ISMR May 2024 | Page 27

INDUSTRY REPORT solutions and infrastructure in remote or disaster-stricken areas ,” added Transparency Market Research .

General construction which includes residential ( houses , apartments ); commercial ( hotels , offices , hospitals , malls / multiplexes , educational institutes ) and industrial segments leads the construction market globally , according to the analyst ’ s report . The urban sector leads the construction market due to rapid urbanisation , driving demand for infrastructure and commercial developments . Renovation leads the construction market , driven by increasing demand for refurbishing existing structures and adapting to sustainable practices .
“ The construction market thrives in a competitive landscape driven by various factors . Giants maintain dominance through global reach , diverse portfolios and expertise in mega projects . Emerging players challenge norms with innovative technologies and sustainable practices . Regional firms capitalise on local expertise and government initiatives . Competition intensifies due to advancements in modular construction , digitalisation and green building techniques . This landscape fosters innovation , pushing companies to deliver cost-effective , efficient and environmentally conscious solutions , driving the evolution of the construction industry worldwide ,” concluded the analyst .
Regional profile
Transparency Market Research also outlined a regional profile for the global construction market .
“ North America , driven by major players , is experiencing steady growth due to infrastructure modernisation and commercial development . Robust technological adoption and stringent regulatory standards further bolster market expansion ,” it explained .
“ Europe ’ s construction landscape , led by Vinci and Bouygues Construction , emphasises sustainability and innovation . Stricter environmental norms and a focus on energy-efficient structures drive the demand for green construction , shaping the region ’ s future projects and renovations ,” it added . According to the analyst , the Asia-Pacific region is

Growth drivers and trends

■ Rapid urban development drives construction demand for infrastructure , residential and commercial spaces , particularly in emerging economies .
■ Increasing emphasis on eco-friendly materials and green building practices to meet stringent environmental regulations .
■ Adoption of IoT , BIM ( building information modelling ) and modular construction for enhanced efficiency , cost-effectiveness and project management .
■ Government initiatives worldwide fuel construction growth , focusing on transportation , energy and smart city projects .
■ Rising demand for disaster-resilient structures and renovations due to climate change impacts and natural disasters .
( courtesy of Transparency Market Research )
experiencing rapid growth fuelled by urbanisation and infrastructure demands . Large-scale government initiatives and investments in residential and commercial projects continue to propel the market , particularly in emerging economies such as India and Southeast Asia .
The advent of 3D printing technology in construction marks a transformative driver
Spotlight on sustainability
The green revolution and accent on sustainability has become a key driver of the construction industry , underpinned by tax subsidies and tightening building regulations . Consumers have become more energy-conscious in a climate of rising energy costs and concerns over rising carbon emissions have fuelled growing environmental efforts around climate change .
This has trickled down into environmentally friendly building designs and the smart building market . This involves increasing energy efficiency and minimising waste . It has also permeated practices around eco-friendly , renewable and sometimes recycled building materials to reduce carbon emissions , with an eye on energy efficiency . Alternative construction materials are therefore gaining a foothold in the market .
According to a new market research report published by Global Market
Estimates , the global sustainability in construction market is projected to grow at a CAGR of 9.7 % from 2024 to 2029 . 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 energyefficient buildings .
“ The ‘ exterior materials & products ’ segment is expected to be the largest segment in the global sustainability in construction market from 2024 to 2029 . The residential building segment is expected to be the largest segment and the Asia-Pacific region will be the fastest-growing region in the market . The North Americas region is estimated to hold the largest share of the market during the forecast period ( 2024 to 2029 ),” said the report .
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