Latest News- Construction Market: Buildings construction is expected to lead the Type segment during 2025-2029

The Construction Market is being driven by Increase in residential and commercial infrastructure projects

The Construction Market is expected to grow at a CAGR of 5.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1288.3 billion. The global construction industry is undergoing a transformative period, with the incorporation of Artificial Intelligence (AI) technologies becoming increasingly prevalent. This trend is fueled by the industry's demand for heightened productivity, superior decision-making capabilities, and streamlined project management processes. Mytek's introduction of an AI-driven platform in April 2024 signifies a significant leap forward. This innovative technology is designed to assist contractors in delivering infrastructure projects more efficiently and effectively. By optimizing processes, enhancing resource allocation, managing risks, and improving stakeholder communication, the platform is poised to revolutionize the construction sector, leading to increased project success. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Buildings construction
  • Heavy and civil engineering construction
  • Land planning and development
  • Specialty trade contractors
• End-user
  • Private sector
  • Public sector
• Product
  • Traditional
  • Sustainable
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in residential and commercial infrastructure projects
• Expansion of industrial factories
• Growing investment on public infrastructure projects

However, the market also witnesses some limitations, which are as follows:

• High cost of construction machinery
• Volatility in raw material prices
• Lack of workforce in construction sector

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Market Scope in Construction Market Research Report

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Research Analysis Overview

In the construction industry, securing permits for building projects involves careful preparation of raw resources. Site readiness is crucial, with a focus on commercial buildings, smart cities, cold storage, hospitality, retail, and leisure sectors. Worker and sustainability regulations are paramount. Innovative technologies and advanced construction materials are driving progress, ensuring safety and efficiency in this dynamic field.

Market Research Overview

The global construction and engineering market encompasses businesses specializing in non-residential construction, comprising engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. Residential construction firms are excluded from this market's scope. According to Technavio, the market size is determined by the consolidated revenue generated by engineering service providers and EPC contractors in the non-residential sector. Factors fueling market expansion include the increasing investment in urban infrastructure, as urban populations continue to grow and the demand for advanced transportation, communication services, and essential utilities such as water and electricity escalates.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/