Exploring Growth Potential in the Institutional Buildings Market Forecast and SWOT Analysis

The institutional buildings market size has grown steadily in recent years. It will grow from $995.71 billion in 2023 to $1021.04 billion in 2024 at a compound annual growth rate (CAGR) of 2.5%. The growth in the historic period can be attributed to government initiatives, population growth, education and healthcare needs, urbanization, cultural and social factors..

The institutional buildings market size is expected to see steady growth in the next few years. It will grow to $1140.66 billion in 2028 at a compound annual growth rate (CAGR) of 2.8%. The growth in the forecast period can be attributed to sustainability and green building, technological integration, aging infrastructure renewal, health and wellness focus, flexible space design.. Major trends in the forecast period include energy-efficient and sustainable construction, technological integration, accessibility and inclusivity, adoption of prefabrication and modular construction, biophilic design elements..

Market Overview -
An institutional building is a building designed, and constructed for medical, charitable, jails, penal colonies, and others. The institutional buildings are mainly characterized by their use or function.

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Increasing Government Expenditure Fuels Growth In The Institutional Buildings Market
The increasing government expenditure is expected to boost the growth of the institutional buildings market going forward. Government expenditure refers to the capital that the government spends on various goods and services. Government buildings such as government hospitals, and government schools benefit from the increasing government expenditure, aiding in the development of various infrastructural requirements such as institutional buildings. For instance, in February 2023, according to a report published by Eurostat, a Europe-based provider of high-quality European statistics to policymakers, businesses, researchers, and the public, the EU general government spending as a percentage of GDP increased significantly from 2019 to 2021, reaching 51.5%. Additionally, the countries with the greatest levels of government spending as a percentage of GDP in 2021 were France (59.0%), Greece (57.4%), Austria (56.0%), Finland (55.6%), Belgium (55.5%), and Italy (55.3%). Therefore, the increasing government expenditure is driving the growth of the institutional buildings market.

Competitive Landscape -
Major companies operating in the institutional buildings market report are China State Construction Engineering Co. Ltd., Shanghai Construction Group Co. Ltd., Clark Construction Group LLC, The Whiting-Turner Contracting Company, Turner Construction Company, Balfour Beatty plc, Greenland Holdings Corp. Ltd., Obayashi Corporation, Daiwa Real Estate Co. Ltd., HOCHTIEF Aktiengesellschaft, Vinci S.A., Bouygues SA, Kajima U.S.A. Inc., Bechtel Corporation, Skanska AB, The Metallurgical Corp of China, Actividades de Construccion y Servicios SA, Tutor Perini Corp., Parsons Corp., AECOM Inc., Jacobs Solutions Inc., WSP Global Inc., HNTB Corp., STV Group Inc., Fluor Corporation, Kiewit Corporation, PCL Construction Enterprises Inc., McCarthy Holdings Inc., The Boldt Company, The Weitz Company, Mortenson Construction, Gilbane Building Company, JE Dunn Construction Group Inc., Hensel Phelps Construction Co., Barton Malow Company, Ryan Companies US Inc., Skender Construction, The Beck Group, Sundt Construction Inc., Brasfield & Gorrie LLC, DPR Construction, Gray Construction, Hoffman Construction Company, Holder Construction Company, Messer Construction Co., Pepper Construction Group LLC, Robins & Morton LLC .

Technology Revolutionizes Institutional Buildings Market
Technological advancement is the key trend gaining popularity in the institutional buildings market. Major companies operating in the institutional buildings market are introducing new technologies to sustain their position in the market. For instance, in February 2022, Black Buffalo 3D Corporation, a US-based provider of 3D printers for construction and proprietary cement-based ink, launched NEXCON 3D printers. Black Buffalo 3D's NEXCON takes the best characteristics of 3D printing technology and addresses traditional challenges in the construction industry, such as commercial buildings, infrastructure components, and historically pre-cast components on-site and on-demand. It utilizes a motion-centric modular gantry design, which produces more effective structures that offer the maximum printable area without compromising print quality and can enable on-site job versatility. The multi-axis gantry system is optimized to produce accurate prints for any 3D-modeled design that can be developed using normal CAD software, and it is capable of printing buildings up to three storeys high.

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Key Segments -

The institutional buildings market covered in this report is segmented -

1) By Type: Residential, Non-residential
2) By Construction Type: New Construction, Renovation
3) By Building Type: Smart Buildings, Traditional Buildings
4) By Application: Owned, Rental
5) By End User: Private, Public

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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