The Global Construction Market Is Expected To Grow To $24 Trillion By 2021 According To TBRC’s Lates
Added: (Thu Apr 12 2018)
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The Global Construction Market Is Expected To Grow To $24 Trillion By 2021 According To TBRC’s Latest Report
The construction market industry includes architectural services, the physical processes of building, infrastructure development, civil engineering, the assembly and installation of prefabricated components and equipment, and repairs and maintenance for already built structures.
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The reason for substantial growth of the market from $17 trillion in 2017 to $24 trillion by 2021 are the expected increase in demand for new buildings and heavy construction projects due to rapid urbanization in emerging markets owing to strong economic growth, rising disposable income, availability of credit at low interest rates, and changing consumer lifestyles preferences., development of new cities in emerging economies such as China and India.
The construction market in The Business Research Company’s report is segmented into buildings construction, heavy and civil engineering construction and specialty construction contractors. While the first segment accounts for nearly half of the market share, the remaining share is attributed to the other two segments.
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China was the largest country in the construction market in 2017, accounts for nearly 35% of the market share. This was mainly due to the presence of a large number of construction companies catering to a large customer base in the country. China was followed by the USA and Japan as the next largest countries in the market.
China State Construction Engineering Co., Ltd. was the largest competitor in the construction market, followed by China Railway Group Ltd. and China Railway Construction Corporation Limited. The China State Construction Engineering Corporation is a Chinese construction company and general contractor. The company operates through 30 country-specific teams, with a marketing network covering markets in Africa, ASEAN and surrounding regions, Central Asia, Central and Eastern Europe and Latin America. It is headquartered in Beijing, China and employs around 10,000 people.
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The Business Research Company is a Business Intelligence Company which excels in company, market and consumer research. It has offices in the UK, the US and India and a network of trained researchers in 15 countries globally.
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