The global construction market was valued nearly at around $17 trillion in 2017. Asia-Pacific is the largest market for construction market, accounting for around 42% of the global market. China is the largest country in terms of value in the construction market.
The construction industry includes architectural services, the physical processes of building, infrastructure development, civil engineering, the assembly and installation of prefabricated components and equipment, and repairs and maintenance for already built structures.
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Construction Market Size
The construction market is expected to rise to a value of around $24 trillion at a growth rate of around 9% by 2021. Growth in the construction market in the historic period resulted from growth of the experience economy, favorable visa policies and new initiatives, growth of emerging markets, growth in female gamblers. Factors that negatively affected growth in the historic period were an increased number of regulations, especially in the UK and other OECD countries, and frequent changes in the regulations. Going forward, global economic growth and advancement in technology will drive growth of the Construction market. Factors that could hinder the growth of this market in the future are shortage in skills, rising costs and decreasing margins.
Players in the market include China State Construction Engineering Corp., China Railway Group Ltd. (CREC) and China Railway Construction Corporation Limited (CRCC).
China State Construction Engineering Corp. was the largest company in the construction market in 2017 with around 0.68% share of the market. The China State Construction Engineering Corporation is a Chinese construction company and general contractor. China State Construction Engineering Corp operates through 30 country-specific teams, with a marketing network covering markets in Africa, ASEAN and surrounding regions, Central Asia, Central and Eastern Europe and Latin America. It is headquartered in Beijing, China and employs around 10,000 people.
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Use Of Autonomous Construction Vehicles – Construction companies are increasingly using autonomous construction vehicles and heavy equipment to improve productivity. These automated vehicles are equipped with sensors, cameras and GPS. Real-time data obtained from these devices helps in remote monitoring of jobsite and reduces construction time. Green Construction Projects – 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.
Potential Opportunities In The Construction MarketWith the low interest rate environment, emerging markets, technology development, and aging population, the potential and scope for the global construction market is expected to increase.
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