The global construction industry is expected to reach a market size of USD 13,572.4 billion in 2024, projecting a CAGR of 6.0%. Prior to the COVID-19 outbreak, the construction industry had been showing signs of weakness, with the residential market struggling due to rising unemployment, majorly in India, liquidity crunch in the non-bank financial sector, and a decline in new residential projects launched.
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The situation was expected to much improve in 2022 due to government initiatives such as improving liquidity position and expanded infrastructure investments. The residential sector is the largest construction sector. The COVID-19 pandemic has mostly impacted the construction industry and changed the demand drivers for recovery. The construction industry performed well in the first quarter of 2020, particularly in the new residential segment. However, as the pandemic spread, many active projects, as well as new business permits, were withheld by government authorities. Homeowners in regions with a high number of COVID-19 cases are limiting contractor access or entrance into homes and are preferring DIY projects as families are staying at home.
All segments of non-residential building construction typically decline in recessionary conditions. However, the decline in this sector is mainly due to the COVID-19 outbreak. Owing to the global lockdown and shutdown involving social distancing, remote working, and the closure of industries and other commercial activities, the non-residential construction sector has been impacted negatively. As a result of which, the entire supply chain has been disrupted; the builders and designers are continually dealing with local regulations and labor requirements. Thus, the construction firms report new project delays, and the projects are put on hold.
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The COVID-19 pandemic has affected all industries globally. The heavy & civil engineering sector, which was already facing multiple challenges due to lack of capital and credit avenues to insolvencies, multiple frauds, and regulatory burden under the Environment Laws and the Real Estate (Regulation and Development) Act, 2016, is now affected by the COVID-19 pandemic. Reverse migration, disruption of supply chains, among others, are some of the multiple consequences which the sector would be facing. Despite all these factors, the heavy & civil engineering construction sector is likely to resume its activities.
APAC is expected to account for the largest share in the construction industry during the forecast period.
The construction industry in Asia pacific is anticipated to witness a healthy growth rate over the forecast period. This can be attributed to the presence of a large population base, rapidly growing economies, and rising investments in infrastructure projects in the region. Additionally, the increasing investments in residential and commercial spaces, with an aim to provide better living and working conditions, are also expected to drive the growth of the construction industry in the region. The government initiatives to promote the use of renewable energy sources and green construction practices are also projected to propel the growth of the construction industry in APAC.
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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) and others.
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