The Global Market Model comprehensive construction market analysis on key parameters such as construction market size, construction market growth drivers, construction market share, construction market trends, and more across 58 geographies for the seven key regions
LONDON, July 12, 2023 /PRNewswire/ -- The Global Market Model (GMM), The Business Research Company's flagship product is the world's most comprehensive database of integrated market information. The platform provides forecasts for over 5000 markets in 27 industries on the basis of economic, geopolitical, and sector-specific factors across 58 geographies.
Key insights from the Global Market Model's latest forecast for the construction industry are:
Market size of construction sector
The global construction market was valued at $14393.6 billion in 2022, accounting for 14.2% of the global GDP.
Construction market growth rate and drivers
The market is expected to grow at a compound annual growth rate (CAGR) of 6.1% during 2022 to 2032 attributing to the following factors -
- Increase in infrastructure development expenditure by governments
- Green construction
- Rise in industrialization
Largest region in the global construction industry
The USA was the leading market in the construction industry, accounting for 21.6% of the total in 2022.
Construction industry forecast for the coming years
Global Market Model, in its latest forecast for the construction market, has kept the expected forecast growth (CAGR) over the next ten years unchanged. The low housing prices due to high interest rates and fewer mortgages in circulation, were already taken into account during our previous forecasts update. Hence, our forecasts for this market remained same during this update cycle. The demand for construction activities is likely to get impacted due to recession pressure.
Lean More On How The Construction Industry Is Set To Grow In The Forecast Period
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Through the Global Market Model, gain further in-depth insights on the construction industry by analyzing the key industry metrics -
- Number of households
- Construction spending
- Number of new households
- Number of enterprises
- Number of employees
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