Innovative Trends and Market Dynamics in the Buildings Construction Industry

The buildings construction market size has grown steadily in recent years. It will grow from $7265.96 billion in 2023 to $7592.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to population growth, economic conditions, urbanization, government infrastructure investment, advancements in construction technology, materials, and methods.

The buildings construction market size is expected to see steady growth in the next few years. It will grow to $9180.1 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to sustainability and environmental regulations, digitalization and building information modeling (bim), resilience and disaster mitigation, housing affordability, remote work and office space adaptation. Major trends in the forecast period include prefab and modular construction, wellness-centric buildings, smart buildings, adaptive reuse, circular construction and recycling.

Market Overview -
Buildings construction is the process of building, altering, repairing, improving, or demolishing residential and non-residential buildings or structures using a detailed design and plan.

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Rising Demand For Elderly-Friendly Infrastructure Boosts The Building Construction Market
The population profile of most countries is becoming older, which is increasing the demand for elderly-friendly infrastructure. For instance, according to World Health Organization (WHO), an specialized government agency, between 2020 to 2050, the number of people with 80 years of age or older is expected to triple and reach to 426 million and by 2050, the number of people aged 60 and over will double to reach 2.1 billion So, the demand for infrastructural improvements that are elderly friendly will increase during the forecast period. Houses and the wider surroundings had to be adapted to be made safer and more inclusive. Better residential as well as non-residential buildings had to be made more accessible to the elderly. This resulted in increased building construction activity.

Competitive Landscape -
Major companies operating in the buildings construction market include China State Construction Engineering Corporation Ltd, China Evergrande Group, Country Garden Holdings Co Ltd, Sunac China Holdings Ltd, Greenland Holding Group, Daiwa House Group, Lennar Corporation, D.R. Horton Inc, Bouygues SA, The Metallurgical Corp of China, China Railway Group Limited, Bechtel, Fluor Corporation, The Whiting-Turner Contracting Company, Emcor Group, Turner Construction, Kiewit Corporation, STO Building Group Inc., AECOM, DPR Construction, Gilbane Building Company, Tutor Perini Corporation, Clark Construction Group LLC, Skanska USA, PCL Construction Enterprises Inc., McCarthy Holdings Inc., Hensel Phelps, Ryan Companies US Inc., Swinerton, Balfour Beatty US, The Boldt Company, JE Dunn Construction Group Inc., The Walsh Group Ltd., Mortenson, The Industrial Company, Webcor Construction, TDIndustries, The Haskell Company, KCI Technologies, Crossland Construction Company, Consigli Building Group Inc.

Growing Adoption Of Green Construction Techniques In The Building Industry Boost Building Construction Market
Building construction companies are increasingly using green construction techniques to build energy-efficient buildings and reduce construction costs. Green construction refers to the practise of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact. In the UK, certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies to develop high-performance, sustainable residential and commercial buildings and also offer a variety of benefits, from tax deductions to marketing opportunities. Sustainable construction materials such as natural paints and steel beams made from recycled materials are being widely used in the UK. Other green construction techniques such as cross-ventilation for a more natural environment, green construction software such as Construction Suite to ensure green compliance, and the Green Globes management tool are also being used in the construction industry. For instance, some major companies using green construction techniques include Turner Construction Co., Clark Group, AECOM, Hensel Phelps, and Holder Construction.

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Key Segments -

The buildings construction market covered in this report is segmented -

1) By Type: Residential Building Construction, Nonresidential Building Construction
2) By Building Type: Smart Buildings, Traditional Buildings
3) By End User Sector: Private, Public

Subsegments Covered: Single-Family Housing Construction (Individual Houses), Multifamily Housing Construction (Apartments), New Housing For-Sale Builders, Residential Remodelers, Institutional Buildings, Commercial Buildings

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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