The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 9, 2023 /PRNewswire/ -- As per The Business Research Company's Education Building Global Market Report 2023, the global education buildings market is poised for substantial growth, with the market size projected to increase from $590.74 billion in 2022 to $613.88 billion in 2023, driven by a robust Compound Annual Growth Rate (CAGR) of 3.9%. This growth trajectory is set to continue, with the market size forecasted to reach $679.80 billion in 2027, maintaining a steady CAGR of 2.6%.
Globalization of Education Fuels Market Growth
One of the driving forces behind this expansion is the globalization of education. With a surge in international mobility among students, faculty, and academic programs, educational institutions are rapidly expanding their global presence. They are establishing international campuses and forming partnerships worldwide. This trend not only necessitates the construction of satellite campuses, research centers, and specialized facilities abroad but also demands the development of modern, technologically advanced educational buildings. These buildings cater to the needs of an increasingly diverse and mobile student population. As education transcends borders, the construction market responds with innovative and internationalized building projects, driving market growth.
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Highly Fragmented Market with Diverse Players
The education buildings market is characterized by a high degree of fragmentation, featuring numerous players operating in the market. In 2022, the top ten competitors accounted for just 1.07% of the total education buildings market. Skanska AB held the largest share at 0.28%, followed by Hochtief AG, Balfour Beatty plc, DPR Construction, AECOM Technology, STO Building Group, McCarthy Holdings Inc., HDR Inc., Gilbane Inc., and Gensler.
Sustainability and Green Building Practices on the Rise
Sustainability and green building practices are emerging as prominent trends in the education building market. Educational institutions are increasingly prioritizing environmentally conscious construction. This includes incorporating energy-efficient designs, utilizing renewable energy sources, and employing eco-friendly materials in their building projects. For example, The Division of the State Architect in California is championing the California Sustainable Schools Showcase, aiming to promote sustainable and energy-efficient school construction. Similarly, The New School in Sundby, Denmark, has received the Nordic Ecolabel, recognizing its energy consumption, indoor climate, chemical exposure, and sustainable material use.
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Market Segmentation and Key Opportunities
The global education buildings market is segmented based on construction activity (New Construction, Repair and Maintenance, Refurbishment, Demolition), application (School, Institutions), and end-user (Private, Public). The new construction segment is expected to present significant opportunities, contributing $42.50 billion in global annual sales by 2027.
Asia Pacific Leads, Africa and Asia Pacific to Witness Rapid Growth
In 2022, Asia Pacific led the education buildings market, accounting for 40.95% of the total share. North America followed, with other regions trailing. Going forward, Africa and Asia Pacific are expected to experience the fastest growth in the education buildings market, with Compound Annual Growth Rates (CAGRs) of 11.23% and 3.78%, respectively.
As the global education buildings market continues to evolve, businesses and stakeholders in the construction industry stand to benefit from the dynamic growth prospects offered by the globalization of education and sustainability trends.
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