Factory Buildings Global Market Report 2024

The factory buildings market size has grown steadily in recent years. It will grow from $300.98 billion in 2023 to $308.38 billion in 2024 at a compound annual growth rate (CAGR) of 2.5%. The observed growth in the historic period for factory buildings can be attributed to several factors. These include industrialization and economic growth, government policies and incentives that promote industrial development, the need for supply chain optimization, considerations related to labor availability and costs, and market demand for various products. These factors collectively contributed to the expansion and establishment of factory buildings during the historic period.

The factory buildings market size is expected to see steady growth in the next few years. It will grow to $342.68 billion in 2028 at a compound annual growth rate (CAGR) of 2.7%. The anticipated growth in the forecast period for factory buildings can be attributed to various factors shaping global manufacturing trends. Key drivers include the adoption of sustainable construction practices, the integration of advanced manufacturing technologies, the growth of e-commerce, and the increasing emphasis on resilience and risk mitigation in industrial infrastructure. Major trends expected in the forecast period include the widespread integration of robotics and automation in manufacturing processes, customization to cater to diverse manufacturing needs, the implementation of energy-efficient building systems, the use of advanced materials and construction techniques, and the adoption of globalization and regionalization strategies in response to evolving market dynamics. These trends collectively contribute to the evolving landscape of factory buildings in the forecast period.

The escalation in government spending on infrastructure development is anticipated to drive the expansion of the factory buildings market in the future. Governments allocate funds towards infrastructure to stimulate increased investment and potentially foster economic growth. Factory buildings, constituting a segment of infrastructural development, experience a surge in demand owing to these increased expenditures. For instance, a January 2022 press release by the State Council of the People's Republic of China revealed a 4.9% rise in China's fixed-asset investment in 2021. Last year witnessed growth in investment across primary, secondary, and tertiary sectors by 9.1%, 11.3%, and 2.1%, respectively. Thus, the surge in government spending on infrastructure development underpins the growth of the factory buildings market.

The upsurge in the manufacturing industry is projected to propel the expansion of the factory buildings market moving forward. Manufacturing involves the production of goods by processing raw materials or components using labor and/or machinery. This industry's growth escalates the necessity for diverse factory buildings to cater to the manufacturing of goods and services. For example, Eurostat reported in December 2021 an 8% growth in the production of manufactured goods compared to 2020. In the same year, the manufacturing sector contributed $2.3 trillion to the U.S. GDP, constituting 12.0% of the total GDP. Hence, the surge in the manufacturing industry is steering the growth trajectory of the factory buildings market.

The integration of advanced technology emerges as a significant trend gaining traction in the factory buildings market. Key industry players are embracing advanced technology to fortify their market standing. For instance, in June 2022, Bjarke Ingels Group completed the construction of a 7,000-square-metre sustainable furniture factory for Vestre, a Norwegian-based furniture maker. The vibrant factory, situated in the Norwegian forest, is dedicated to eco-friendly, carbon-neutral furniture manufacturing. Constructed from repurposed steel, low-carbon concrete, and locally-sourced wood, the project aims to become the first industrial structure awarded the top environmental BREEAM Outstanding grade, focusing on high-efficiency, environmentally-conscious production methodologies. This demonstrates the growing adoption of advanced and sustainable practices in the development of factory buildings.

Major companies in the factory buildings sector are dedicated to pioneering innovative solutions as a means to bolster their market standing. A notable example is the February 2022 launch by Black Buffalo 3D Corporation, an American construction equipment supplier, of its groundbreaking product, the NEXCON 1G 3D construction printer. Specifically designed for single- to three-story residential and non-residential applications, this technology has the capability to print up to three stories based on the roof design. Offering a sturdier, more sustainable, and cost-effective approach, it serves to facilitate affordable housing projects, infrastructure endeavors such as factory constructions, and various other applications. Furthermore, this technology delivers builders a remarkable 70 percent reduction in materials costs, minimal waste generation, and an impressive up to 80 percent reduction in both labor costs and construction time.

In October 2022, M. B. Kahn Construction Co. Inc., a prominent construction entity based in the United States, acquired McKenzie Construction Corp for an undisclosed sum. Through this acquisition, M. B. Kahn Construction aims to augment McKenzie's established presence in Southeast Virginia and Eastern North Carolina. McKenzie Construction specializes in commercial construction, including the construction of factory buildings, complementing M. B. Kahn Construction's portfolio and expanding its reach in these geographic areas.

Major companies operating in the factory buildings market report are Pretorius Structures Ltd., FEG Global Ltd., Tasin Company Ltd., Ajinomoto Engineering Corporation, N.S.L Construction Co. Ltd., Tata Projects Limited, Larsen & Toubro Limited, Hitachi Plant Construction Ltd., Primus Builders Inc., Sika AG, Power Plant Construction Company, AME Construction Services Ltd., Hindustan Construction Company, Dilip Buildcon Ltd., Turner Construction Co., Bechtel Corporation, Fluor Corporation, AECOM Technology Corporation, Whiting-Turner Contracting Company, Kiewit Corporation, Skanska USA, PCL Construction Enterprises Inc., Leopardo Companies, Layton Construction Company LLC, McGough Construction Company LLC, Hill & Wilkinson Construction Group Ltd., Kraus-Anderson Company, Schimenti Construction Company, LeChase Construction Services LLC, ThermalTech Engineering Inc., W.E. O'Neil Construction Company, Robins & Morton Group, Nabholz Construction Corporation, Plaza Construction LLC, Hunter Roberts Construction Group, Hill International Inc., Hoar Construction LLC, Ghafari Associates LLC, Kitchell Corporation, IMC Construction Inc., KBE Building Corporation, Joeris General Contractors Ltd., STV Group Inc., Batson-Cook Company, Cumming Corporation, HITT Contracting Inc., Holder Construction Group LLC, Brasfield & Gorrie LLC.

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

Factory buildings can be categorized as either residential or non-residential, constructed using materials such as aggregates, cement, and bricks. Residential areas primarily serve housing purposes, while non-residential factory buildings are dedicated to industrial activities. The construction types for factory buildings include new construction and renovation. These buildings can be owned or rented, serving various public and private purposes.

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