The global construction industry is expected to reach an estimated $10.5 trillion by 2023, and it is forecast to grow at a CAGR of 4.2% from 2018 to 2023.
According to a new market report published by Lucintel, the future of the global construction industry looks good with opportunities in residential, non-residential, and infrastructure.
The major drivers for the growth of this market are increasing housing starts and rising infrastructure due to increasing urbanization and growing population.
Browse 54 market data tables and 75 figures spread through 168 pages and in-depth TOC on “Global Construction Market" www.lucintel.com/construction-industry-2018-2023.aspx
In this market, the main segments by type are residential, non-residential, and infrastructure.
On the basis of comprehensive research, Lucintel forecasts that the residential segment is expected to show above average growth during the forecast period.
Within the global construction industry, the residential segment is expected to remain the largest segment. Financing for residential construction projects has become available with improvements in market fundamentals, like lower interest rates.
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APAC is expected to remain the largest market during the forecast period mainly due to increasing urbanization, higher expenditure on infrastructural development, and affordable housing projects.
Emerging trends which have a direct impact on the dynamics of the industry include increasing demand for green construction to reduce carbon footprint, bridge lock-up device systems to enhance the life of structures, building information systems for efficient building management, and the use of fiber-reinforced polymer composites for the rehabilitation of aging structures. China State Construction Engineering Corporation, China Railway Group Limited, China Railway Construction Corporation, Vinci SA, and Grupo ACS are among the major contractors of construction industry.
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The study includes a forecast for the global construction industry by type and region, as follows:
By Type [Value ($ Billion) from 2012 to 2023]:
− Transport Infrastructure
− Roads and Bridges
− Power and Energy
− Water and Wastewater
By Region [Value ($ Billion) from 2012 to 2023]:
- North America
− United States
− United Kingdom
− United Arab Emirates
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