Major companies in the market include China State Construction Engineering Corporation Ltd. ; China Railway Group Ltd. ; China Railway Construction Corporation Limited; China Communications Construction Co.
New York, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Construction Global Market Report 2022" - https://www.reportlinker.com/p06193661/?utm_source=GNW
ltd.; China Evergrande Group.
The global construction market is expected to grow from $13570.90 billion in 2021 to $15171.80 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $22873.96 billion in 2026 at a CAGR of 10.8%.
The construction market consists of sales of construction services and related goods by entities (organizations, sole traders and partnerships) that construct buildings or engineering projects (e.g., 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 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.
Asia Pacific was the largest region in the construction market in 2021.North America was the second-largest region in the construction market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing construction activities in emerging markets is expected to propel the growth of the construction market over 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.
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.
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.
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
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