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The global construction industry will grow 42 percent to $15 trillion by 2030, according to a recent report from Marsh and Oxford. Rising populations in emerging markets, urbanization and a growing working age population are expected to drive the need for homebuilding, infrastructure and workplace construction.
Construction will also be helped by the transition to a low carbon or net zero economy and alternative forms of energy, such as wind, solar and hydrogen, requiring power storage, transmission and supporting services. According to the International Energy Agency, pursuing net zero would create a market for wind turbines, solar panels, lithium-ion batteries, electrolysers and fuel cells of well over $1 trillion a year by 2050, comparable in size to the current oil market.
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