Construction Global Market Report 2024

The construction market size has grown strongly in recent years. It will grow from $15192.71 billion in 2023 to $15971.45 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The expansion witnessed during the historical period can be credited to the surge in infrastructure development, escalating renovation endeavors, rapid growth within the elderly demographic, and the upsurge in domestic manufacturing.

The construction market size is expected to see strong growth in the next few years. It will grow to $19856.65 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. Forecasted growth is driven by urbanization, population expansion, government backing, industrialization, and the emergence of smart cities. Anticipated trends involve automated construction tools, high-performance equipment, digital platform integration, AI and machine learning adoption, strategic partnerships, innovation networks, fully electric construction equipment, technological advancements, and suburban area development.

The anticipated surge in global construction activity is poised to drive growth in the construction market in the coming years. Noteworthy emerging markets, such as China, Brazil, India, Saudi Arabia, and Indonesia, have exhibited robust construction undertakings. This heightened construction activity generates demand for both construction services and materials, thereby bolstering and expanding the construction market. A case in point is the data from February 2023, where the Office for National Statistics, a UK-based statistics authority, reported a 5.6% annual increase in construction output in 2022 compared to 2021. This follows a record surge of 12.8% in 2021, highlighting the significant contribution of rapid construction growth to the construction market.

The expansion of urbanization is projected to be a key driver for the growth of the construction market. Urbanization, denoting the escalating growth and sprawl of cities accompanied by population migration from rural to urban areas, relies heavily on construction to provide essential infrastructure and buildings for a burgeoning urban populace. Illustratively, data from April 2022, as reported by the World Economic Forum, a Switzerland-based independent international organization, indicates that over 4.3 billion people, constituting 55% of the world's population, resided in urban settings. This figure is expected to climb to 80% by 2050, underscoring the pivotal role of increasing urbanization in propelling the construction market.

Building construction firms are increasingly embracing green construction techniques to erect energy-efficient structures while concurrently mitigating construction costs. Green construction involves utilizing sustainable building materials and construction processes to create environmentally friendly buildings with enhanced energy efficiency. The World Green Building Trends Survey indicates that approximately 60% of global construction firms are engaged in green construction projects. Certifications such as Leadership in Energy and Environmental Design (LEED) empower construction companies to craft high-performance, sustainable residential and commercial buildings, offering various advantages from tax deductions to marketing opportunities. The adoption of sustainable construction materials, such as natural paints and recycled steel beams, is becoming widespread in the UK. Additionally, green construction practices such as cross-ventilation for a more natural environment, the use of green construction software such as Construction Suite for ensuring green compliance, and the Green Globes management tool are gaining traction in the construction industry. Noteworthy companies implementing green construction techniques include Turner Construction Co, Clark Group, AECOM, Hensel Phelps, and Holder Construction.

Major players in the construction market are actively pursuing innovative technologies, particularly automation, to elevate project efficiency, curtail costs, and attain a competitive advantage. An automated construction service center, serving as a centralized facility, leverages automation and technology to streamline diverse aspects of construction projects, encompassing scheduling, resource allocation, and communication. Notably, in July 2023, Tata Steel, a leading provider in the Indian construction solutions industry, unveiled its inaugural fully automated construction service center in Odisha. This pioneering initiative aims to revolutionize reinforcement applications in the construction sector, meeting the escalating infrastructure demand in Odisha through a commitment to sustainability, precision, quality, and expeditious construction practices.

Major companies operating in the construction market report are China State Construction Engineering Co., Ltd., China Railway Group Ltd., China Railway Construction Corporation Limited, China Communications Construction Group Ltd., Vinci S.A., Grupo ACS, Lennar Corporation, D.R. Horton, Inc., Bouygues S.A., Power Construction Corp. Of China, CIMIC Group, Shimizu Corporation, Lendlease Group, CapitaLand Limited, L&T Engineering & Construction Division, Tata Projects Ltd., Hindustan Construction Company, Yunnan Zhiling Construction Engineering Co., Ltd., Zhejiang Yijian Construction Group Co, Zeppelin GmbH, SGS, Interconstruct, Etex, Anker Hansen & Co. A/S, Christiansen & Essenbæk A/S, C.C. Contractor A/S, EKE-Construction Ltd., Colas Group, Eiffage Construction, Bauer Group, Bennett Construction Limited, Collen Construction Limited, Casais Group, Balfour Beatty, Laing O’ Rourke, Interserve, Morgan Sindall, Kier, Altaca Group, Renaissance Construction, ALFA Engineering & Construction Co, Budimex Group, STRABAG International GmbH, BeautyWalls LLC, SC Geamuri Serv SRL, Octagon Contracting & Engineering SA, PCL Construction, EllisDon Corporation, Aecon Group Incorporated, Ledcor Group of Companies, Graham Construction, Pomerleau Incorporated, Bird Construction Incorporated, Empresas ICA, Bechtel, Fluor Corporation, Turner Corporation, Skanska USA, Kiewit Corporation, Jacobs Engineering Group, Oderbrecht, Camargo Corrêa, Andrade Gutierrez, Queiroz Galvão, MRV Engenharia, SalfaCorp, Mourik General Contractors, McCrory Construction Company, Al Habtoor Group LLC, Al-Naboodah Constructing, Arabian Construction Company, Dutco Balfour Beatty LLC, SHIKUN & BINUI Ltd., Mekorot Water Company Ltd., DANYA CEBUS Ltd., ASHTROM GROUP Ltd., Saudi Bin Ladin Group, Al-Rashid Trading & Contracting Co, Al Ayuni Investment & Contracting Co, Al Harbi Trading & Contracting Co, Arabian Bemco Contracting Co, Redcon Construction Company, Estim Construction Co. Ltd., Eco-Beam, Ecomo, TSAI design studio.

Asia-Pacific was the largest region in the construction market in 2023. North America was the second-largest region in the construction market. The regions covered in the construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the construction market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The construction market includes revenues earned by entities by constructing buildings or engineering projects (such as 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 market also includes modular building construction, prefabricated building construction, 3D building construction and green building construction The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.


Various construction categories include building construction, heavy and civil engineering construction, specialty trade contractors, land planning, and development. Building construction involves the deconstruction of current structures, erection of new ones, integration of new structures with existing ones, and necessary adjustments to align existing structures with recent additions. Contractors operate in different scales - ranging from large to small - and cater to both public and private sectors.

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