Industry: Construction & Manufacturing | Publish Date: 28-Oct-2024 | No of Pages: 111 | No. of Tables: 78 | No. of Figures: 43 | Format: PDF | Report Code : CM2196
The Mexico Construction Market size was valued at USD 277.42 billion in 2023, and is predicted to reach USD 604.58 billion by 2030, at a CAGR of 10.0% from 2024 to 2030.
The construction market, often referred to as infrastructure market, plays a vital role in the economy by managing the entire process from initial planning to ongoing maintenance of various physical structures, including infrastructure, buildings, and facilities. This sector encompasses a broad spectrum of projects, covering residential, commercial, industrial, civil engineering, and institutional infrastructure developments.
It involves collaboration among numerous stakeholders, including architects, engineers, contractors, suppliers, developers, investors, and government agencies. The industry is positioned for growth, driven by an increased emphasis on environmentally friendly practices such as the adoption 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 stimulate the expansion of the infrastructure market.
The infrastructure of new manufacturing and industrial plants in Mexico is serving as a catalyst for the nation's construction market growth. According to Business Monitor International (BMI), Mexico's infrastructure sector is expected to continue its rebound following a significant 17.6% decrease in 2020. Moreover, BMI forecasts a growth of 0.4% in 2022 and 1.1% in 2023, with an average annual growth rate of 2.8% from 2023 to 2032. This projected growth trajectory indicates a positive trend towards stability and expansion in Mexico's infrastructure sector.
The construction market in this nation is experiencing significant expansion fueled by increased investments in large-scale engineering and major infrastructure projects. Notable examples from 2023 include the Baja California Sur Combined Cycle Power Plant 327 MW, Tigres Football Club Stadium, Lerdo-Norte IV Combined Cycle Power Plant 350 MW, Marin Prefabricated Straight Beams Production Plant, and the Chihuahua Ophthalmic Lenses and Frames Manufacturing Plant Expansion. These key projects are playing a crucial role in driving the growth of the infrastructure market within the country.
The construction market grapples with significant challenges arising from stringent regulatory frameworks. Infrastructure ventures face obstacles due to the intricate network of government regulations and permitting processes. Infrastructure projects typically entail 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.
The construction market is undergoing a significant transformation with the integration of digitalization and the adoption of Building Information Modeling (BIM), leveraging 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 Mexico 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 Mexico infrastructure sector, that impedes the evolution of lifecycle work processes to become more efficient, cost-effective, resilient, and safer for infrastructure and maintenance.
The market players operating in the Mexico infrastructure industry include CICSA, IDEAL, Mota-Engil México, Techint Ingeniería y Construcción, Omega CORP, Pinfra, Aleatica, Grupo Indi, Grupo GP, Grupo Carso, and others.
Renovation
New Construction
Real Estate
Residential
Affordable
Luxury
Commercial
Retail Buildings
Office Buildings
Hospitality
Healthcare Facilities
Educational Institutes
Entertainment Ventures
Infrastructure
Transportation
Airport
Port
Rail
Road
Water and Wastewater
Energy
Telecommunication
Industrial
Manufacturing Plant
Warehouses
Power Plants
Oil Refineries
Chemical Plants
include CICSA
IDEAL
Mota-Engil México
Techint Ingeniería y Construcción
Omega CORP
Pinfra
Aleatica
Grupo Indi
Grupo GP
Grupo Carso
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 277.42 Billion |
Revenue Forecast in 2030 |
USD 604.58 Billion |
Growth Rate |
CAGR of 10.0% 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. |