Construction Market Report and Forecast 2024-2032

According to the report, the global construction market grew substantially in 2023. Aided by the escalating urbanisation trends and the imperative demand for infrastructure development worldwide, the market is projected to further grow at a CAGR of 6.5% between 2024 and 2032.

The construction industry encompasses a vast array of activities, from building residential homes, commercial structures, and industrial facilities to infrastructural projects like roads, bridges, and airports. It plays a pivotal role in shaping the modern urban landscape, supporting economic growth, and fostering community development. Beyond its primary purpose of providing shelter and infrastructure, the construction sector also drives significant employment, technological advancements, and environmental solutions.

A surge in urban migration, particularly in developing nations, has led to an increasing demand for housing, offices, and other essential structures, thus bolstering the construction market growth. Additionally, as cities expand, the pressing need for robust infrastructure, including transportation systems, utilities, and public facilities, further stimulates industry expansion.

Furthermore, the industry's evolution is evident in the integration of sustainable practices. With global awareness about environmental concerns at an all-time high, there is an urgent push for green and sustainable construction which propels the construction market demand. From energy-efficient buildings and the use of eco-friendly materials to the incorporation of renewable energy sources in construction designs, the industry is witnessing a paradigm shift towards sustainability.

Innovation in construction technology is another driving force in the sector's expansion. The implementation of Building Information Modelling (BIM), prefabrication and modular construction, and 3D printing is revolutionising how structures are designed, planned, and built. As per the construction market analysis, these technologies not only improve efficiency and reduce costs but also enhance the quality and durability of constructions.

Regionally, the Asia-Pacific, led by countries such as China and India, dominates the global construction market due to rapid urbanisation, a booming population, and significant government investments in infrastructure projects. Meanwhile, North America and Europe, with their focus on renovating existing structures and sustainable building practices, also contribute value to the construction market size. Moreover, the Middle East, characterised by its iconic skyscrapers and ambitious infrastructural projects, is a hub for innovation and grandeur in the construction realm.

Market Segmentation

The market can be divided based on end use and region.

Market Breakup by End Use

• Commercial
• Residential
• Industrial
• Education and Research
• Medical and Healthcare
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global construction market. Some of the major players explored in the report are as follows:

• ACS, Construction Activities and Services, SA
• HOCHTIEF Aktiengesellschaft
• VINCI
• China Communications Construction Company Limited
• Bouygues SA
• STRABAG International GmbH
• Power Construction Corporation of China
• China State Construction Engrg. Corp. Ltd
• Skanska AB
• Ferrovial S.A.
• Fluor Corporation
• PCL Constructors Inc.
• Eiffage S.A.
• Others