Portland, OR, Aug. 01, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the building market generated $5,412.80 billion in 2021 and is projected to reach $11,121.90 billion by 2031, registering a CAGR of 7.4% from 2022 to 2031. The report offers a detailed analysis of the development of market trends, major segments, major investment pockets, value chain, regional landscape, and competitive scenario. The report is a useful source of information for major market players, new entrants, investors and stakeholders in developing strategies for the future and taking action to strengthen their position in the market.
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Report coverage and details:
|Market size in 2021||$5,412.80 billion|
|Market size in 2031||$11,121.90 billion|
|Number of pages in the report||242|
|Segments Covered||Type, build type, application, end user and region|
|Drivers||Increase in public expenditure for the development, reconstruction and repair of residential and construction buildings in various countries|
|Benefits offered by innovative building materials such as reduced construction time and costs and high quality and production capacity|
|Opportunities||Rapid urbanization and industrialization in developing countries|
|Constraints||High initial investment costs to set up a building materials production facility|
- The Covid-19 outbreak has had a negative impact on the global building construction market.
- Activities concerning the manufacture of various construction materials have been interrupted or restricted. Construction and transportation activities and their supply chains have been hampered globally. This has led to a decline in the manufacturing of building materials, thus leading to a drop in demand in the market.
- Conversely, industries around the world are gradually resuming regular manufacturing operations and the market is returning to normal.
Get a detailed analysis of the impact of COVID-19 on Building construction market Request here
The report offers a detailed segmentation of the global building construction market on the basis of type, construction type, application, end-user, and region. The report provides an analysis of each segment and sub-segment using tables and figures. This analysis helps market players, investors, and new entrants determine which sub-segments should be leveraged to achieve growth in the coming years.
Based on type, the residential segment accounted for more than half of the total market share in 2021 and is expected to reign supreme by the end of 2031. The same segment would also cite the fastest CAGR of 7.8% throughout throughout the forecast period. The other type discussed in the report is non-residential.
Based on construction type, the new construction segment contributed more than two-thirds of total market revenue in 2021 and is expected to lead by 2031. The renovation segment, on the other hand, would grow at the fastest CAGR of 8.2% from 2022 to 2031.
According to the requests, the rental segment contributed to more than half of the total market share in 2021, and is expected to lead the track through 2031. Moreover, the same segment would grow at the fastest CAGR of 7.7% from 2022 to 2031. The report also discusses the owned segment in progress.
On the basis of end-user, the private segment captured the largest share of more than two-thirds of the global market in 2021 and is expected to maintain its dominance throughout the forecast period. The same segment would also grow at the fastest CAGR of 7.7% from 2022 to 2031. The report also discusses the public segment in the end user section.
Based on the region, the Asia-Pacific market contributed nearly half of the total market share in 2021 and is expected to maintain notable growth over the forecast period. LAMEA, on the other hand, would witness the fastest growth of 8.5% CAGR from 2022 to 2031. The other two provinces discussed in the report include Europe and North America.
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The major market players analyzed in the global building construction market report are ACS, Actividades De Construction Services, Bouygues SA, China Evergrande Group, China State Construction Engineering Corporation Ltd., Country Garden Holdings Co. Ltd., Daiwa House Group, DR Horton Inc., Fluor Corporation, Greenland Holding Group, HOCHTIEF, Lennar Corporation, Power Construction Corp of China, Skanska, Sunac China Holdings Ltd., The Metallurgical Corp of China and VINCI.
The report analyzes these key players of the global building construction market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.
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