INDUSTRY REPORT
Going forward , the fastestgrowing regions in the construction market will be the Middle East and Asia Pacific
The residential building construction market was the largest segment of the building construction market segmented by type , accounting for 58.2 % of the total in 2019 . Going forward , this segment is expected to be the fastest growing segment in the building construction market at a CAGR of 6.0 % during 2019-2023 , said the analyst .
The utility system construction market was the largest segment of the heavy and civil engineering construction market segmented by type , accounting for 43.9 % of the total in 2019 .
“ Going forward , the highway , street and bridge construction segment is expected to be the fastest growing segment in the heavy and civil engineering construction market , at a CAGR of 4.9 % during 2019-2023 ,” added the analyst .
The building equipment contractor market was the largest segment of the specialty trade contractors market segmented by type , accounting for 44.3 % of the total in 2019 . This segment is expected to be the fastest growing segment in the specialty trade contractor market , at a CAGR of 4.8 % during 2019-2023 .
The private end-user market was the largest segment of the enduser sector segmented by type , accounting for 54.4 % of the total in 2019 . Going forward , the public end-user segment is expected to be the fastest growing segment in the end-user sector market , at a CAGR of 5.7 % during 2019-2023 .
“ Asia Pacific was the largest region in the global construction market , accounting for 41.0 % of the total in 2019 . It was followed by North America , Western Europe and then the other regions . Going forward , the fastest-growing regions in the construction market will be the Middle East and Asia Pacific ,” confirmed the report .
COVID-19 impact
According to Allied Market Research , the prolonged lockdown has severely affected the supply and distribution of raw materials for the construction of buildings and commercial sites . However , the adoption of technology platforms and solutions to tackle the pandemic is expected to aid the construction & manufacturing industry post-pandemic . “ The COVID-19 pandemic turned out to be a
Construction on the Pont du Moulin de la Chevrotière at Deschambault-Grondines , Canada .
The grandstand at Dubai , UAE .
wake-up call for the construction industry as it highlighted why Industry 4.0 technologies are essential for sustenance in the global market ,” it said .
Analyst Grand View Research also acknowledged the impact of COVID-19 on the global construction market .
“ The global construction industry , once booming due to residential and commercial construction in China and the U . S ., has been affected by the suspension of construction activities across the impacted economies . The construction industry in the U . S . is expected to take a major hit due to labour shortages and the lockdown imposed by the government during COVID-19 , which is expected to be aggravated by resulting supply chain issues and financing pressures due to nonadherence to completion times . COVID-19 is a key market contributor ,” it said .
Modular construction
Modular construction involves constructing the modules of a building off-site , then transporting them to the destination for assembly . This method often cuts costs and shortens the construction timeline – it can account for 30-50 % time savings over its traditional counterpart . The market is expected to witness a renewed interest from the building & construction industry because of the growing emphasis on productivity ,
Above : Aluminium house system ( Kyushu , Japan ). efficiency and workplace safety , along with reducing the time and cost associated with building activities .
“ The U . K . is one of the leading markets for modular construction , owing to its high rate of adoption . The chronic shortage of skilled labour , massive ongoing investment in residential housing development and a renewed focus on upgrading healthcare infrastructure are expected to drive the market ,” commented analyst , Grand View Research .
“ In countries such as Sweden , Canada and Finland , extremely cold weather and shorter daytime inhibit traditional building methods . Consequently , modular construction has emerged as a logical alternative to conventional methods . As of 2018 , around 85 % of new houses in Sweden are built using some form of modular construction ,” it added .
Irrespective of the type of material used , the modular option makes it possible to take advantage of economies of scale , faster speed and improved quality control , making it an increasingly attractive
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