This report describes and explains the construction market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F. The report evaluates the market across each region and for the major economies within each region.
The global construction market grew from $14,393.63 billion in 2022, having increased at a compound annual growth rate (CAGR) of 4.6% since 2017. The market is expected to grow from $14,393.63 billion in 2022 to $18,819.04 billion in 2027 at a rate of 5.5%. The market is then expected to grow at a CAGR of 6.6% from 2027 and reach $25,928.27 billion in 2032.
Growth in the historic period strong economic growth in emerging markets, the increasing infrastructure development, the increase in renovation activities, rapid growth in the elderly population and the rise in domestic manufacturing. Factors that negatively affected growth in the historic period were volatility in raw material prices, geopolitical tensions and the COVID-19 pandemic.
Going forward, the rising urbanization, the increasing population growth, the increasing government support, the rising industrialization and the increase in smart cities will drive the market. Factors that could hinder the growth of the construction market in the future include the Russia-Ukraine war, the rising interest rates globally, the lack of skilled workers, safety and cyber security issues and health and safety challenges in the construction industry.
The construction market is segmented by type of construction into buildings construction, heavy and civil engineering construction, specialty trade contractors and land planning and development. The buildings construction market was the largest segment of the construction market by type of construction, accounting for 48.1% of the total market in 2022. The land planning and development market is expected to be the fastest-growing segment going forward at a CAGR of 9.8%.
The buildings construction market is segmented by type into residential building construction and non-residential building construction. The residential building construction market was the largest segment of the buildings construction market by type, accounting for 59.8% of the total market in 2022. It is expected to be the fastest-growing segment in the buildings construction market by type, going forward at a CAGR of 5.4%.
The residential building construction market is segmented by type into single-family housing construction (individual houses), multifamily housing construction (apartments), new housing for-sale builders, and residential remodelers. The new housing for-sale builders market was the largest segment of the residential building construction market by type, accounting for 44.5% of the total market in 2022. The multifamily housing construction (apartments) market is expected to be the fastest-growing segment in the residential building construction market by type, going forward at a CAGR of 8.8%.
The non-residential building construction market is segmented by type into institutional buildings, and commercial buildings. The commercial buildings market was the largest segment of the non-residential building construction market by type, accounting for 65.2% of the total market in 2022. It is expected to be the fastest-growing segment in the non-residential building construction market by type, going forward at a CAGR of 3.3%.
The institutional building construction market is segmented by type into education buildings, public convenience buildings, government buildings, religious buildings, and healthcare buildings. The healthcare buildings market was the largest segment of the institutional building construction market by type, accounting for 26.3% of the total market in 2022. The education buildings market is expected to be the fastest-growing segment in the institutional building construction market by type, going forward at a CAGR of 2.8%.
The commercial building construction market is segmented by type into office and factory buildings, hospitality and restaurant buildings, entertainment and sports buildings, and retail and other commercial buildings. The office and factory buildings market was the largest segment of the commercial building construction market by type, accounting for 47.5% of the total market in 2022. The hospitality and restaurant buildings market is expected to be the fastest-growing segment in the commercial building construction market by type, going forward at a CAGR of 5.6%.
The office and factory building market is segmented by type into office buildings, and factory buildings. The office buildings market was the largest segment of the office and factory building market by type, accounting for 66.0% of the total market in 2022. The factory buildings market is expected to be the fastest-growing segment in the office and factory building market by type, going forward at a CAGR of 2.4%.
The hospitality and restaurant building construction market is segmented by type into hospitality buildings and restaurant buildings. The restaurant buildings market was the largest segment of the hospitality and restaurant building construction market by type, accounting for 75.3% of the total market in 2022. It is expected to be the fastest-growing segment in the hospitality and restaurant building construction market by type, going forward at a CAGR of 6.1%.
The entertainment and sports buildings market is segmented by type into entertainment buildings and sports buildings. The sports buildings market was the largest segment of the entertainment and sports buildings market by type, accounting for 59.8% of the total market in 2022. It is expected to be the fastest-growing segment in the entertainment and sports buildings market by type, going forward at a CAGR of 5.4%.
The retail and other commercial buildings market is segmented by type into retail buildings and other commercial buildings. The retail buildings market was the largest segment of the entertainment and sports buildings market by type, accounting for 75.6% of the total market in 2022. The other commercial buildings market is expected to be the fastest-growing segment in the retail and other commercial buildings market by type, going forward at a CAGR of 3.7%.
The heavy and civil engineering construction market is segmented by type into utility system construction, highway, street, and bridge construction, and other heavy and civil engineering construction. The highway, street, and bridge construction market was the largest segment of the heavy and civil engineering construction market by type, accounting for 46.0% of the total market in 2022. It is expected to be the fastest-growing segment in the heavy and civil engineering construction market by type, going forward at a CAGR of 5.6%.
The utility system construction market is segmented by type into water and sewer line and related structures construction, oil and gas pipeline and related structures construction, and power and communication line and related structures construction. The power and communication line and related structures construction market was the largest segment of the utility system construction market by type, accounting for 39.7% of the total market in 2022. It is expected to be the fastest-growing segment in the utility system construction market by type, going forward at a CAGR of 3.4%.
The water and sewer line and related structures construction market is segmented by type into water well drilling contractors, sewer construction, water main and plant construction. The sewer construction market was the largest segment of the water and sewer line and related structures construction market by type, accounting for 44.8% of the total market in 2022. The water well drilling contractors market is expected to be the fastest-growing segment in the water and sewer line and related structures construction market by type, going forward at a CAGR of 3.4%.
The highway, street, and bridge construction market is segmented by type into roads and highways, bridges and tunnels, other highway, street, and bridge construction. The roads and highways market was the largest segment of the highway, street, and bridge construction market by type, accounting for 78.9% of the total market in 2022. The bridges and tunnels market is expected to be the fastest-growing segment in the highway, street, and bridge construction market by type, going forward at a CAGR of 7.1%.
The roads and highways construction market is segmented by type into roads and highways. The highways market was the largest segment of the roads and highways construction market by type, accounting for 60.4% of the total market in 2022. It is expected to be the fastest-growing segment in the roads and highways construction market by type, going forward at a CAGR of 5.8%.
The bridges and tunnels market is segmented by type into bridges and tunnels. The bridges market was the largest segment of the bridges and tunnels market by type, accounting for 81.9% of the total market in 2022. It is expected to be the fastest-growing segment in the bridges and tunnels market by type, going forward at a CAGR of 7.6%.
The other heavy and civil engineering construction market is segmented by type into marine construction and port construction, rail road construction, sea wall construction, and all other heavy and civil engineering construction. The rail road construction market was the largest segment of the other heavy and civil engineering construction market by type, accounting for 71.7% of the total market in 2022. It is expected to be the fastest-growing segment in the other heavy and civil engineering construction market by type, going forward at a CAGR of 6.1%.
The marine and docks construction market is segmented by type into marine construction and port construction. The marine construction market was the largest segment of the marine and docks construction market by type, accounting for 75.3% of the total market in 2022. It is expected to be the fastest-growing segment in the marine and docks construction market by type, going forward at a CAGR of 3.2%.
The rail road construction market is segmented by type into new rail road track construction and rail road track repair and maintenance. The new rail road track construction market was the largest segment of the rail road construction market by type, accounting for 53.1% of the total market in 2022. The rail road track repair and maintenance market is expected to be the fastest-growing segment in the rail road construction market by type, going forward at a CAGR of 6.4%.
The specialty trade contractors market is segmented by type into foundation, structure, and building exterior contractors, building equipment contractors, building finishing contractors, and other specialty trade contractors. The building equipment contractors market was the largest segment of the specialty trade contractors market by type, accounting for 48.2% of the total market in 2022. The building finishing contractors market is expected to be the fastest-growing segment in the specialty trade contractors market by type, going forward at a CAGR of 7.5%.
The foundation, structure and building exterior contractors market is segmented by type into excavation and demolition, roofing, concrete work, and water well drilling. The excavation and demolition market was the largest segment of the foundation, structure and building exterior contractors market by type, accounting for 42.2% of the total market in 2022. The concrete work market is expected to be the fastest-growing segment in the foundation, structure and building exterior contractors market by type, going forward at a CAGR of 7.8%.
The building equipment contractors market is segmented by type into electrical contractors and other wiring installation contractors, plumbing, heating and air-conditioning contractors, other building equipment contractors. The plumbing, heating and air-conditioning contractors market was the largest segment of the building equipment contractors market by type, accounting for 50.2% of the total market in 2022. The electrical contractors and other wiring installation contractors market is expected to be the fastest-growing segment in the building equipment contractors market by type, going forward at a CAGR of 7.6%.
The building finishing contractors market is segmented by type into drywall and insulation contractors, painting and wall covering contractors, flooring contractors, tile and terrazzo contractors, finish carpentry contractors, and other building finishing contractors. The drywall and insulation contractors market was the largest segment of the building finishing contractors market by type, accounting for 36.1% of the total market in 2022. It is expected to be the fastest-growing segment in the building finishing contractors market by type, going forward at a CAGR of 10.5%.
The other specialty trade contractors market is segmented by type into site preparation contractors and all other specialty trade contractors. The site preparation contractors market was the largest segment of the other specialty trade contractors market by type, accounting for 67.0% of the total market in 2022. It is expected to be the fastest-growing segment in the other specialty trade contractors market by type, going forward at a CAGR of 7.9%.
The land planning and development market is segmented by type into residential land planning and development, commercial and institutional land planning and development, and industrial land planning and development. The residential land planning and development market was the largest segment of the land planning and development market by type, accounting for 78.1% of the total market in 2022. It is expected to be the fastest-growing segment in the land planning and development market by type, going forward at a CAGR of 10.2%.
The residential land planning and development market is segmented by type into houses and housing estate developments, apartments and other residential developments. The houses and housing estate developments market was the largest segment of the residential land planning and development market by type, accounting for 51.0% of the total market in 2022. The apartments and other residential developments market is expected to be the fastest-growing segment in the residential land planning and development market by type, going forward at a CAGR of 12.0%.
The construction market is segmented by end user sector into public and private. The private market was the largest segment of the construction market by end user sector, accounting for 76.4% of the total market in 2022. The public market is expected to be the fastest-growing segment in the construction market is segmented by end user sector, going forward at a CAGR of 6.1%.
The construction market is segmented by type of contractor into large contractor and small contractor. The large contractor market was the largest segment of the construction market by type of contractor, accounting for 73.0% of the total market in 2022. The small contractor market is expected to be the fastest-growing segment in the construction market is segmented by type of contractor, going forward at a CAGR of 5.7%.
Asia Pacific was the largest region in the construction market, accounting for 40.8% of the global market in 2022. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the construction market will be Africa and South America, where growth will be at CAGRs of 14.8% and 9.5%.
The construction market is fragmented, with a large number of small players in the market. This is mainly due to the presence of a large number of small players who cater to the local population, as the majority of customers use construction services which are closer to their locations. However large companies play a leading role in major infrastructure construction projects. The top ten competitors in the market made up to 6.82% of the total market in 2022. China State Construction Engineering Co., Ltd. was the largest competitor with 2.13% of the market, followed by China Railway Group Ltd. with 1.24%, China Railway Construction Corporation Limited with 1.18%, China Communications Construction Group Ltd. with 0.73%, Vinci S.A. with 0.48%, Grupo ACS with 0.25%, Lennar Corporation with 0.23%, D.R. Horton, Inc. with 0.22%, Bouygues S.A. with 0.21% and Power Construction Corp. Of China with 0.15%.
The top opportunities in the construction market by type of construction will arise in the specialty trade contractors market, which will gain $2,160.7 billion of global annual sales by 2027. The top opportunities in the buildings construction market by type will arise in the residential building construction market, which will gain $1,254.5 billion of global annual sales by 2027. The top opportunities in the heavy and civil engineering construction market by type will arise in the highway, street, and bridge construction market, which will gain $266.3 billion of global annual sales by 2027. The top opportunities in the specialty trade contractors market by type will arise in building equipment contractors market, which will gain $1,120.5 billion of global annual sales by 2027. The top opportunities in the land planning and development market by type will arise in the residential land planning and development market, which will gain $82.3 billion of global annual sales by 2027.The top opportunities in the construction market by end user sector will arise in private market, which will gain $3,264.6 billion of global annual sales by 2027. The top opportunities in the construction market by type of contractors will arise in large contractors market, which will gain $3,192.3 billion of global annual sales by 2027. The construction market size will gain the most in China at $722.4 billion.
Market-trend-based strategies for the construction market include automated construction equipment, construction equipment vehicle, development of high-performance equipment, integration of digital platform and innovative solutions, introduction of artificial intelligence (AI) and machine learning, strategic collaborations and partnerships, launch of innovation network, introduction of fully electric construction equipment, technological innovations and new lot development in suburban areas.
Player-adopted strategies in the construction industry include focus on expanding company presence in the different geographic regions through contracts, agreements, strategic partnerships, collaborations and acquisitions.
To take advantage of the opportunities, the analyst recommends the construction companies to focus on automated construction equipment, focus on integration of digital platform and innovative solutions, focus on introduction of artificial intelligence (AI) and machine learning, expand in emerging markets, focus on developed countries, provide competitively priced offerings, continue to participate in trade shows and events, and target governments.
Table of Contents
1. Executive Summary2. Table of Contents3. List of Figures4. List of Tables5. Report Structure
6. Introduction and Market Characteristics
9. Customer Information
10. Major Market Trends
11. Global Construction Market Size And Growth
12. Construction Market, Regional Analysis
13. Global Market Segmentation
14. Construction Market Segments
15. Market Comparison with Macro Economic Factors
16. Asia-Pacific Market
17. Western Europe Market
18. Eastern Europe Market
19. North America Market
20. South America Market
21. Middle East Market
22. Africa Market
23. Competitive Landscape And Company Profiles
24. Key Mergers And Acquisitions
25. Opportunities And Strategies
27. Appendix
Executive Summary
Construction Global Market Opportunities And Strategies To 2032 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.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description:
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 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, defintions and explanations about the construction market.
- 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.
- Value Chain - The value chain section of the report defines and explains the key players in the construction industry supply chain.
- Customer Information - This chapter covers recent customers’ trends/preferences in the global construction market.
- Key Trends - Highlights the major trends shaping the global construction market. This section also highlights likely future developments in the market.
- Global Market Size and Growth - Global historic (2017-2022) and forecast (2022-2027, 2032F) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - Historic (2017-2022) and forecast (2022-2027, 2032F) market values and growth and market share comparison by region.
- Market Segmentation - Contains the market values (2017-2022) (2022-2027, 2032F) and analysis for each segment by type of construction and by end user sector in the market.
- Regional Market Size and Growth - Regional market size (2022), historic (2017-2022) and forecast (2022-2027, 2032F) market values, and growth and market share comparison of countries within the region. This report includes information on 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.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market 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..
Scope:
Markets Covered:
1) By Type Of Construction: Buildings Construction; Heavy And Civil Engineering Construction; Specialty Trade Contractors; Land Planning And Developmenta) By Buildings Construction (By Type): Residential Building Construction; Non-Residential Building Construction
i) By Residential Building Construction (By Type): Single-Family Housing Construction (Individual Houses); Multifamily Housing Construction (Apartments); New Housing For-Sale Builders; Residential Remodelers
ii) By Non-Residential Building Construction (By Type): Institutional Buildings; Commercial Buildings
a) By Institutional Buildings (By Type): Education Buildings; Public Convenience Buildings; Government Buildings; Religious Buildings; Healthcare Buildings
b) By Commercial Buildings (By Type): Office And Factory Buildings; Hospitality And Restaurant Buildings; Entertainment And Sports Buildings; Retail And Other Commercial Buildings
i) By Office And Factory Buildings (By Type): Office Buildings; Factory Buildings
ii) By Hospitality And Restaurant Buildings (By Type): Hospitality Buildings; Restaurant Buildings
iii) By Entertainment And Sports Buildings (By Type): Entertainment Buildings; Sports Buildings
iv) By Retail And Other Commercial Buildings (By Type): Retail Buildings; Other Commercial Buildings
b) By Heavy And Civil Engineering Construction (By Type): Utility System Construction; Highway, Street, And Bridge Construction; Other Heavy And Civil Engineering Construction
i) By Utility System Construction (By Type): Water And Sewer Line And Related Structures Construction; Oil And Gas Pipeline And Related Structures Construction; Power And Communication Line And Related Structures Construction
a) By Water And Sewer Line And Related Structures Construction (By Type): Water Well Drilling Contractors; Sewer Construction; Water Main And Plant Construction
ii) By Highway, Street, And Bridge Construction (By Type): Roads And Highways; Bridges And Tunnels; Other Highway, Street, And Bridge Construction
a) By Roads And Highways (By Type): Roads; Highways
b) By Bridges And Tunnels (By Type): Bridges; Tunnels
iii) By Other Heavy And Civil Engineering Construction (By Type): Marine Construction And Port Construction; Rail Road Construction; Sea Wall Construction; All Other Heavy And Civil Engineering Construction
a) By Marine Construction And Port Construction (By Type): Marine Construction; Port Construction
b) By Rail Road Construction (By Type): New Rail Road Track Construction; Rail Road Track Repair And Maintenance
c) By Specialty Trade Contractors (By Type): Foundation, Structure, And Building Exterior Contractors; Building Equipment Contractors; Building Finishing Contractors; Other Specialty Trade Contractors
i) By Foundation, Structure, And Building Exterior Contractors (By Type): Excavation And Demolition; Roofing; Concrete Work; Water Well Drilling
ii) By Building Equipment Contractors (By Type): Electrical Contractors And Other Wiring Installation Contractors; Plumbing, Heating And Air-Conditioning Contractors; Other Building Equipment Contractors
iii) By Building Finishing Contractors (By Type): Drywall And Insulation Contractors; Painting And Wall Covering Contractors; Flooring Contractors; Tile And Terrazzo Contractors; Finish Carpentry Contractors; Other Building Finishing Contractors
iv) By Other Specialty Trade Contractors (By Type): Site Preparation Contractors; All Other Specialty Trade Contractors
d) By Land Planning And Development (By Type): Residential Land Planning And Development; Commercial And Institutional Land Planning And Development; Industrial Land Planning And Development
iv) By Residential Land Planning And Development (By Type): Houses And Housing Estate Developments; Apartments And Other Residential Developments
2) By End-Use Sector: Public; Private
3) By Type Of Contractor: Large Contractor; Small Contractor
Companies Mentioned: China State Construction Engineering Co., Ltd; China Railway Group Ltd; China Railway Construction Corporation Limited; China Communications Construction Group Ltd; Vinci S.A.
Countries: Australia; China; Bangladesh; India; Indonesia; Japan; South Korea; 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
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.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
- China Railway Engineering Corporation
- 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
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 714 |
| Published | October 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 14393.6 Billion |
| Forecasted Market Value ( USD | $ 25928.3 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
