Latest News- Construction Market in Australia: Building construction is expected to lead the Sector segment during 2025-2029
The Construction Market in Australia is being driven by Rising mass population shifting toward urban cities
The Construction Market in Australia is expected to grow at a CAGR of 3.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 42.1 billion. In the Australian construction industry, dry construction techniques have gained significant traction due to their numerous advantages over traditional brick-and-mortar methods. Prefabricated components, such as gypsum board, plywood, wallboard, metal supports, and stone wool, utilized in dry construction, are manufactured in factories and merely require screwing, riveting, or wrenching together on-site. This streamlined approach significantly reduces construction timelines compared to the extended curing periods associated with mortar. As a result, real estate developers and construction contractors are increasingly adopting dry construction techniques to enhance project efficiency and competitiveness within the industry.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Sector (Building construction, Infrastructure construction, Industrial construction) End-user (Engineering, Residential, Non-residential) Type (New construction, Redevelopment) Geography (APAC).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Construction Market in Australia Research Report
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The Australian construction market encompasses various sectors, including Residential and Non-residential Projects. Capacity constraints impact Construction Activity, leading to increased Dwelling Investment and Housing Prices. Construction Costs, Rental Vacancy Rates, Population Growth, and Revenue Generation influence market dynamics. Digital Transformation and Technological Solutions, such as Prefabricated Construction, Off-site Production, and Modular Systems, are shaping the industry. Startups and entrepreneurship play a role, while labor costs, Mortgages, and Homeowners seek Affordable Rents. Commercial Building, Interest Rates, Mining-related Engineering, Transportation Sector, and Skyscraper Alterations are other significant areas. The Annual Growth Rate is influenced by Employment Statistics, with ongoing trends in Prefabrication, Mortgages, and Inner-city Developments.
The construction and engineering market in Australia primarily encompasses non-residential projects, with a focus on engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. Residential construction activities are excluded from this market's scope. The market's expansion will be fueled by significant investment in urban infrastructure development, addressing the escalating demands for transportation, communications, and essential utilities such as water and electricity in metropolitan areas. Capacity constraints in the construction industry may impact the sector's growth, while housing prices and construction costs will also influence market dynamics.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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