Source: TBRC, PRNewsWire
May.25.2022, Singapore ------ Asia Pacific was the largest region in the global nonresidential building construction market, accounting for 42.4% of the total in 2021, according to the report from The Business Research Company (TBRC). It was followed by North America, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the nonresidential building construction market will be Africa and Asia Pacific, where growth will be at CAGRs of 17.3% and 9.2% respectively. These will be followed by Eastern Europe and South America where the markets are expected to grow at CAGRs of 8.92% and 8.86% respectively, during 2021-2026.
May.25.2022, Singapore ------ Asia Pacific was the largest region in the global nonresidential building construction market, accounting for 42.4% of the total in 2021, according to the report from The Business Research Company (TBRC). It was followed by North America, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the nonresidential building construction market will be Africa and Asia Pacific, where growth will be at CAGRs of 17.3% and 9.2% respectively. These will be followed by Eastern Europe and South America where the markets are expected to grow at CAGRs of 8.92% and 8.86% respectively, during 2021-2026.
According to the report, The global non-residential building construction market size is expected to grow from $2675.51 billion in 2021 to $2989.95 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The growth in the non-residential building construction market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The non-residential building construction market is expected to reach $4484.30 billion in 2026 at a CAGR of 10.7%.
Sustainability is Key
Nonresidential building construction companies are increasingly using green construction techniques to build energy efficient buildings and reduce construction costs. Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact. According to the World Green Building Trends Survey, about 60% of construction firms across the globe were involved in green construction projects. Certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies to develop high-performance, sustainable residential and commercial buildings, and also offer a variety of benefits, from tax deductions to marketing opportunities. Sustainable construction materials such as natural paints and steel beams made from recycled material are being widely used in the UK. Other green construction techniques such as cross-ventilation for a more natural environment, green construction software such as Construction Suite to ensure green compliance, and Green Globes management tool are also being used in the construction industry.
Advanced Technology = Efficiency
Nonresidential building construction companies are using robotics for increasing productivity, to get work done quicker, cheaper and with more precise detail. Construction robots are automated machines that assist in construction. Technology from San Francisco startup Built Robotics lets construction machinery such as diggers and dozers operate autonomously. A growing array of robotic equipment can take over specialized construction tasks including welding, drilling, and brick-laying. For instance, more than four out of five (81%) of the world's construction companies say they are planning to introduce robots into their operations during the coming decade, partly in response to a growing skills crisis being experienced by 91% of them.
Key Players and Their Strategies
The nonresidential building construction market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 4.73% of the total market in 2021. Major players in the market are China State Construction Engineering Co., Ltd., Shanghai Construction Group Co., Ltd., Hochtief AG, Vinci S.A., Bouygues SA and Greenland Holding Group.
Player-adopted strategies in the nonresidential building construction market include focus on expanding presence through contracts and agreements, expanding product portfolio, expanding business by working on new projects throughout the world and focus on strengthening product portfolio by introducing advanced products needed for construction.
See more on the Non-Residential Building Construction Market Report:
https://www.thebusinessresearchcompany.com/report/nonresidential-building-construction-global-market-report
Nonresidential building construction companies are increasingly using green construction techniques to build energy efficient buildings and reduce construction costs. Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact. According to the World Green Building Trends Survey, about 60% of construction firms across the globe were involved in green construction projects. Certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies to develop high-performance, sustainable residential and commercial buildings, and also offer a variety of benefits, from tax deductions to marketing opportunities. Sustainable construction materials such as natural paints and steel beams made from recycled material are being widely used in the UK. Other green construction techniques such as cross-ventilation for a more natural environment, green construction software such as Construction Suite to ensure green compliance, and Green Globes management tool are also being used in the construction industry.
Advanced Technology = Efficiency
Nonresidential building construction companies are using robotics for increasing productivity, to get work done quicker, cheaper and with more precise detail. Construction robots are automated machines that assist in construction. Technology from San Francisco startup Built Robotics lets construction machinery such as diggers and dozers operate autonomously. A growing array of robotic equipment can take over specialized construction tasks including welding, drilling, and brick-laying. For instance, more than four out of five (81%) of the world's construction companies say they are planning to introduce robots into their operations during the coming decade, partly in response to a growing skills crisis being experienced by 91% of them.
Key Players and Their Strategies
The nonresidential building construction market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 4.73% of the total market in 2021. Major players in the market are China State Construction Engineering Co., Ltd., Shanghai Construction Group Co., Ltd., Hochtief AG, Vinci S.A., Bouygues SA and Greenland Holding Group.
Player-adopted strategies in the nonresidential building construction market include focus on expanding presence through contracts and agreements, expanding product portfolio, expanding business by working on new projects throughout the world and focus on strengthening product portfolio by introducing advanced products needed for construction.
See more on the Non-Residential Building Construction Market Report:
https://www.thebusinessresearchcompany.com/report/nonresidential-building-construction-global-market-report
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