Global Construction Market to Reach $21260.28 Billion by 2029, Growing at 5.7% CAGR

What industry-specific factors are fueling the growth of the construction market?
The surge in construction activities on a global scale is anticipated to fuel the expansion of the construction market in the future. Countries showcasing strong construction activities include China, Brazil, India, Saudi Arabia, and Indonesia. These activities create a demand for construction services and materials, thereby aiding in the growth and development of the construction market. For example, the Office for National Statistics, a statistical authority based in the UK, reported in February 2023 that the annual construction output had risen by 5.6% in 2022 compared to 2021, following a notable increase of 12.8% in 2021. This swift rise in construction activities played a part in driving the growth of the construction market.

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What Is the projected market size and growth rate for the construction market?
In recent times, there has been a significant expansion in the size of the construction market. It is projected to escalate from $16152.39 billion in 2024 to $17045.95 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.5%. Factors contributing to this growth historically include the surge in infrastructure development, enhanced renovation activities, an increase in the aging population, and growth in domestic manufacturing.

Strong expansion is anticipated in the construction market in the coming years, with its size predicted to increase to $21260.28 billion by 2029 at a compound annual growth rate (CAGR) of 5.7%. Factors such as escalating urbanization, burgeoning population, rising government support, increasing industrialization, and the development of smart cities contribute to the projected growth during the forecast period. Upcoming trends in the said period comprise the use of automated construction gear, construction vehicle equipment, the creation of high-efficiency apparatus, incorporation of digital platforms and cutting-edge solutions, the deployment of artificial intelligence (AI) and machine learning, crucial partnerships and collaborations, launch of innovative networks, the adoption of fully-electric construction machinery, technology advancements and the inauguration of new slot developments in suburban zones.

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What new trends are reshaping the construction market and its opportunities?
An increasing number of construction firms in the building sector are adopting eco-friendly construction methods to construct buildings that are energy efficient and to decrease building costs. Green construction is defined as the utilization of eco-friendly construction materials and methodologies to produce structures that are energy efficient and have little impact on the environment. The World Green Building Trends Survey indicates that approximately 60% of construction firms worldwide have been engaged in green building projects. Accreditations such as the Leadership in Energy and Environmental Design (LEED) support these companies in delivering high-end, eco-friendly residential and commercial buildings, and offer myriad advantages ranging from tax breaks to promotional avenues. Sustainable building materials like eco-friendly paints and steel girders produced from salvaged materials are becoming widespread in the UK. Moreover, other eco-friendly building techniques like cross-ventilation for more organic surroundings, green construction software like Construction Suite for verifying eco-compliance, and management tools like Green Globes are gaining momentum in the construction sector. Notable firms that utilize green construction methods include Turner Construction Co, Clark Group, AECOM, Hensel Phelps, and Holder Construction.

What major market segments define the scope and growth of the construction market?
The construction market covered in this report is segmented -

1) By Type Of Construction: Buildings Construction, Heavy And Civil Engineering Construction, Specialty Trade Contractors, Land Planning And Development
2) By Type Of Contractor: Large Contractor, Small Contractor
3) By End-Use Sector: Public, Private

Subsegments:
1) By Buildings Construction: Residential Buildings, Commercial Buildings, Institutional Buildings, Industrial Buildings
2) By Heavy and Civil Engineering Construction: Highways and Roads, Bridges, Railways, Utilities and Infrastructure
3) By Specialty Trade Contractors: Electrical Contractors, Plumbing, Heating, and Air-Conditioning Contractors, Roofing Contractors, Flooring Contractors
4) By Land Planning and Development: Site Development, Land Subdivision, Urban Planning, Environmental Planning

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Which region dominates the construction market?
Asia-Pacific was the largest region in the construction market in 2024. North America was the second-largest region in the construction market. The regions covered in the construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Which key market leaders are driving the construction industry growth?
Major companies operating in the construction market include China State Construction Engineering Co., Ltd, China Railway Group Ltd, China Railway Construction Corporation Limited, China Communications Construction Group Ltd, Vinci S.A., Grupo ACS, Lennar Corporation, D.R. Horton, Inc., Bouygues S.A., Power Construction Corp. Of China, CIMIC Group, Shimizu Corporation, Lendlease Group, CapitaLand Limited, L&T Engineering & Construction Division, Tata Projects Ltd, Hindustan Construction Company, Yunnan Zhiling Construction Engineering Co., Ltd., Zhejiang Yijian Construction Group Co, Zeppelin GmbH, SGS, Interconstruct, Etex, Anker Hansen & Co. A/S, Christiansen & Essenbæk A/S, C.C. Contractor A/S, EKE-Construction Ltd, Colas Group, Eiffage Construction, Bauer Group, Bennett Construction Limited, Collen Construction Limited, Casais Group, Balfour Beatty, Laing O' Rourke, Interserve, Morgan Sindall, Kier, Altaca Group, Renaissance Construction, ALFA Engineering & Construction Co, Budimex Group, STRABAG International GmbH, BeautyWalls LLC, SC Geamuri Serv SRL, Octagon Contracting & Engineering SA, PCL Construction, EllisDon Corporation, Aecon Group Incorporated, Ledcor Group of Companies, Graham Construction, Pomerleau Incorporated, Bird Construction Incorporated, Empresas ICA, Bechtel, Fluor Corporation, Turner Corporation, Skanska USA, Kiewit Corporation, Jacobs Engineering Group, Oderbrecht, Camargo Corrêa, Andrade Gutierrez, Queiroz Galvão, MRV Engenharia, SalfaCorp, Mourik General Contractors, McCrory Construction Company, Al Habtoor Group LLC, Al-Naboodah Constructing, Arabian Construction Company, Dutco Balfour Beatty LLC, SHIKUN & BINUI LTD, Mekorot Water Company Ltd, DANYA CEBUS LTD, ASHTROM GROUP LTD, Saudi Bin Ladin Group, Al-Rashid Trading & Contracting Co, Al Ayuni Investment & Contracting Co, Al Harbi Trading & Contracting Co, Arabian Bemco Contracting Co, Redcon Construction Company, Estim Construction Co. Ltd, Eco-Beam, Ecomo, TSAI design studio

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What Is Covered In The Construction Global Market Report?

•Market Size Forecast: Examine the construction market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the construction market for a structured understanding.
•Key Players Overview: Analyze major players in the construction market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the construction market.
•Segment Contributions: Evaluate how different segments drive overall growth in the construction market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the construction market.
•Industry Challenges: Identify potential risks and obstacles affecting the construction market.
•Competitive Landscape: Review strategic developments in the construction market, including expansions, agreements, and new product launches.

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