New York, April 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Construction Global Market Report 2023" - https://www.reportlinker.com/p06193661/?utm_source=GNW
, China Evergrande Group
The global construction market grew from $14503.87 billion in 2022 to $15461.84 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The construction market is expected to grow to $19519.26 billion in 2027 at a CAGR of 6.0%.
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.
Construction is the process of building, altering, repairing, improving, or demolishing any structures or buildings using a detailed design and plan.
Asia-Pacific was the largest region in the construction market in 2022.North America was the second-largest region in the construction market.
The regions covered in the construction report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The different types of construction are buildings construction, heavy and civil engineering construction, specialty trade contractors, land planning and development.Building construction includes the dismantling of existing structures, the construction of new structures, the addition of latest structures to existing structures, and the required modifications to existing structures to correspond to any recent additions.
The different sectors include private and public. These type of services are provided by large contractors and small contractors.
The increasing construction activities in emerging markets are expected to propel the growth of the construction market over the coming years.Emerging markets which registered robust construction activity included China, Brazil, India, Saudi Arabia and Indonesia.
For instance, according to the National Bureau of Statistics, construction output contributed for 25.9% of China’s GDP in 2020, up from 6.2% in 2019. This rapid growth in construction activity contributed to the growth of the construction market.
Construction costs have increased steadily due to rising material costs in the historic period. Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil, a key component of asphalt reached $41.96 per barrel in 2020, softwood lumber, a major component used for buildings construction, rose by 112% in February 2021 compared to 2020. Therefore, high material prices adversely affected the construction market during historic period.
Building construction companies are increasingly using green construction techniques to build energy efficient buildings and reduce construction costs.Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact.
According to World Green Building Trends Survey, about 60% of construction firms across the globe were involved in green construction projects .Certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies to develop high-performance, sustainable residential and commercial buildings, and also offer a variety of benefits, from tax deductions to marketing opportunities.
Sustainable construction materials such as natural paints and steel beams made from recycled material are being widely used in the UK.Other green construction techniques such as cross-ventilation for more natural environment, green construction software such as Construction Suite to ensure green compliance, and Green Globes management tool are also being used in the construction industry.
For instance, some, Major companies using green construction techniques include Turner Construction Co, Clark Group, AECOM, Hensel Phelps and Holder Construction.
The countries covered in the construction market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
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.
Read the full report: https://www.reportlinker.com/p06193661/?utm_source=GNW
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