COVID-19 Impact on Construction Market - Exclusive Report by MarketsandMarkets™

COVID-19 Impact on Construction Market - Exclusive Report by MarketsandMarkets™

PR Newswire

CHICAGO, Sept. 10, 2020

CHICAGO, Sept. 10, 2020 /PRNewswire/ -- MarketsandMarkets™ published a report titled, "COVID-19 Impact on Construction Market by Type (Residential, Non-Residential, and Heavy & Civil Engineering) and Region – Global Forecast To 2021". Based on their findings, the Construction Market size is expected to decline from USD 11,217.4 billion in 2019 to USD 10,566.8 billion in 2020. However, the industry will show signs of recovery in 2021 and reach a market size of USD 11,496.7 billion, projecting a CAGR of 1.2% between 2019 and 2021. The construction industry is expected to decline in 2020 due to supply chain disruption caused by the COVID-19 pandemic.

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The residential sector comprises a major share of the construction industry.

Globally, construction is more than USD 11 trillion industry, of which residential construction is the largest sector. The occurrence of COVID-19 has caused disruption in the residential construction sector. The main disruption is in the supply chain. The transformation of COVID-19 from a China-centric challenge to a global pandemic has resulted in the shifting of the impact to the global construction supply chains and markets.

Operations have to be stopped or limited in to adhere to the government rules for ensuring the safety of the employees. However, many companies are still operating in some countries where the construction industry is listed under essential activities. For many companies, the digitally-enabled functions, for instance, design, can continue, but the operational or site-related work is completely suspended. Labor shortage, near-total restrictions on logistics and transport have disrupted supply chains, creating a scarcity of raw materials.

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APAC is expected to account for the largest share in the construction industry during the forecast period.

APAC is the largest construction market. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various sectors such as residential, non-residential, and heavy & civil engineering. However, COVID-19 has affected the entire world disastrously, and APAC is one of the most affected regions, globally. The deadly virus has affected various major markets in APAC, including China and India. It has forced the government to lock down the that resulted in slow down across all the sectors.

The key players in the construction industry include Bechtel Group (US), Balfour Beatty (UK), Grupo ACS (Spain), China State Construction Engineering Corporation Limited (China), L&T Construction (India), PCL Construction Enterprises (Canada), and Skanska Construction (Sweden). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the construction industry. These players have taken different organic and inorganic developmental strategies over the past five years.

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