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Factory Buildings Market Key Drivers, Forecast, Analysis 2024-2033
Factory Buildings Market Key Drivers
According to The Business Research Company's, The factory buildings market size has grown steadily in recent years. It will grow from $300.98 billion in 2023 to $308.38 billion in 2024 at a compound annual growth rate (CAGR) of 2.5%. The growth in the historic period can be attributed to industrialization and economic growth, government policies and incentives, supply chain optimization, labor availability and costs, market demand for products..
The factory buildings market size is expected to see steady growth in the next few years. It will grow to $342.68 billion in 2028 at a compound annual growth rate (CAGR) of 2.7%. The growth in the forecast period can be attributed to global manufacturing trends, sustainable construction practices, advanced manufacturing technologies, e-commerce growth, resilience and risk mitigation.. Major trends in the forecast period include integration of robotics and automation, customization for diverse manufacturing needs, energy-efficient building systems, advanced materials and construction techniques, globalization and regionalization strategies..
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Market Drivers and Trends:
The increasing government expenditures for infrastructural development are expected to propel the growth of the factory buildings market going forward. The government allots funds to infrastructure development which is meant to increase the level of investment in the country and possibly economic growth. The factory buildings are industrial construction which is a part of infrastructural development. Hence, the increasing government expenditures for infrastructural development will raise the demand for factory buildings. For instance, in January 2022, according to a press release published by State Council of the People's Republic of China, the China's fixed-asset investment up 4.9% in 2021. The investment in the primary, secondary, and tertiary sectors grew last year from the 2020 level by 9.1%, 11.3%, and 2.1% respectively. Therefore, the increase in government expenditure for infrastructural development is driving the growth of the factory buildings market.
Integration of advanced technology is a key trend gaining popularity in the factory buildings market. Major companies operating in the factory buildings market are adopting advanced technology to sustain their position in the market. For instance, in June 2022, Bjarke Ingels Group, a New-York based architecture company, has finished building a brand-new 7,000-square-metre sustainable furniture factory for Vestre, Norwegian-based furniture maker in the middle of the Norwegian forest. The Bjarke Ingels Group has developed vibrant factory devoted to the most eco-friendly, carbon-neutral manufacture of urban furniture, providing clean, contemporary places for various manufacturing operations and the high-efficiency production of the future. It is constructed from repurposed steel, low-carbon concrete, and wood from local sources. The project is anticipated to become the first industrial structure to receive the top environmental BREEAM Outstanding grade.
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Major Key Players of the Market:
Pretorius Structures Ltd.; FEG Global Ltd.; Tasin Company Ltd.; Ajinomoto Engineering Corporation; N.S.L Construction Co. Ltd.; Tata Projects Limited; Larsen & Toubro Limited; Hitachi Plant Construction Ltd.; Primus Builders Inc.; Sika AG; Power Plant Construction Company; AME Construction Services Ltd.; Hindustan Construction Company; Dilip Buildcon Ltd.; Turner Construction Co.; Bechtel Corporation; Fluor Corporation; AECOM Technology Corporation; Whiting-Turner Contracting Company; Kiewit Corporation; Skanska USA; PCL Construction Enterprises Inc.; Leopardo Companies; Layton Construction Company LLC; McGough Construction Company LLC; Hill & Wilkinson Construction Group Ltd.; Kraus-Anderson Company; Schimenti Construction Company; LeChase Construction Services LLC; ThermalTech Engineering Inc.; W.E. O'Neil Construction Company; Robins & Morton Group; Nabholz Construction Corporation; Plaza Construction LLC; Hunter Roberts Construction Group; Hill International Inc.; Hoar Construction LLC; Ghafari Associates LLC; Kitchell Corporation; IMC Construction Inc.; KBE Building Corporation; Joeris General Contractors Ltd.; STV Group Inc.; Batson-Cook Company; Cummin*g Corporation; HITT Contracting Inc.; Holder Construction Group LLC; Brasfield & Gorrie LLC
Factory Buildings Market 2024 Key Insights:
• The factory buildings market will grow to $342.68 billion in 2028 at a compound annual growth rate (CAGR) of 2.7%.
• Increasing Government Expenditures For Infrastructural Development Propel The Growth Of The Factory Buildings Market
• Integration Of Latest And Advanced Technologies In Construction
• Asia-Pacific was the largest region in the factory buildings market in 2023
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