Daiwa House Group, D.R. Horton Inc., Greenland Holding Group, HOCHTIEF, Lennar Corporation, Power Construction Corp of China, Skanska, Sunac China Holdings Ltd., The Metallurgical Corp of China, and VINCI.

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KEY FINDINGS OF THE STUDY
• The report provides an extensive analysis of the current and emerging global building construction market trends and dynamics.
• By type, the residential segment was the largest revenue generator in 2021.
• By construction type, the new construction segment generated the highest revenue in 2021.
• By application, the rental segment dominated the market in 2021.
• By end user, the private segment dominated the market in 2021.
• Region-wise, Asia-Pacific is anticipated to dominate the global building construction market share.
• The report provides an extensive analysis of the global building construction industry.
• The global building construction market forecast analysis from 2022 to 2031 is included in the report.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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