The global construction industry is growing at an accelerated pace since recent years. Global population growth, coupled with fast-growing economies such as China and India, rising per capita income in developing economies and declining unemployment rates in advanced economies are the main reasons for market growth. It is estimated that the market will grow at a CAGR of 4-5% over the next five years. Economic development will generally require substantial investment in new construction and extensions to existing infrastructure. In developing economies, during their expansion phase, construction is growing. Countries with tourism opportunities need more infrastructures for tourist accommodation and will likely be a decent part of the market in the coming years.
In Europe, many countries such as Ireland, Romania, and Spain have seen a boom in the construction sector in recent years. The Asia-Pacific region is expected to dominate the construction market in the coming years, particularly China and India. Emerging markets such as China, India, Indonesia and developed economies such as the United States and Russia are expected to occupy nearly 3/4 of the global construction market over the next five years. Residential and non-residential builders, real-estate agents, contractors, engineering firms and large construction companies are the main sectors of the construction industry. AxelReports estimates that, in a short time, the activity of the global industry will be led mainly by infrastructure, private housing, and commercial construction activities. The commercial construction is ready to lead the market in the next five years, surpassing the growth in other sectors of the industry. Economic growth in countries like China and some countries in the Middle East are some of the factors behind the growth of the commercial sector.
This sector offers companies a wide range of market data that can be used as blueprints, ranging from market size to revenue forecasts, value chain, market and product trends, trends and price regulations, the competitive landscape, key players, their key developments, strategy, and profile. AxelReports offers a 360-degree in-depth analysis of manufacturing and construction industry, allowing companies to access ideas for strategy creation, planning, and execution. Our construction analysts are also focused on analyzing trends in end-user markets and on assessing the impact of these trends on the performance of the sector. Our experience in reporting includes the evaluation of new market opportunities and its size, the identification and evaluation of complex global value chains (including key drivers, constraints and winning strategies). We also have experience in the analysis of scenarios, costs, price trends, and forecasts. There is a team dedicated to the profiles of the company and the competitive landscape on a permanent basis. With a wide range of reports from the construction industry and experience in monitoring and analyzing the activities of the industry on a regular basis, our research team produces complete reports on their own and also in collaboration with experts in the field.
The development of sustainable building and construction materials has been increasing since recent years. Strict environmental laws and policies now have raised more attention towards the development of eco-friendly materials in either manufacturing and operation phases of the material life cycle of the building and construction industry worldwide. The new notable technologies in recent years are geo-polymeric concrete, efflorescence materials, and foam concrete. Countries such as China and India are the main players in the growth of the Asia-Pacific market.
Construction technology and sustainability industry are constantly growing in recent years. Advanced technologies in the construction sector are not as popular as standard construction technologies. A basic reason behind this is the mentality of people and economic factors. But with the changing mindset of people and the growing awareness towards the benefits of using new and efficient technologies, these new technologies are expected to gain greater acceptance over time. The sector is now open to new and efficient manufacturing technologies.
Equipment manufacturers have developed innovative and efficient machines that deal with various functions in the construction industry. Some of the equipment currently manufactured and used includes portable concrete mixers and pumps, loaders, articulated hoists for lifts, cranes and excavators and other ancillary equipment. The use of different equipment in the construction process ensures faster completion of projects and reduces labor dependence. Developments in construction equipment are making the construction industry richer in capital than conventional labor-intensive construction. The main objective of the manufacturers was to maintain fuel economy and comply with global emissions standards. The latest trend is the implementation of a tracking device and a communication device through which the owner of the machine is informed of the operation of the machine through the messages forwarded on their phones.