Religious Buildings Global Market Report 2024 - By Growth, Size, Share, Demand, Outlook By 2033

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.

Market Overview -
A religious building refers to a specially designed construction for religious acts where individuals or a group of people perform acts of devotion, and religious study. These locations are used by members of religious communities to commemorate life's significant events, such as births. Religious buildings are important to communities as they allow people to share and connect over shared beliefs.

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Increasing Religious Donation Boost The Growth Of The Religious Building Market
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.

Competitive Landscape -
Major companies operating in the religious buildings market report are Stenz Construction Corporation, Skanska AB, Vinci SA, Turner Construction Company, Lincoln Construction Co., Churches by Daniels Inc., Hochtief AG, BGW Architects, Delphi Construction Inc., Marker Inc., Hencken & Gaines Inc., CB Construction LLC, Scherrer Construction Co. Inc., Tejjy Inc., Hankins Construction Company, Clark Construction Group LLC, Hensel Phelps Construction Co., PCL Construction Enterprises Inc., McCarthy Building Companies Inc., The Whiting-Turner Contracting Company, Gilbane Building Company, M. A. Mortenson Co., JE Dunn Construction, Balfour Beatty US, Webcor Builders Inc., Swinerton Builders, DPR Construction, Holder Construction Company, Brasfield & Gorrie LLC, The Henry C. Beck Company, Ryan Companies US Inc., Hoffman Construction Company, The Boldt Company, The Korte Company, Whiting-Turner Contracting Co.

Introduction Of 3D Printing Technology
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.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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