Construction Market Size, Trends and Growth Forecasts by Key Regions and Countries, 2023-2027
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Exploring the current market trends and insights from the ‘Construction Market’ report will allow you to:
- Understand the global construction industry outlook from 2023 to 2027.
- Analyse growth prospects within each of the major regions: North America, Latin America, Western Europe, Eastern Europe, South Asia, South-East Asia, North-East Asia, Australasia, the Middle East and North Africa, and Sub-Saharan Africa.
- Gain a comprehensive benchmarking of 91 leading construction markets according to construction market value and growth.
- Examine the latest data on construction output trends in key markets.
How is the ‘Construction Market’ report unique from other reports in the market?
- Evaluate regional construction trends from insight on output values and forecast data to 2027.
- Identify the fastest growers to enable assessment and targeting of commercial opportunities in the markets best suited to strategic focus.
- Identify the drivers in the global construction market and consider growth in emerging and developed economies.
- Formulate plans on where and how to engage with the market while minimizing any negative impact on revenues.
We recommend this valuable source of information to anyone involved in:
- Contractors Including Civil Works, Electrical, HVAC, and Others
- Consultants/Designers
- Building Material Merchants/Players
- Construction Equipment Suppliers
- Business Development and Market Intelligence
- Investment Analysts and Portfolio Managers
- Professional Services – Investment Banks, PE/VC Firms/ Portfolio Managers / Buy-Side firms /Insurance Companies
- M&A/Investment, Management Consultants, and Consulting Firms
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Construction Market Overview
The construction industry continued to generate growth momentum in 2023 despite the challenging macroeconomic and geopolitical backdrop. This growth can mostly be attributed to China’s surprisingly strong performance. Construction in the US also picked up in the second half of 2023. The infrastructure, energy and utilities, and industrial buildings sectors will be key drivers of construction output activity.
Public investment in transport infrastructure projects has been buoyant in most major markets, as governments proceed with spending plans to generate overall growth momentum. However, the residential sector will pose challenges to the growth of the overall construction activity in the coming quarters. Additionally, the commercial construction sector will remain sluggish, impacted by general economic weakness.
The construction industry report provides a detailed market growth analysis of the global construction industry up to 2027. The report further covers the regional outlook with a country-wise overview, including crucial project updates, to identify future business prospects.
Key Regions | · US and Canada
· Latin America · Western Europe · Eastern Europe and Central Asia · South-East Asia · South Asia · Australasia · North-East Asia · Middle East and North Africa · Sub-Saharan Africa |
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Construction Market Segmentation by Regions
The key regions in the construction market are the US and Canada, Latin America, Western Europe, Eastern Europe and Central Asia, South-East Asia, South Asia, Australasia, North-East Asia, Middle East and North Africa, and Sub-Saharan Africa. In 2023, North-East Asia accounted for the largest construction market growth.
North-East Asia: The construction industry growth in North-East Asia continued to strengthen in the third quarter of 2023, bolstered by robust activity in China and further improvement in South Korea. In 2024, however, there might be a contraction in the construction output in South Korea. Moreover, there might be a sustained decline in construction orders in China. Potential upsides will garner stronger growth in Taiwan, following its contraction in 2023, as external demand rises with the improving global economic activities.
US and Canada: The US construction industry grew in 2023 due to a marked improvement in construction output growth in Q3 2023. Although high mortgage rates, increasing construction costs, and labour shortages have negatively impacted residential construction activities, non-residential construction sectors have continued to expand. However, Canada’s construction industry is expected to decline in 2024. This is mainly because of high interest rates and rising construction costs will impact the demand for residential sector construction.
Latin America: High inflation, high-interest rates, poor fiscal metrics, and political unrest will continue to hamper Latin America’s growth potential. The construction industry will record a contraction in 2024. On the bright side, signs of inflationary pressure are subsiding and easing the way for industry growth.
Construction Market Analysis by Regions, 2023 (%)
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Segments Covered in the Report
Construction Market Regional Outlook
- US and Canada
- Latin America
- Western Europe
- Eastern Europe and Central Asia
- South-East Asia
- South Asia
- Australasia
- North-East Asia
- Middle East and North Africa
- Sub-Saharan Africa
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Frequently asked questions
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Which are the key regions in the construction market?
The key regions in the construction market are the US and Canada, Latin America, Western Europe, Eastern Europe and Central Asia, South-East Asia, South Asia, Australasia, North-East Asia, Middle East and North Africa, and Sub-Saharan Africa.
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Which was the leading region in the construction market in 2023?
In 2023, North-East Asia accounted for the largest construction market growth.
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What were the drivers behind construction market growth in North-East Asia in Q32023?
The construction market growth in North-East Asia continued to strengthen in the third quarter of 2023, bolstered by robust activity in China and further improvement in South Korea.
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