INDUSTRY REPORT
“ The growth of global sustainability in the construction market is driven by increasing regulatory requirements for environmentally friendly building practices and growing consumer demand for green and energy-efficient buildings .”
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INDUSTRY REPORT
BUILDING NEW PATHS
We highlight growth drivers , trends and challenges in global construction markets for manufacturers .
According to analyst Transparency Market Research , the global construction market is estimated to grow at a CAGR of 4.5 % from 2023 to 2031 . It estimates overall sales revenue for construction to reach US $ 17.1 billion by the end of 2031 .
“ A prominent driver is the rising focus on prefabricated and modular construction methods . These methods streamline project timelines , reduce costs and enhance quality by assembling components off-site . The trend is gaining traction due to its efficiency in addressing labour shortages and offering innovative design possibilities ,” said the analyst .
The growing demand for wellness-oriented spaces is also reshaping construction practices . Wellness-driven designs prioritize factors such as air quality , natural lighting and ergonomic layouts , catering to occupants ’ health and productivity . This trend aligns with the rising importance placed on wellbeing in residential , commercial and institutional spaces .
The global construction market is estimated to grow at a CAGR of 4.5 % from 2023 to 2031
Global market trends
Along with the increased focus on prefabricated and modular construction methods , as well as growing demand for wellness-driven designs , the analyst also highlighted a range of other global market trends .
“ The advent of 3D printing technology in construction marks a transformative driver . It enables the creation of complex architectural designs with reduced material waste and construction time . As this technology evolves , it holds promise for cost-effective and sustainable construction methods , especially in creating affordable housing
26 | ismr . net | ISMR May 2024