Rapid urbanization is impacting the growth of non-residential building construction market
Commercial Research Company Non-Residential Building Construction Market 2022 – Opportunities and Strategies – Global Forecast to 2031
LONDON, GREATER LONDON, UK, Oct. 25, 2022 /EINPresswire.com/ — A rapidly growing urban population is expected to increase demand for new residential and commercial buildings over the forecast period. According to the United Nations World Urbanization Prospects report, it is expected that more than two-thirds (66%) of the world’s population will live in cities by 2050. Great opportunities are expected to arise in countries Asian countries such as Indonesia, Vietnam and the Philippines which are becoming increasingly popular for export oriented manufacturing. According to the World Bank, the urban population in South Asia is expected to increase by 250 million by 2030. This rapid urbanization is expected to drive the demand for new infrastructure and boost the market for non-residential building construction over the forecast period. .
Non-residential building construction companies are using robotics to increase productivity, to get the job done faster, at lower cost, and with more precise detail. Construction robots are automated machines that help with construction. Technology from San Francisco startup Built Robotics enables construction machinery such as excavators and bulldozers to operate autonomously. A growing range of robotic equipment can take on specialized construction tasks, including welding, drilling and bricklaying. For example, more than four in five construction companies (81%) globally say they plan to introduce robots into their operations over the next decade, partly in response to a growing skills crisis experienced by 91% of ‘between them.
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The size of the non-residential building construction market is expected to grow from $2.67 trillion in 2021 to $4.11 trillion in 2026 at a rate of 9.0%. The non-residential building construction market share is then expected to grow at a CAGR of 7.4% from 2026 and reach $5.88 trillion in 2031.
The major players covered in the global non-residential building construction industry are China State Construction Engineering Co., Ltd., Shanghai Construction Group Co., Ltd., Hochtief AG, Vinci SA, Bouygues SA.
Asia-Pacific was the largest region in the global non-residential building construction market, accounting for 42.4% of the total in 2021. It was followed by North America, Western Europe, then Other regions . Going forward, the fastest growing regions in the global non-residential building construction market will be Africa and Asia-Pacific, where growth will be at CAGRs of 17.3% and 9, 2% respectively. This is followed by Eastern Europe and South America, where the markets are expected to grow at CAGRs of 8.92% and 8.86% respectively, during the period 2021-2026.
TBRC’s Non-Residential Building Construction market report is segmented by Type into Institutional Buildings, Commercial Buildings, by End User into Private, Public, by Building Type into Non-Residential Smart Buildings, Traditional Buildings.
Non-Residential Building Construction Market 2022 – By Type (Institutional Buildings, Commercial Buildings), By End-User Sector (Private, Public), By Building Type (Non-Residential Smart Buildings, Traditional Buildings) – and By Region, Opportunities & Strategies – Global Forecast To 2031 is part of a series of new reports from The Business Research Company that provides an overview of the non-residential building construction market, forecasts non-residential building construction market size and growth Non-residential Building Construction Market Overall, Non-residential Building Construction Market Segments, Geographies, Non-residential Building Construction Market Trends, Non-residential Building Construction Market Drivers, Restraints, Revenues, profiles and market shares of the main competitors.
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