The Business Research Company’s Nonresidential Building Construction Global Market Report 2021 – COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, November 24, 2021 /EINPresswire.com/ — A rapidly growing urban population is expected to increase the demand for new residential and commercial buildings, during the forecast period. Globally, around 60% of the urban settlements remained to be built. Large opportunities are expected to arise in Asian countries such as Indonesia, Vietnam and the Philippines which are becoming increasingly popular for export-oriented manufacturing. According to the World Bank, urban population in South Asia is expected to grow by 250 million by 2030. This rapid urbanization is expected to boost the demand for new infrastructure and drive the non-residential building construction market during the forecasted period.
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Asia Pacific was the largest region in the global nonresidential building construction market, accounting for 44% of the market in 2020. North America was the second largest region, accounting for 30% of the global nonresidential building construction market. Africa was the smallest region in the global nonresidential building construction market.
The global nonresidential building construction market size is expected to grow from $2.39 trillion in 2020 to $2.67 trillion in 2021 at a compound annual growth rate (CAGR) of 12%. The growth 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 market is expected to reach $3.56 trillion in 2025 at a CAGR of 7%.
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Major players covered in the global building construction industry are Clark Construction Group, Turner Construction, Whiting-Turner Contracting, Balfour Beatty, China State Construction Engineering Corporation.
TBRC’s global nonresidential building construction market report is segmented by type into institutional buildings, commercial buildings, by end user sector into private, public, by building type into non-residential smart buildings, traditional buildings.
Nonresidential Building Construction Global Market Report 2021 – By Type (Institutional Buildings, Commercial Buildings), By End User Sector (Private, Public), By Building Type (Nonresidential Smart Buildings, Traditional Buildings), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides nonresidential building construction market overview, forecast nonresidential building construction market size and growth for the whole market, nonresidential building construction market segments, and geographies, nonresidential building construction market trends, nonresidential building construction market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire