Construction Market Size & Share to Surpass USD 17.1 billion by 2031, Grow at 4.5% CAGR | Exclusive Report by Transparency Market Research, Inc.
WILMINGTON, Del., Jan. 15, 2024 /PRNewswire/ -- The global construction market is estimated to flourish at a CAGR of 4.5% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for construction is estimated to reach US$ 17.1 billion by the end of 2031.
- Adoption of IoT, BIM, and modular construction for enhanced efficiency, cost-effectiveness, and project management.
- Government initiatives worldwide fuel construction growth, focusing on transportation, energy, and smart city projects.
- North America, driven by major players like Bechtel and Fluor Corporation, experiences steady growth due to infrastructure modernization and commercial development.
- Stricter environmental norms and a focus on energy-efficient structures drive the demand for green construction, shaping the region's future projects and renovations.