The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 27, 2023 /PRNewswire/ -- As per The Business Research Company's Global Market Report 2023, the global construction market will grow from $14503.87 billion in 2022 to $15461.84 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The construction industry worth is then expected to reach $19519.26 billion in 2027 at a CAGR of 6%. Going forward, rising urbanization, increasing population growth, the growing government support, and industrialization will drive the construction market.
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Top three technologies that companies are adopting to capitalize on the construction industry opportunities are:
1.Construction Robotics
Construction market companies are using robotics for increasing productivity, to get work done quicker, cheaper and with more precise detail. For instance, as of June 2021, more than four out of five (81%) of the world's construction companies say they are planning to introduce robots into their operations during the coming decade, partly in response to a growing skills crisis being experienced by 91% of them.
2.Augmented Reality
Companies in the construction market are using augmented reality for increasing efficiency, improving safety, streamline collaboration, manage costs and overall boost project confidence. For example, AR can layer certain details and elements onto a building plan so stakeholders can get a better understanding of the project. AR can also be used to showcase 3D models and even provide tours, giving clients a solid idea of what a building would look like before it's built.
3.Rise In 3D Construction Printing
Construction companies are using 3D construction printing for creating construction components or to 'print' entire buildings. For instance, in May 2023, COBOD, a Denmark-based 3D construction printing solutions offering company, recently announced the construction of Europe's largest 3D printed building in Germany. This project is being spearheaded by KRAUSGRUPPE, a Heidelberg-based project developer, builder, investor, real estate manager and broker. It measures approximately 54m long, 11m wide and 9m tall. The construction process began on March 31st, and is scheduled to be completed by the end of July 2023. It will function as an IT server hotel and will be one of the most technologically advanced and innovative structures in the region.
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As per the construction industry overview, the Asia Pacific construction market was valued at $5,876.7 billion in 2022.
The market in Asia-Pacific is highly competitive, with major construction companies concentrated in China. The construction market in the region is mainly supported by government investment in housing and transport infrastructure. For example, in April 2023, the Chinese Government increased the spending on large construction and infrastructure projects by US$1.8 trillion year-on-year, to help regional economies recover from the pandemic. The investment will focus on high-tech manufacturing and renewable energy, as China looks to increase its technological self-sufficiency and energy security. The central province of Henan will increase spending on industrial transformation projects by nearly 50%, to US$290 billion.
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https://www.thebusinessresearchcompany.com/report/construction-chemicals-global-market-report
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https://www.thebusinessresearchcompany.com/report/construction-elastomers-global-market-report
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