Office and Factory Buildings Global Market Report 2024

The office and factory buildings market size has grown steadily in recent years. It will grow from $881.87 billion in 2023 to $900.18 billion in 2024 at a compound annual growth rate (CAGR) of 2.1%. The expansion observed in the historical period can be ascribed to factors such as economic growth, urbanization, infrastructure development, regulatory changes, and demographic shifts.

The office and factory buildings market size is expected to see steady growth in the next few years. It will grow to $986.16 billion in 2028 at a compound annual growth rate (CAGR) of 2.3%. The anticipated growth in the forecast period can be credited to shifts in workplace culture, the emergence of new markets, regulatory reforms, the adaptation to remote work, and trends in sustainability. Prominent trends in this period encompass the utilization of 3D printing in construction, vertical integration, the promotion of agile work environments, the incorporation of biophilic design, and a focus on mobility and accessibility.

The anticipated surge in rapid industrialization is set to drive the growth of the office and factory buildings market. Industrialization, a process shifting economies away from agriculture towards industry, creates a demand for diverse office and factory structures. Prefabrication and modular construction in factories, followed by on-site assembly, contribute to improved project quality and reduced implementation time. For example, a Eurostat report in December 2021 revealed an 8 percent growth in the production of manufactured goods compared to 2020. Manufacturing also contributed $2.3 trillion to the U.S. GDP in 2021, constituting 12.0 percent of the total GDP. Consequently, the momentum of rapid industrialization propels the expansion of the office and factory buildings market.

The growth of the office and factory buildings market is expected to be fueled by the increasing number of new businesses. Newly established companies entering specific industries or markets bring innovation to office design, introduce health-focused amenities, and incorporate advanced technologies, enhancing the digital infrastructure within office buildings. Moreover, these businesses drive occupancy and tenancy, fostering a dynamic tenant mix that elevates the overall appeal of the space. In 2022, the US Census Bureau reported a significant number of new businesses, with 5,044,748 startups. Thus, the rising number of new businesses contributes to the growth of the office and factory buildings market.

A noteworthy trend in the office and factory buildings market is the adoption of technological advancements. Major companies in this sector are dedicated to developing innovative solutions to strengthen their market position. For instance, in February 2022, Black Buffalo 3D Corporation introduced the NEXCON 1G 3D construction printer, capable of constructing single- to three-story residential and commercial buildings. This technology offers a more robust, sustainable, and cost-effective approach to construction, with a 70 percent reduction in material costs, minimal waste, and up to an 80 percent reduction in labor costs and build time.

Major companies are creating innovative products such as office building management software. This comprehensive digital solution efficiently oversees and optimizes various facility operations, including maintenance, security, space utilization, and tenant services. For example, ClickUp launched ClickUp 3.0 in November 2023, offering upgraded office management solutions for running productive workplaces. The software facilitates the management of tasks and projects related to office building operations, including maintenance, inventory tracking, and staff schedule management.

In December 2022, DiGeronimo Companies acquired Winter Companies for an undisclosed amount. This acquisition aims to accelerate the growth of DiGeronimo Companies' Cleveland-based business in the construction and development sector. Winter Companies, a commercial construction company in the U.S., provides construction management, design-build, and general contracting services, further strengthening the position of DiGeronimo Companies in the industry.

Major companies operating in the office and factory buildings market report are Power Construction Corporation of China, China State Construction Engineering Co. Ltd., Bouygues Construction, Lennar Corporation, Kiewit Building Group Inc., Actividades de Construcción y Servicios S.A., Hochtief AG, Vinci SA, Larsen & Toubro Ltd, Skanska Group, Gammon India Limited, Tata Projects Limited, Bechtel Corporation, Fluor Corporation, The Whiting-Turner Contracting Company, Doug Peter and Ron Construction, Toll Brothers Inc., CBRE Group Inc., Jacobs Solutions Inc., China Railway Construction Corporation Limited, Jones Lang LaSalle, Colliers International, Gilbane Building Company, Holcim, The Korte Company, Yates Construction, PulteGroup Inc, D.R. Horton Inc, Pretorius Structures, FEG Global.

North America was the largest region in the office and factory buildings market in 2023. The regions covered in the office and factory buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the office and factory buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories for these buildings are residential and non-residential. Residential pertains to settings where people live, including residences and apartments. Construction types encompass new construction and renovation, applied in diverse scenarios such as ownership, rental, and utilized by a range of end users, including both private and public entities.

The office and factory buildings market research report is one of a series of new reports that provides office and factory buildings market statistics, including office and factory buildings industry global market size, regional shares, competitors with an office and factory buildings market share, detailed office and factory buildings market segments, market trends and opportunities, and any further data you may need to thrive in the office and factory buildings industry. This office and factory buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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