Global Construction Market Projected to Grow at 5.6% CAGR, Reaching $20446.85 Billion by 2029

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What Will the Construction Industry Market Size Be by 2025?
The steady expansion of the construction market size has been observed in recent years. A leap from $15781.65 billion in 2024 to $16456.84 billion in 2025 is anticipated with a compound annual growth rate (CAGR) of 4.3%. Factors contributing to the growth previously recorded include heightened infrastructure development, a rise in renovation endeavors, a significant increase in the aged population, and an upsurge in local manufacturing.

What's the Long-Term Growth Forecast for the Construction Market Size Through 2029?
In the coming years, the construction market size is projected to experience substantial growth, escalating to $20446.85 billion by 2029, which indicates a compound annual growth rate (CAGR) of 5.6%. Factors contributing to this growth during the predicted period are the rise in urbanization, population increase, augmented governmental aid, industrialization surge, and the development of smart cities. The forecast period also sees prominent trends such as the use of automated construction equipment, construction vehicle equipment, creation of high-performance equipment, incorporation of digital interfaces and innovative solutions, along with the introduction of artificial intelligence (AI) and machine learning. The period may also witness strategic alliances and partnerships, launch of innovative networks, the advent of fully electric construction equipment, technological advancements, and the undertaking of new development projects in suburban zones.

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What Are the Key Growth Drivers Fueling the Construction Market Expansion?
The upswing in global construction activities is anticipated to accelerate forward the expansion of the construction market. There has been a noticeable boost in construction activities in emerging markets like China, Brazil, India, Saudi Arabia, and Indonesia. These activities fuel demand for construction services and materials, encouraging the development of the construction market. As reported by the Office for National Statistics, a UK-based statistic entity in February 2023, there was a 5.6% increase in annual construction output in 2022 in contrast to 2021. This was following an unprecedented increment in 2021 of 12.8%. Such a swift escalation in construction activities significantly aided the expansion of the construction market.

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What Long-Term Trends Will Define the Future of the Construction Market?
An increasing number of construction firms are employing green construction methods to construct energy-saving buildings and cut down on construction expenses. Green construction revolves around utilizing eco-friendly construction materials and methods to engineer buildings that are energy-efficient and yield a minimal environmental effect. The World Green Building Trends Survey reveals that nearly 60% of construction companies worldwide are engaged in green building projects. Accreditations such as the Leadership in Energy and Environmental Design (LEED) enable these companies to create sustainable, high-performance residential and commercial structures, offering a range of perks, from tax reductions to promotional opportunities. Sustainable building materials like natural paints and recycled steel beams are becoming more popular in the UK. Additional green building strategies, like cross-ventilation for a more organic environment, green building software like Construction Suite for green compliance, and the Green Globes management tool, are also being leveraged in the industry. Notably, Turner Construction Co, Clark Group, AECOM, Hensel Phelps, and Holder Construction are among the major companies implementing green construction methods.

How Is the Construction Market Segmented?
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 Companies Are Leading the Charge in Construction Market Innovation?
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

Which Regions Are Leading the Global Construction Market in Revenue?
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

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