Global Construction Market – Snapshot
Construction refers to those activities that lead to the building of something. Construction could be of anything from building of roads, motorways to shopping malls, office blocks, and movie theatres to anything. Construction activities are happening all the time around us. Rise in the construction activities is likely to bolster the growth of the global construction market in the years to come.
The time period of a construction project depends on the size the of the project. The bigger the project, the longer the time for construction, which could last from a few weeks to some years. There is a lot of hard work and brainstorming needed in the construction of anything. The global construction market is likely to be influenced by the rising disposable income of the people and rapid urbanization in several countries.
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Integration of Artificial Intelligence to Prevent Hazards in the Construction Industry
As the construction industry gains competitiveness and prominence along with a shift in the market, harnessing the trends of the construction industry is likely to prove valuable for any construction company.
Some of the trends in the construction that could help the market players stay competitive and gain an edge are mentioned below
Efficiency-Improving Technology
Modular and Prefabricated Construction
Building Information Modeling (BIM)
Investment in Infrastructure
Construction Management Software
Better Safety Equipment
Green Construction
Artificial intelligence has come up with better safety standards and it helps in the prediction of hazards that could happen at construction sites even before it occurs. As such, the construction companies are making utilization of the technology of artificial intelligence when it comes to risk management solutions and predictive maintenance. In addition, artificial intelligence has proven to be highly efficacious in assisting workers accomplish their tasks safely. Integration of artificial intelligence with the activities of construction industry is likely to bolster growth of the global construction market over the years of projection.
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Exponential Rise in Global Urban Population to Present Lucrative Opportunities
Trends within the global construction market have evolved at a rapid pace over the past few decades. Progress in technology, significant improvements in construction techniques, and use of superior grades of raw materials are some of the factors that have boosted the construction market in the past few years. While economic factors remain pivotal in the growth of the construction sector across the world, the rapidly growing global population is expected to create a substantial demand for heavy & civil engineering as well as general construction worldwide. According to a publication released by the World Economic Forum, the global urban population is increasing by around 200,000 per day. Furthermore, the publication also stated that the global urban population is expected to grow past the 6 billion mark by 2045, which in turn is expected to put significant pressure on the construction market.
In order to support this influx of people in urban areas of the world, significant rise in the number of industrial, residential, and commercial projects is expected. Additionally, the significant increase in the number of general construction projects will influence the construction of civil projects, including railways, airports, roads, bridges, etc. While other industrial verticals, such as agriculture, retail, and manufacturing, among others, were quick to adopt evolving technologies, the construction market remained behind. However, at present, stakeholders are focusing toward improving productivity and saving cost by showing interest in digital technologies.
construction market infographic
Stakeholders Adopting Digital Technologies to Gain Competitive Edge
Digital technologies have played an imperative role in transforming a range of industry verticals. Over the past few decades, innovations and technological advancements have led to improved productivity levels, high sustainability, and redefined the skill sets of the labor involved. However, around the same time, within the construction market, productivity levels reached stagnation, due to high dependability on manual labor and mechanical technology, and unwillingness to change conventional business and operating models.
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However, digital technologies are gradually entering the construction market, and are expected to play a key role in transforming how various real estate and infrastructure development projects are constructed, designed, maintained, and operated. Some of the new technologies that are anticipated to gain significant popularity in the near future include prefabrication, wireless sensors, building information modeling (BIM), robotics and automated equipment, and 3D printing, among others. These novel technologies are compelling stakeholders in the construction market to adopt new construction practices.
Rise in Number of Heavy and Civil Engineering Construction Projects Worldwide
The construction market is expected to witness steady growth during the forecast period, as more number of countries are gearing up to meet the demand of the growing urban population. Furthermore, while the developed economies are showing no signs of slowing down, the developing nations across the globe are also increasingly spending on a range of construction projects.
In North America, particularly in the U.S., infrastructure development pertaining to transportation is expected to provide an impetus for growth of the construction market. For instance, a whopping ~US$ 8 Bn was allocated for the redevelopment of LaGuardia Airport – a project in which a new airport is being constructed next to the already existing airport. Adoption of latest technologies in the construction market is expected to create significant opportunities for stakeholders involved in the current market landscape. Governments across the world are increasingly spending on a range of mega construction projects. For instance, the South-North Water Transfer Project, China, has been given a staggering 48-years for its completion – a project which will enable the population in north China to gain easier access to water. Moreover, the ongoing construction of Dubailand is a whopping 278 square kilometer project, which is expected to include a number of hotels, theme parks, and recreational buildings.
While the construction market is expected to reach a value of ~US$ 9.5 Bn in 2024, labor shortages, stagnation in productivity levels, surge in prices of raw materials, and adoption of technology at a relatively lower rate could potentially pose a major challenge to the companies in the global construction market.
construction market segmentation
Construction Market: Overview
The construction market has witnessed slow growth in the past few years, due to economic slowdown. However, the construction market is expected to expand during the forecast period due to increased investments in infrastructure and rising economic activity.
Growing environment concerns and adoption of green buildings are likely to drive the construction market. Energy regulations laid down by governing authorities globally are anticipated to boost the entry of new players in the construction market.
Construction Market: Regional Overview
Asia Pacific is likely to be the most attractive market for construction during the forecast period, due to rapid industrialization and infrastructure development. Global players are entering the Asia Pacific region to gain significant market share.
North America and Middle East & Africa are expected to be other major markets for construction. Growth in population and increase in disposable income of people are fueling the demand for residential and commercial buildings.
Infrastructure is crucial for overall growth of a nation and governments globally are heavily investing in infrastructure development, which is anticipated to drive the construction market during the forecast period.
The construction market in South America and Europe is expected to witness slow growth during the forecast period
Construction Market: Major Trends
The construction market is aided by development in artificial intelligence, cloud collaboration, digital twin technology, and wearable technology
Augmented reality and virtual reality are being used for design purposes in large construction projects. Drones are being used for real-time updates, tracking, and for inspection purposes. Optimizing time and resources is now possible with the help of connected construction. For instance, the Development Bureau of Hong Kong, on January 1, 2018, made it mandatory for construction companies to use BIM (Building Information Modeling) for projects exceeding US$ 30 Mn.
Various construction companies have adopted a lean approach to increase efficiency and maintain stability. Expansion of the industry globally is a prominent trend. Entering new markets and collaborating with local companies gives a base to new companies.
Construction Market: Drivers, Opportunities, and Restraints
Modularization, standardization, and prefabrication of components are projected to have a positive impact on the construction market. Increasing project complexity, competition, and constraints in supply chain are restraining the market.
Material is an important part of the construction industry. Innovation in material will have a considerable impact on construction cost, sustainability, and quality. The building material industry is working on innovating material combinations for multifunctional characteristics as well as optimizing existing materials.
Improvements in project monitoring techniques and real time implementation are expected to save time and resources. Moreover, improving compliance practices in construction companies, reshaping regulations, and increasing transparency across the board are urgent needs of the market.
Reducing informality and corruption,enhancing transparency in the tendering process and execution are key aspects that need to be addressed
Energy efficiency, greener solutions, and regulatory compliance are anticipated to drive the construction market during the forecast period
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