Business

Global construction industry to reach an estimated $10.5 Trillion by 2023-Report

The Growth Opportunities in the Global Construction Industry report has indicated that the  global construction industry is expected to reach an estimated $10.5 trillion by 2023, and it is forecast to grow at a CAGR of 4.2% from 2019 to 2023.

The future of the global construction industry looks good with opportunities in residential, non-residential, and infrastructure. The major drivers for the growth of this market are increasing housing starts and rising infrastructure due to increasing urbanization and growing population.

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Emerging trends which have a direct impact on the dynamics of the construction industry include increasing demand for green construction to reduce carbon footprint, bridge lock-up device systems to enhance the life of structures, building information systems for efficient building management, and the use of fiber-reinforced polymer composites for the rehabilitation of aging structures.

Construction industry companies profiled in this market include China State Construction Engineering Corporation, China Railway Group Limited, China Railway Construction Corporation, Vinci SA, and Grupo ACS.

Within the global construction industry, the residential segment is expected to remain the largest segment. Financing for residential construction projects has become available with improvements in market fundamentals, like lower interest rates. The residential segment is expected to show above average growth during the forecast period.

Asia-Pacific is expected to remain the largest market during the forecast period mainly due to increasing urbanization, higher expenditure on infrastructural development, and affordable housing projects.

SOURCE: businesswire.com

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