New York, December 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Nonresidential Building Construction Global Market Report 2022” – https://www.reportlinker.com/p06193662/?utm_source=GNW
$ 51 billion in 2021 to $ 2,989.95 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 4,484.30 billion in 2026 at a CAGR of 10.7%.
The non-residential building construction market comprises the sales of non-residential building construction services and related goods by entities (organizations, sole proprietorships and partnerships) that construct non-residential buildings (including new works, additions, modifications, maintenance and repairs). Establishments in this market include non-residential general contractors, non-residential builders for sale, non-residential design-build companies, and non-residential construction project management companies.
The non-residential construction market includes new work, additions, alterations, maintenance and repairs.
The main types of non-residential building construction are institutional buildings and commercial buildings. Institutional buildings are municipal structures that can be financed by public or private funds.
Institutional structures are often richly designed and subject to public scrutiny and involvement during the design process. The different types of buildings include non-residential smart buildings, traditional buildings and are implemented in various sectors such as private and public.
Asia-Pacific was the largest region in the non-residential building construction market in 2021. North America was the second largest region in the non-residential building construction market.
The regions covered in the global non-residential building construction market are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
A rapidly growing urban population is expected to increase the demand for new residential and commercial buildings, during the forecast period. will live in cities by 2050.
Great 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, the urban population in South Asia is expected to increase by 250 million by 2030.
This rapid urbanization is expected to stimulate demand for new infrastructure and boost the non-residential building construction market during the forecast period.
The coronavirus disease (COVID-19) outbreak acted as a massive restriction on the non-residential building construction market in 2020 as supply chains were disrupted due to trade restrictions and construction activities have been affected due to lockdowns imposed by governments around the world.COVID-19 is an infectious disease with flu-like symptoms, including fever, cough, and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Construction companies depend on the supply of raw materials and equipment from domestic and international suppliers.
As many governments have restricted the movement of goods between countries and locally, companies have had to halt construction activities due to lack of equipment and raw materials. The epidemic negatively impacted businesses throughout 2020 and into 2021.
However, the non-residential building construction market is expected to recover from the shock over the forecast period as it is a ‘black swan’ event and not related to lingering weaknesses. or fundamentals of the global market or economy.
Building construction companies are increasingly using green building techniques to construct energy efficient buildings and reduce construction costs. Green building refers to the practice of using sustainable building materials and construction processes to create energy efficient buildings with minimal environmental impact.
According to the World Green Building Trends Survey, around 60% of construction companies across the world were involved in green building projects. Certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies develop sustainable and efficient residential and commercial buildings. , and also offer a variety of benefits, from tax deductions to marketing opportunities.
Sustainable building materials such as natural paints and steel beams made from recycled materials are widely used in the UK. Other green building techniques such as cross ventilation for a more natural environment, green building software such as Construction Suite to ensure green compliance and the Green Globes management tool are also used in the construction industry. .
The countries covered by the non-residential building construction market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark , Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06193662/?utm_source=GNW
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