Religious Buildings Global Market Report 2024

The religious buildings market size has grown marginally in recent years. It will grow from $19.43 billion in 2023 to $19.3 billion in 2024 at a compound annual growth rate (CAGR) of 1.4%. The growth observed in the historical period can be attributed to religious practices and worship, the growth and demographics of communities, cultural and architectural heritage, urban development and zoning, and migration patterns, including diaspora communities.

The religious buildings market size is expected to see marginal growth in the next few years. It will grow to $21.11 billion in 2028 at a compound annual growth rate (CAGR) of 1.7%. The anticipated growth in the forecast period can be attributed to cultural and interfaith dialogue, community outreach, and social services. Additionally, factors such as sustainability and environmental considerations, adaptation to changing religious practices, and urban renewal and redevelopment contribute to this growth. Major trends expected in the forecast period include community engagement initiatives, preservation and restoration efforts, the incorporation of art and symbolism, adaptive reuse of historic buildings, and a focus on accessibility and inclusivity.

The anticipated rise in religious donations is set to contribute to the growth of the religious building market in the future. Religious donations involve contributions made for the benefit of a religious organization, which are utilized wholly or significantly by that particular organization. Such donations are often employed to provide members with structures or places of worship (religious buildings), support educational programs, fund missionary initiatives, and contribute to wellness programs irrespective of religion, nationality, or race. As per a 2021 report from Giving USA, a non-profit organization in the United States that publishes an annual philanthropy report, Americans contributed $471.44 billion to charity in 2020, reflecting a 5.1% increase from the previous year. Hence, the upward trend in religious donations is a key driver fueling the growth of the religious building market.

The expansion of the construction industry is poised to drive the growth of the religious building market in the foreseeable future. Increasing construction activities are attributed to rapid industrialization and urbanization. A growing economy typically leads to heightened construction endeavors, including the establishment of religious buildings. Economic prosperity within communities and among individuals often translates to an increased demand for new religious spaces. In June 2021, according to a report from Statistics Canada, the investment in building construction in Canada surged from $14,294 million in April 2019 to $19,273 million in 2020. Additionally, the 2022 U.S. Construction Cost Trends report indicates a 16% increase in total construction spending in the USA since the onset of the pandemic. Therefore, the expansion of the construction industry stands as a significant factor propelling the growth of the religious building market during the forecast period.

Technological advancement emerges as a notable trend gaining traction in the religious building market. Major players in the market are directing their efforts toward leveraging various construction technologies, such as 3D printing, to enhance their market standing. 3D printing involves the manufacturing of construction elements or entire buildings using a 3D printer to print materials such as concrete, polymer, metal, or others layer by layer. For instance, in February 2022, the Lake California Community Church partnered with Don Ajamian Construction to construct a church using 3D printing technology, significantly reducing construction costs and achieving optimal acoustics through the innovative interior wall design.

Prominent organizations in the religious buildings market are securing investments to develop more affordable housing options for homeless individuals. In October 2023, St. Luke’s Episcopal Church secured a $7 million state funding to construct a 55-unit affordable housing development in New Haven. This initiative aims to increase the availability of affordable housing in the city, contributing to the broader effort to revitalize neighboring areas.

In October 2022, M. B. Kahn Construction Co Inc, a Columbia-based general contractor, announced its acquisition agreement with McKenzie Construction Corporation for an undisclosed amount. This strategic acquisition positions M. B. Kahn Construction to enhance its presence in the U.S. market and better serve its clients, potentially expanding its capabilities, including the construction of religious buildings. McKenzie Construction Corporation, based in the U.S., offers full-service construction and renovation services for residential, commercial, and industrial properties, including religious buildings.

Major companies operating in the religious buildings market report are Stenz Construction Corporation, Skanska AB, Vinci SA, Turner Construction Company, Lincoln Construction Co., Churches by Daniels Inc., Hochtief AG, BGW Architects, Delphi Construction Inc., Marker Inc., Hencken & Gaines Inc., CB Construction LLC, Scherrer Construction Co. Inc., Tejjy Inc., Hankins Construction Company, Clark Construction Group LLC, Hensel Phelps Construction Co., PCL Construction Enterprises Inc., McCarthy Building Companies Inc., The Whiting-Turner Contracting Company, Gilbane Building Company, M. A. Mortenson Co., JE Dunn Construction, Balfour Beatty US, Webcor Builders Inc., Swinerton Builders, DPR Construction, Holder Construction Company, Brasfield & Gorrie LLC, The Henry C. Beck Company, Ryan Companies US Inc., Hoffman Construction Company, The Boldt Company, The Korte Company, Whiting-Turner Contracting Co.

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

The main types of religious buildings can be categorized as residential and non-residential. Residential religious buildings are those inhabited by a community of monks or nuns. Various construction activities associated with religious buildings include new construction, repair and maintenance, refurbishment, and demolition. These structures are utilized in various applications, including ownership and rental.

The religious buildings market research report is one of a series of new reports that provides religious buildings market statistics, including religious buildings industry global market size, regional shares, competitors with a religious buildings market share, detailed religious buildings market segments, market trends, and opportunities, and any further data you may need to thrive in the religious buildings industry. The religious 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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