The global construction market is experiencing great growth at a global level due to increasing infrastructure development. According to the business research company, this sector is expected to reach over $15000 Bn by the year 2023.
In the year 2019, its total value stood around $12,700 billion and it is expected to see a temporary decline in 2020 due to the current global economic slowdown. After that, it will recover well by growing at a CAGR of 7.5% from 2021 to reach around $15,480 in 2023.
There are certain factors that are responsible for the growth in this department. The economic growth in emerging markets, availability of low-interest rates in developed nations, the increasing demand for elderly-friendly infrastructure, and the innovation in the technology sector are the common reasons responsible for its growth.
In today’s time, a lot of construction works are going on in the commercial as well as the residential sector. And it is increasing the demand for companies offering construction services. It is found that construction companies are enjoying a great demand for both the repair works and all-new construction activities.
The demand for commercial roofing, reconstruction, and waterproofing services is increasing on a large scale. Due to the increasing urbanization, the construction sector is expected to see a hike in its growth at a global level. The increase in the disposable income of people is also an important factor that is increasing the demand for construction activities.
Moreover, it is seen that more power generating companies in the US and Europe are now investing in renewable energy sources. And this is a crucial factor that is expected to contribute to the increasing growth of the global construction market in the coming years.