Increasing economic expansion influence the demand for the construction industry worldwide. 

According to the Next Move Strategy Consulting, the Global construction Market is valued at USD 10.43 trillion in 2023, and is expected to reach USD 16.10 trillion by 2030, with a CAGR of 5.9% from 2024 to 2030.

Economic expansion fuels construction industry growth by driving demand for infrastructure, commercial projects, and housing developments. Strong economies spur investment in new buildings and facilities, stimulating the construction market. Rising disposable incomes and consumer confidence, driven by economic growth, boost demand for residential properties, leading to the construction of housing complexes and apartments.

Major economies like India, Saudi Arabia, and Argentina are experiencing significant GDP growth rates, with figures such as 8.7% in Saudi Arabia, 7.2% in India, and 5.0% in Argentina in 2022. This economic upswing signals robust activity, particularly in the construction sector, with potential for further expansion and prosperity. 

In addition, Rapid global urbanization is driving a persistent demand for new residential and commercial structures, shopping centers, and public infrastructure. This trend necessitates the development of transportation systems to enhance urban mobility. According to the United Nations (UN), the global population is projected to reach 9.7 billion by 2050, emphasizing the crucial role of the construction industry in creating sustainable urban environments.

Moreover, urban areas require essential facilities like schools, healthcare centers, and utilities, leading to increased construction activities. The World Bank predicts that by 2045, the global urban population will grow to 6 billion, with over 50% of the world's population residing in urban areas.

However, the rising cost of raw material in construction industry strain businesses, leading to higher production and final product prices, ultimately dampening consumer demand. Recent data from the Producer Price Index (PPI) indicates consistent growth in building material prices, with an 8% surge since the start of 2022. 

On the contrary, the growing digital transformation and building information modeling (BIM) drive efficiency and collaboration in construction through advanced technologies. Initiatives such as the U.S. National BIM Program aim to elevate industry standards by promoting digitalization and enhancing project lifecycle processes.

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According to the report, leading players in the construction market include China State Construction Engineering Corp. Ltd. (CSCEC), China Railway Group Ltd. (CREC), China Railway Construction Corp. Ltd. (CRCC), China Communications Construction Group Ltd. (CCCC), Metallurgical Corporation of China Ltd. (MCC), Power Construction Corp. of China, Vinci SA, China Energy Engineering Corp. (CEEC), Shanghai Construction Group (SCG), Bouygues Group, and others.

These market players are adopting strategies such as investment and business expansion across various regions to maintain their dominance in the construction market. 

For instance, in February 2024, China State Construction Engineering Corporation (CSCEC) and South Korean energy and environmental solutions provider SK Ecoplant joined forces to invest USD 1.9 billion in a green hydrogen project in Egypt.

Also, in December 2023, Power Construction Corporation of China (POWERCHINA) completed a groundbreaking floating photovoltaic (PV) power plant on Indonesia's Cirata reservoir in West Java. This innovative project generates 300,000 megawatt-hours of clean energy annually, reducing reliance on coal by an estimated 117,000 tons per year.

Key Insights from the Construction Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the construction market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the role of each stakeholder.

• The market share of the global construction market players and their competitive analysis are provided in the report.

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