Global Construction Market Report 2022 – Market Forecast, Trends And Strategies

The global construction market size is expected to grow from $13.57 trillion in 2021 to $15.17 trillion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The growth in the construction market 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 construction market is expected to reach $22.87 trillion in 2026 at a CAGR of 10.8%.

What is the Global Construction Market?

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.

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What drives the Global Construction Market?

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.

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Global Construction Market Segments
The global construction market is segmented:
By Type: Buildings Construction, Heavy And Civil Engineering Construction, Specialty Trade Contractors, Land Planning And Development
By End User: Private, Public
By Geography: The regions covered in the construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global construction market.

Construction Global Market Report 2022provides market size and growth forecasts for the global construction market, global construction market share, construction market segments and geographies, construction market competitive landscape including leading competitors’ revenues, profiles and market shares. The construction market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Construction Industry Playersinclude China State Construction Engineering Corporation Ltd., China Railway Group Ltd., China Railway Construction Corporation Limited, China Communications Construction Co., Ltd., China Evergrande Group. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.