Canada Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Construction & Manufacturing | Publish Date: 28-Oct-2024 | No of Pages: 111 | No. of Tables: 78 | No. of Figures: 43 | Format: PDF | Report Code : CM2195
Canada Construction Market Overview
The Canada Construction Market size was valued at USD 253.77 billion in 2023, and is predicted to reach USD 402.35 billion by 2030, at a CAGR of 8.1% from 2024 to 2030.
The construction market, also known as infrastructure, plays an essential role in the economy by overseeing the entire process from initial planning to ongoing maintenance of various physical structures, including infrastructure, buildings, and facilities. This sector is involved in a wide range of projects, spanning residential, commercial, industrial, civil engineering, and institutional infrastructure developments.
It engages numerous stakeholders, including architects, engineers, contractors, suppliers, developers, investors, and government agencies. The industry is poised for growth, fueled by an increased focus on environmentally friendly practices such as the use of green building materials and energy-efficient designs. Additionally, factors such as rising per capita income in emerging economies and low-interest rates in developed countries are expected to further drive the expansion of the infrastructure market.
Government-Led Initiatives Drive Expansion of Canada's Infrastructure Market
The increasing number of infrastructure projects and government-led initiatives in Canada, fuelled by the growing demand for sustainable housing solutions, is expected to drive the expansion of the country's construction market. In 2023, the Governments of Canada and Alberta jointly committed over USD 2.76 billion for the completion and renewal of several infrastructure projects through the Canada Infrastructure Program. These projects benefit from cost-sharing arrangements with the provincial government, municipalities, Indigenous communities, and other partners, thereby promoting the growth of the Canadian construction industry.
Remarkable Expansion of Canada's Infrastructure Industry Drives the Market Growth
Moreover, the infrastructure industry in the nation is currently experiencing remarkable expansion, primarily driven by a notable surge in substantial project investments and infrastructure development. In 2023, the top ten megaprojects in the infrastructure sector included the Site C Clean Energy Project, GO Expansion – On-Corridor Works, Bruce Power Refurbishment, Darlington Nuclear Refurbishment, Eglinton Crosstown LRT, Ontario Line, GO Expansion Projects – Early Works, Iona Island Wastewater Treatment Plant, TTC Vehicles Program, and Reseau express metropolitan. These megaprojects significantly propelled the growth of the construction market within the country.
Navigating Regulatory Complexities Hinders Growth in the Infrastructure Market
The infrastructure market faces significant challenges stemming from stringent regulatory frameworks. Infrastructure ventures encounter hurdles due to the complex network of government regulations and permitting processes. Infrastructure projects typically require securing numerous permits and approvals from governmental bodies at local, regional, and national levels.
These permissions encompass zoning regulations, environmental assessments, compliance with building codes, safety standards, and various regulatory requirements. Lengthy permit acquisition processes, bureaucratic inefficiencies, and regulatory disparities among jurisdictions can significantly prolong project timelines and inflate costs. Additionally, fluctuations in regulations or unexpected policy changes can disrupt ongoing projects and discourage potential investments.
For instance, the United States Environmental Protection Agency (EPA) oversees various aspects of the infrastructure sector, including air quality, lead management, waste disposal, and water regulations. The EPA's compliance assistance centers offer resources to facilitate environmental compliance during demolition activities, the recycling of infrastructure materials, and the proper disposal of refrigeration and air-conditioning equipment.
Integration of Digitalization and BIM Presents Lucrative Opportunity for Market Expansion
The construction market is undergoing a significant transformation with the integration of digitalization and the adoption of Building Information Modeling (BIM), harnessing advanced technologies to enhance efficiency, accuracy, and collaboration across various projects. BIM, an advanced 3D modeling tool, empowers stakeholders to generate and oversee digital renditions of structures and infrastructure, facilitating improved coordination and communication among project teams.
For example, in September 2022, the National Institute of Building Sciences (NIBS) launched the Canada National Building Information Management (BIM) Program, aiming to revolutionize the infrastructure industry and achieve unprecedented levels of industrial efficiency through digitalization. This initiative addresses the insufficient degree of digitalization within the Canada infrastructure sector, that impedes the evolution of lifecycle work processes to become more efficient, cost-effective, resilient, and safer for infrastructure and maintenance.
Competitive Landscape
The market players operating in the Canada construction industry include SNC-Lavalin Inc., Aecon Group Inc., Kentel Construction Ltd, PCL Construction, EllisDon, Graham Construction, Kiewit Canada, Ledcor Group, Pomerleau, Bird Construction, and others.
Canada Construction Market Key Segments
By Type
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Renovation
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New Construction
By Sector
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Real Estate
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Residential
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Affordable
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Luxury
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Commercial
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Retail Buildings
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Office Buildings
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Hospitality
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Healthcare Facilities
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Educational Institutes
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Entertainment Ventures
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-
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Infrastructure
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Transportation
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Airport
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Port
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Rail
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Road
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Water and Wastewater
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Energy
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Telecommunication
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Industrial
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Manufacturing Plant
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Warehouses
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Power Plants
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Oil Refineries
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Chemical Plants
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Key Players
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SNC-Lavalin Inc.
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Aecon Group Inc.
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Kentel Construction Ltd
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PCL Construction
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EllisDon
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Graham Construction
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Kiewit Canada
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Ledcor Group
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Pomerleau
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Bird Construction
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 253.77 Billion |
|
Revenue Forecast in 2030 |
USD 402.35 Billion |
|
Growth Rate |
CAGR of 8.1% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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