Building Construction Market Trends and Forecast
The future of the global building construction market looks promising with opportunities in the residential building and non-residential building markets. The global building construction market is expected to reach an estimated $8.5 billion by 2030 with a CAGR of 7.3% from 2024 to 2030. The major drivers for this market are growing sustainable building practices and green certifications, technological advancements like BIM and IoT integration, and increasing demand for residential, commercial, and infrastructure construction.
• Lucintel forecasts that non-residential building construction is expected to witness higher growth over the forecast period.
• Within this market, residential building is expected to witness the higher growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Building Construction Market
• United States: Several major construction firms, including Turner Construction and Bechtel, have announced ambitious targets to increase sustainable building practices by 30% over the next five years, supported by federal tax incentives for green construction.
• China: Government-led initiatives in China aim to boost urban infrastructure development, with plans to construct over 6 million affordable housing units by 2025. Companies like China State Construction Engineering Corporation (CSCEC) are pivotal in meeting these targets.
• Germany: German construction firms like Hochtief AG and Züblin AG are focusing on digitalization and modular construction techniques to streamline project timelines and reduce costs. The government's investment in smart city projects is driving innovation in sustainable building practices.
• India: With a strong emphasis on infrastructure development under the National Infrastructure Pipeline (NIP), Indian companies such as Larsen & Toubro (L&T) are expanding their capabilities in mega construction projects, aiming to meet the growing urbanization demands with sustainable building solutions.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Building Construction Market by Segment
The study includes a forecast for the global building construction market by type, application, and region.
Building Construction Market by Type [Value from 2018 to 2030]:
• Non-Residential Building Construction
• Residential Building Construction
Building Construction Market by Application [Value from 2018 to 2030]:
• Residential Buildings
• Nonresidential Buildings
Building Construction Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Building Construction Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies building construction companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the building construction companies profiled in this report include-
• D.R. Horton
• China Railway Construction
• Lennar
• Kiewit Building
• China State Construction Engineering
Recent Development in the Building Construction Market
• Turner Construction Company: Launches a sustainable building initiative aimed at achieving net-zero carbon emissions in all new projects by 2030, focusing on integrating renewable energy and advanced building materials.
• Skanska: Introduces a digital twin technology platform across its construction projects worldwide, enhancing project efficiency and predictive maintenance capabilities through real-time data analytics and simulation.
• Bouygues Construction: Partners with local governments in several countries to promote affordable housing solutions, leveraging modular construction techniques to reduce costs and expedite project delivery.
• Bechtel Corporation: Implements a comprehensive safety program integrating AI-driven predictive analytics to preemptively identify and mitigate construction site hazards, enhancing worker safety and project productivity.
• AECOM: Launches a global diversity and inclusion initiative within its construction division, aiming to increase minority and women representation across leadership roles and foster a more inclusive workplace culture.
Features of the Global Building Construction Market
Market Size Estimates: Building construction market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Building construction market size by type, application, and region in terms of value ($B).
Regional Analysis: Building construction market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the building construction market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the building construction market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the building construction market size?
Answer: The global building construction market is expected to reach an estimated $8.5 billion by 2030.
Q2. What is the growth forecast for building construction market?
Answer: The global building construction market is expected to grow with a CAGR of 7.3% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the building construction market?
Answer: The major drivers for this market are growing sustainable building practices and green certifications, technological advancements like BIM and IoT integration, and increasing demand for residential, commercial, and infrastructure construction.
Q4. What are the major segments for building construction market?
Answer: The future of the global building construction market looks promising with opportunities in the residential building and non-residential building markets.
Q5. Who are the key building construction market companies?
Answer: Some of the key building construction companies are as follows:
• D.R. Horton
• China Railway Construction
• Lennar
• Kiewit Building
• China State Construction Engineering
Q6. Which building construction market segment will be the largest in future?
Answer: Lucintel forecasts that non-residential building construction is expected to witness higher growth over the forecast period.
Q7. In building construction market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the building construction market by type (non-residential building construction and residential building construction), application (residential buildings and nonresidential buildings), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Building Construction Market, Building Construction Market Size, Building Construction Market Growth, Building Construction Market Analysis, Building Construction Market Report, Building Construction Market Share, Building Construction Market Trends, Building Construction Market Forecast, Building Construction Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.