This study identifies the emergence of smart cities as one of the prime drivers of construction market growth during the next few years
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“ To reduce short-term price shocks in the present market volatility , suppliers are concentrating on creating new contracts with longer project durations and larger average project tickets .”
A SUSTAINABLE FUTURE
We analyse trends , drivers and challenges in global construction markets , and highlight new and emerging technologies that are making a difference ….
The construction industry plays a key role for governments in developed and developing economies . The sector creates new jobs , drives economic growth and provides solutions to address social , climate and energy challenges . It has important links with other sectors , so that its impact on GDP and economic development goes well beyond the direct contribution of construction activities .
According to Reportlinker , the global construction market is forecast to grow by US $ 1123.8 billion from 2022-2027 , accelerating at a CAGR of 5.3 % during the forecast period . The market , it said , is driven by increased investment in infrastructure , expanding manufacturing and distribution facilities and an increased focus on building earthquakeresilient buildings .
This study identifies the emergence of smart cities as one of the prime drivers of construction market growth during the next few years . The adoption of dry construction techniques and the development of green buildings will also lead to sizeable demand in the market .
The construction market is segmented by type i . e . building construction ; heavy & civil engineering ; land planning and development , and specialty trade contractors . It is also segmented by end user ( private and public sectors ) as well as region and types of contractor .