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Global Construction Market to Grow at a CAGR of 3.5% between 2022 and 2027.

According to a new report by EMR titled, 'Global Construction Market Report and Forecast 2022-2027', the global construction market reached a value of almost USD 11.7 trillion in 2020. The market is further expected to grow at a CAGR of 3.5% in the forecast period of 2022-2027 to attain approximately USD 14.4 trillion by 2026.

The global construction market is being led by regions such as Latin America and the Asia Pacific, which accounted for more than 50% of the world's construction output in 2016. This share is expected to increase to more than 55% by 2021. Construction is referred to as the action of building something, usually a large structure like buildings, bridges, etc. The new emerging trend in the global construction market is the successful implementation and future adantages of the large-scale construction outsourcing model in countries such as the United States. The market is being further driven by the rising government expenditure on planned infrastructure projects.

Skanska AB (STO: SKA-B) and Fluor Corporation (NYSE: FLR) are some of the major key players in the global construction market. In 2020, Skanska AB, a major global development and construction firm, announced the official launch of the company's commercial development in Los Angeles, along with its first acquisition of a commercial development site in Beverly Hills.

Market Analysis by End Use and Region:

  • The construction market, on the basis of end use, is divided into commercial, residential, industry, education, and research, and medical, and health, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global construction market is driven by the rising population, increasing urbanisation, and the growth in domestic manufacturing. 
  • The residential and non-residential segment has shown a strong growth, enhancing the market further.
  • Globalisation has led to a transformation in the transportation sector, modernizing it, and further aiding the construction market growth. 
  • The market growth has been augmented by the bilateral trade agreements and assistance from China to increase Chinese investments in Latin America.
  • The rise in the infrastructure and government expenditure on the housing sector is propelling the market growth of the construction industry.
  • The prevailing manufacturing footprint and increasing foreign investments in India are providing further impetus to the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global construction market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the end-uses and regional markets of construction. 
  • It gives an in-depth look at the regional price trends of sheet (HRC) for the periods (2017-2021) and (2022-2027).

Fluor Corporation (NYSE: FLR), Skanska AB, PCL Constructors Inc., GS E&C Corp., CIMIC Group Limited, and Obayashi Corporation, among others, are the key players in the global construction market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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