Construction is the process of constructing a structure, such as building, framework or model, using various materials. Any construction project is made out of specific variations within a fixed framework of distinct stages - design, production and conversion of raw materials into manufactured products and construction. Each of these stages consist of its own internal stages, processes and aspects that combine together to complete a construction project.
The construction market consists of sales of construction services by entities (organizations, sole traders and partnerships) that construct buildings or engineering projects (for example, highways and utility systems). Establishments that prepare sites for new construction and those that subdivide land for sale as building sites are included in this market. The construction market includes new work, additions, alterations, maintenance and repairs.
The global construction market was valued at $11,801.45 billion in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.0%.
Investment In Renewable Power Generation Capabilities
The rapid growth of investments in renewable power generation capacities contributed growth of the construction market during the historic period. Increase in renewable power generation capabilities create a surge in demand for new infrastructure projects, including power plants, transmission networks and energy storage systems. Many power generation companies are investing in renewable energy sources, especially in the USA and European countries. For instance, in 2024, EDF Energy, an UK based energy provider is supporting its customers in installing solar panels turn sunlight into savings with the launch of its new tariff, Empower Exclusive. Governments globally are also promoting renewable energy sources by offering incentives and subsidies to solar power generation companies. According to the Clean Energy Australia 2022 Report, 9 GW of new large renewable energy capacity was introduced to the network in 2021, representing 68 large-scale projects under construction worth $18 billion in investment and about 35,000 new jobs. This contributed to the growth of electric power generation and subsequently drove the construction market during the historic period.
Cutting-Edge Modular System For Efficient Beam Drilling
Companies operating in the construction market are deploying innovative cutting-edge modular system for efficient beam drilling. This facilitates rapid adjustments according to the task's specific requirements, optimizing drilling performance and minimizing the need for multiple specialized tools. For instance, in May 2024, Kennametal Inc, a US-based supplier of tooling and industrial materials, introduced the advanced ST Line Modular Drilling System, tailored for beam drilling in the construction industry. This cutting-edge system streamlines the drilling process by accommodating both long-reach and short-hole drilling, making it particularly suitable for structural steel applications. Its modular design boosts efficiency and adaptability on construction sites, allowing users to easily swap inserts and optimize their drilling operations.
The global construction market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 6.72% of the total market in 2023.
Construction Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global construction market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for construction? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The construction market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider construction market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type of construction, by type of contractor and by end-use sector.
- Product Analysis The product analysis section of the report describes the leading products in the construction market, along with key features and differentiators for those products.
- Supply Chain- The supply chain section of the report defines and explains the key players in the construction industry supply chain.
- Customer Information -The chapter covers recent customer trends/preferences in the global construction market.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the construction market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type of construction, by type of contractor and by end-use sector in the market. Historic (2018-2023) and forecast (2022-2027) and (2027-2032) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for construction providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 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 Contractors; Small Contractors
- 3) By End-Use Sector: Public; Private
- Companies Mentioned: China State Construction Engineering Co., Ltd.; Skanska Group; China Railway Group Ltd.; China Railway Construction Corporation Limited; China Communications Construction Company, Ltd.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam, Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Brazil; Mexico; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Chile; Argentina; Colombia; Peru; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; construction indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.