Institutional Buildings Global Market Report 2024

The institutional buildings market size has grown steadily in recent years. It will grow from $995.71 billion in 2023 to $1021.04 billion in 2024 at a compound annual growth rate (CAGR) of 2.5%. The growth observed in the historical period can be attributed to government initiatives, population growth, the demand for education and healthcare services, urbanization trends, as well as cultural and social factors.

The institutional buildings market size is expected to see steady growth in the next few years. It will grow to $1140.66 billion in 2028 at a compound annual growth rate (CAGR) of 2.8%. The anticipated growth in the forecast period can be attributed to a focus on sustainability and green building practices, increased technological integration, the renewal of aging infrastructure, a heightened emphasis on health and wellness in building design, and the adoption of flexible space design. Major trends expected in the forecast period include energy-efficient and sustainable construction methods, further technological integration, a focus on accessibility and inclusivity, the increased adoption of prefabrication and modular construction, and the incorporation of biophilic design elements.

The anticipated growth in the institutional buildings market is attributed to the increasing government expenditure. This expenditure, denoting the capital invested by governments in various goods and services, particularly benefits government buildings such as hospitals and schools, fostering infrastructural development, including institutional buildings. Eurostat's February 2023 report highlights a significant rise in EU general government spending as a percentage of GDP, reaching 51.5% in 2021 from 2019. Notably, countries such as France, Greece, Austria, Finland, Belgium, and Italy recorded the highest levels of government spending as a percentage of GDP. Consequently, the upswing in government expenditure is a driving force for the institutional buildings market.

The driving factor for the institutional building market is the escalating global population. The construction of institutional structures, such as schools and healthcare facilities, becomes imperative to meet the needs of a growing population and provide essential services. As projected by the United Nations, the world population is expected to reach 8.5 billion by 2030 and further increase to 9.7 billion by 2050. This demographic growth underscores the necessity for accommodating facilities, propelling the institutional building market forward.

A key trend in the institutional buildings market is technological advancement, with major companies introducing innovative technologies to maintain their market standing. For example, in February 2022, Black Buffalo 3D Corporation launched NEXCON 3D printers, leveraging 3D printing technology to address challenges in the construction industry. The modular gantry design optimizes structure efficiency without compromising print quality, enabling on-site versatility and the production of accurate prints for diverse 3D-modeled designs.

Major companies in the institutional buildings market are focusing on developing advanced modules utilizing technologies such as HVAC Load Reduction (HLR) for improved indoor air quality and HVAC efficiency. In February 2021, enVerid Systems introduced the HLR 100M, a compact version of its HVAC Load Reduction module, designed for new and existing buildings. The HLR 100M employs air cleaning technology to enhance indoor air quality while reducing energy consumption, carbon emissions, and HVAC equipment expenses, offering up to 40% savings on HVAC energy use.

In October 2022, Pike Construction Services' acquisition of Charles A. Gaetano Construction Corporation and C2C Construction Solutions, LLC is anticipated to strengthen Pike's position in Utica and the entire Northeast region, enhancing its value proposition for clients. Charles A. Gaetano Construction Corporation and C2C Construction Solutions LLC are recognized providers of construction services in the United States.

Major companies operating in the institutional buildings market report are China State Construction Engineering Co. Ltd., Shanghai Construction Group Co. Ltd., Clark Construction Group LLC, The Whiting-Turner Contracting Company, Turner Construction Company, Balfour Beatty plc, Greenland Holdings Corp. Ltd., Obayashi Corporation, Daiwa Real Estate Co. Ltd., HOCHTIEF Aktiengesellschaft, Vinci S.A., Bouygues SA, Kajima U.S.A. Inc., Bechtel Corporation, Skanska AB, The Metallurgical Corp of China, Actividades de Construccion y Servicios SA, Tutor Perini Corp., Parsons Corp., AECOM Inc., Jacobs Solutions Inc., WSP Global Inc., HNTB Corp., STV Group Inc., Fluor Corporation, Kiewit Corporation, PCL Construction Enterprises Inc., McCarthy Holdings Inc., The Boldt Company, The Weitz Company, Mortenson Construction, Gilbane Building Company, JE Dunn Construction Group Inc., Hensel Phelps Construction Co., Barton Malow Company, Ryan Companies US Inc., Skender Construction, The Beck Group, Sundt Construction Inc., Brasfield & Gorrie LLC, DPR Construction, Gray Construction, Hoffman Construction Company, Holder Construction Company, Messer Construction Co., Pepper Construction Group LLC, Robins & Morton LLC.

Asia-Pacific was the largest region in the institutional buildings market in 2023. The regions covered in the institutional buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the institutional buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main categories of institutional buildings are residential and non-residential. Residential buildings involve the construction of structures intended for sleeping accommodations, with or without dining and cooking facilities. Construction activities can encompass both new construction and renovation projects. Buildings within this context can be classified as either smart buildings or traditional buildings. These structures find various applications, including ownership, rental, and utilization by both private and public end users.

The institutional buildings market research report is one of a series of new reports that provides institutional buildings market statistics, including institutional buildings industry global market size, regional shares, competitors with an institutional buildings market share, detailed institutional buildings market segments, market trends, and opportunities, and any further data you may need to thrive in the institutional buildings industry. The institutional buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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