According to the findings of a recent research report made available by Radiant Insights, Inc.; the global construction market is likely to witness a significant growth over the forecast period i.e., from 2018 to 2022. Growing infrastructure development activities due to rapid urbanization and industrialization are expected to be the key factors driving the market development in the coming years. Rising population and technological advances are driving the demand for residential constructions, thereby boosting the market growth.
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Major trends that could positively drive the construction market include escalating demand for green construction for reducing carbon footprint and high penetration of fiber-reinforced polymer composites for the renovation of aging structures. In addition, other emerging trends such as building information systems for efficient building management and bridge lock-up device systems for enhancing the life of structures are also likely to augment the market growth.
On the basis of geographies, the global construction market is segmented into the U.S. and Canada, Latin America, Western Europe, Eastern Europe and Central Asia, South and South-East Asia, Australasia, North-East Asia, Middle East and North Africa, and Sub-Saharan Africa. The South Asia and South-East Asia regions are likely to witness a high demand over the forecast period due to growing urbanization and industrialization in these regions.
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In addition, increasing expenditure on infrastructural development by the local government bodies and the availability of affordable housing projects would also help boost the market expansion in these regions. The North America regional market is likely to register a significant growth rate from 2018 to 2022. Growing scope of reconstruction activities due to high threats of natural disasters are expected to play a crucial role towards the region’s growth in the coming years.
The Western and Eastern Europe regions are expected to show a steady growth over the forecast period. The region’s output is anticipated to expand at a growth rate of 2.5 % a years from 2018 to 2022. The region also has some of the most innovative energy-efficient measures for the infrastructure development, which is also likely to fuel the market demand. Moreover, Construction 2020 Action Plan and eco-innovation policy in the regions are offering many facilities and incentives to deliver stability while encourage the growth in construction activities.
Some of the key companies operating in the global construction market include China Railway Group Limited; China State Construction Engineering Corporation; China State Construction Engineering Corporation; Grupo ACS.; and Vinci SA. Most of these companies invest in research and development activities and focus on the product and technological innovations in order to maintain the market positions.
For instance, Enlighted, the provider of IoT solutions for commercial buildings, launched a 5th-generation smart sensor. It is the first ever IoT-Ready Profile 1 compliant IoT sensor and features a 32-bit ARM processor with improved processing and memory capacity. It provides the upgrade option in case of building infrastructure updates. It enables a standard communications interface between the sensor and driver for lighting control, mechanical sensor mounting specifications in luminaires, energy consumption information, and driver status.
Browse More Report of Constructions Categories by Radiant Insights, inc.
1) Aluminum Sheet & Plate Market – https://www.radiantinsights.com/research/global-aluminum-sheet-and-plate-market-outlook-2018-2023
2) Wire Mesh Belt Market Outlook – https://www.radiantinsights.com/research/global-wire-mesh-belt-market-outlook-2018-2023
3) Read Latest Market Research Report by Our Blog@ https://constructionsresearch.blogspot.com/
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