Building Construction Sustainability Innovation and Growth Opportunities

Circularity is the Way Forward for Transformational Growth of Building Construction

The global building construction market saw a decline in output in 2020 due to the COVID-19 pandemic. However, following the reopening of economic activities in 2021, market recovery in many countries resulted in an extraordinary growth of 14.7% that year. The market will register a CAGR of 5.8% from 2022 to 2028.

Three major strategic imperatives impact the building construction market, namely Transformative Mega Trends, Disruptive Technologies, and Industry Convergence.

• Transformative Mega Trends - the building industry and its construction activities account for approximately 35% of the global energy consumption, and subsequently contribute around 40% of the global carbon dioxide emissions. To reduce energy consumption and emissions, participants across the building industry value chain, including those in the building construction market, will need to adopt sustainable construction practices.
• Disruptive Technologies - digital technologies and applications, such as data analytics, will be a necessity in the transition toward sustainable building construction. Participants should incorporate digital models and applications that enhance circularity in building construction.
• Industry Convergence - building construction participants, digital technology providers, and sustainability experts will be the backbone of partnerships and collaborations driving the industry to growth.

This study also provides an overview of sustainability innovation, examples of technologies or solutions pertaining to sustainability solutions, and 15 growth opportunities that support the building lifecycle stages - design, construction, and operations.