New York, 30 Dec. 2021 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Nonresidential Building Construction Global Market Report 2022” – https://www.reportlinker.com/p06193662/?utm_source=GNW
$51 billion in 2021 to $2,989.95 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach USD 4484.30 billion in 2026 at a CAGR of 10.7%.
The non-residential building construction market includes sales of non-residential building construction services and related goods by entities (organizations, sole proprietorships, and partnerships) that construct non-residential buildings (including new construction, additions, alterations, maintenance and repairs). Establishments in this market include non-residential general contractors, non-residential builders for sale, non-residential design-build companies, and non-residential project management companies.
The non-residential building market includes new work, additions, alterations, maintenance and repairs.
The main types of non-residential building construction are institutional buildings and commercial buildings. Institutional buildings are municipal structures that can be financed by public or private funds.
Institutional structures are often ornate and subject to public scrutiny and involvement during the design process. The different building types include non-residential smart buildings, traditional buildings and are implemented in various sectors such as private and public.
Asia Pacific was the largest non-residential building construction market region in 2021. North America was the second largest non-residential building construction market region.
Regions covered in the global non-residential building construction market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
A rapidly growing urban population is expected to increase the demand for new residential and commercial buildings over the forecast period. According to the United Nations World Urbanization Prospects report, it is expected that more than two thirds (60%) will live in cities by 2050.
Great opportunities are expected to arise in Asian countries such as Indonesia, Vietnam and the Philippines, which are becoming increasingly popular for export-oriented manufacturing. According to the World Bank, the urban population in South Asia is expected to increase by 250 million by 2030.
This rapid urbanization is expected to drive the demand for new infrastructure and drive the non-residential building construction market over the forecast period.
The coronavirus disease (COVID-19) outbreak acted as a massive restraint on the non-residential building construction market in 2020 as supply chains were disrupted due to trade restrictions and construction activities have been affected due to lockdowns imposed by governments around the world.COVID- 19 is an infectious disease with flu-like symptoms including fever, cough and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Construction companies depend on the supply of raw materials and equipment from national and international suppliers.
As many governments restricted the movement of goods between countries and locally, companies had to halt construction activities due to lack of equipment and raw materials. The epidemic has had a negative impact on businesses throughout 2020 and into 2021.
However, the non-residential building construction market is expected to recover from the shock throughout the forecast period as it is a “black swan” event and not related to weaknesses. persistent or fundamental market or global economy.
Building construction companies are increasingly using green construction techniques to construct energy-efficient buildings and reduce construction costs. Green building refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact.
According to the Global Green Building Trends Survey, approximately 60% of construction companies around the world have participated in green building projects. Certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies develop sustainable, high-performance residential and commercial buildings. , and also offer a variety of benefits, from tax deductions to marketing opportunities.
Sustainable building materials such as natural paints and steel beams made from recycled materials are widely used in the UK. Other green building techniques such as cross ventilation for a more natural environment, green building software such as Construction Suite to ensure green compliance and the Green Globes management tool are also used in the construction industry .
Countries covered in the Non-residential Building Construction Market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark , Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Viet Nam.
Read the full report: https://www.reportlinker.com/p06193662/?utm_source=GNW
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