The construction market size reached a value of approximately USD 13.57 trillion in 2023. The market is projected to grow at a CAGR of 6.5% between 2024 and 2032, reaching a value of around USD 23.92 trillion by 2032.
Base Year
Historical Year
Forecast Year
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Construction involves the creation of various infrastructures, including bridges, buildings, roads, and other structures, for commercial, institutional, or residential purposes. Modern construction utilises a range of materials such as clay, stone, timber, brick, concrete, metals, and plastics. The global construction market is growing rapidly due to increasing urbanisation and population growth, driving the demand for new residential, commercial, and infrastructure projects worldwide boosting the global construction market.
The construction market is further bolstered by increasing private sector investments and growing foreign investments in emerging nations. Additionally, governments are heavily supporting and funding large-scale construction projects, exemplified by initiatives such as the CHIPS Act, the Inflation Reduction Act, and various infrastructure investment programs in countries like the U.S. and India and other countries to boost the construction industry.
The expansion of the construction market is also driven by increasing industrialization and the development of smart cities. Furthermore, the rise in domestic manufacturing activities and the adoption of new technologies, such as mobile platforms, robotics, and AI, in the construction industry are fuelling this growth.
According to the U.S. Census Bureau, US construction spending is increasing thus boosting the construction industry market size.
UNITED STATES CONSTRUCTION STATISTICS, 2023, IN $ BILLION
increasing adoption of building information modelling (BIM), the rise of modular construction, emphasis on green building practices, technological advancements and automation are the major trends impacting the construction industry growth rate.
April 2024
Bouygues Immobiliser surpassed its initial targets by becoming the first promoter to develop all projects using 100% BIM technology, highlighting its commitment to advanced technologies for efficient project management.
April 2024
Colas Rail, a Bouygues subsidiary, secured a major railway contract with Destia, strategically enhancing regional rail connectivity and infrastructure development, thus advancing transportation networks in the area.
March 2024
PCL Construction, a global leader, announced a strategic partnership with Document Crunch, an AI contract intelligence platform, validating Document Crunch's mission to help construction professionals better understand and comply with contracts.
March 2024
Turner Construction was chosen to construct a $184 million Agriculture Research Building for the University of Kentucky in Lexington, featuring 190,000 square feet of lab teaching space, offices, and a 250-seat auditorium.
Increasing adoption of Building Information Modelling (BIM)
Companies like Autodesk and Trimble offer comprehensive BIM solutions, enabling real-time collaboration, 3D project visualization, and construction process simulation, improving project coordination and reducing construction costs.
Rise of modular construction
With the industry seeking efficiency, modular construction grows, especially in residential and commercial projects. Companies like Katerra and Skender showcase their time, safety, and waste reduction benefits.
Emphasis on green building practices
Turner Construction Company and Skanska integrate renewable energy, water-saving tech, low-VOC paints, sustainable wood, recycled steel, and energy-efficient insulation, adhering to green building standards like LEED and BREEAM.
Technological advancements and automation
Construction firms incorporate automation, robotics, and AI into their equipment and processes. Drones and autonomous vehicles aid site surveying and material delivery, with AI-powered software aiding project planning and quality control.
Governments' increasing emphasis on constructing net-zero buildings contributes to a positive outlook for the construction market. France's Climate and Resilience Law, effective from 2021-2026, aims to hasten the green transition, including revising thermal regulations for new buildings.
According to the World Bank, construction's inclusion in France's GDP, accounting for 16.8%, has consequently stimulated construction market growth.
Based on construction market research, technological progress like virtual and augmented reality, digital twins, blockchain, laser scanning, and 3D printing are creating opportunities in the sector. These innovations create lightweight, high-strength components, predict decisions based on real-world conditions, enhance procurement strategies, and improve collaboration, communication, and safety.
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“Construction Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by End-Use
Market Breakup by Region
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The commercial sector drives growth in the global construction industry market size by creating spaces for businesses to operate, thereby boosting local economies.
Commercial construction fosters job creation, economic growth, and urban landscape improvement. It elevates property values, generates tax revenues, and offers modern amenities, enhancing local services, attracting tourists, fostering community, and presenting business opportunities.
According to Statistics Canada, non-residential construction increased by 0.6% to $49.8 billion in 2023, marking two consecutive yearly rises.
Residential construction satisfies increasing housing demands, creates new neighbourhoods, promotes social cohesion, and boosts local economies through related services and trades. It facilitates homeownership, addresses affordable housing needs, and offers energy-efficient homes. Moreover, it enhances local infrastructure, diversifies housing options, stimulates real estate market growth, and expands the local tax base through property taxes.
According to ABS, new residential construction values surged by 19.4% in Australia in January 2024, reaching a total of $7.14 billion.
Industrial construction spurs local and regional economic expansion, including the development of heavy construction equipment machinery and the electric motor sector, offering consistent and sustained employment prospects. It amplifies manufacturing capacities, refines logistics, and fortifies local infrastructure. Integrating advanced technologies amplifies export potential, yields substantial tax revenues, promotes community investments, and advocates sustainable practices.
As per the World Bank in 2022, the industrial sector (inclusive of construction) contributed 53.2% to Saudi Arabia's GDP.
Education and research construction fosters academic and research advancement, offers spaces for public engagement, and creates employment in both construction and academia. It yields lasting societal advantages through education, drives technological innovation, improves access to quality educational facilities, and strengthens research capabilities. Moreover, it stimulates local economies, draws students and professionals, and modernizes educational infrastructure and resources.
According to the Australian Bureau of Statistics, there were 4,086,998 students enrolled in 9,629 schools across Australia in 2023.
Medical and healthcare infrastructure development boosts accessibility to contemporary medical amenities, enriches community health and welfare, and generates employment opportunities in construction and healthcare domains. It furnishes cutting-edge medical resources and technology, spurs economic growth through healthcare expenditure, delivers specialized medical care, fosters medical advancement and exploration, and facilitates venues for community health initiatives. Moreover, it enhances emergency and intensive care facilities while advocating for sustainable and environmentally conscious healthcare methodologies.
In 2019, statistics from the Central Bureau of Health Intelligence (CBHI) revealed a combined count of 23,581 Government Hospitals and 22 Central Government Hospitals.
Competitive landscape is characterised by market players directing their attention towards automated construction machinery, incorporating digital platforms, expanding into emerging markets, and aiming at developed nations.
HOCHTIEF Aktiengesellschaft, established in 1898 and situated in Essen, Germany, is a leading firm in building and infrastructure construction. Focusing on civil engineering, supervision, consulting, and infrastructure development, HOCHTIEF delivers an extensive array of services.
VINCI SA, founded in 1899 and headquartered in Paris, France, actively engages in the engineering, construction, and operation of infrastructure projects, encompassing roads, bridges, airports, and seaports. The company also extends its expertise to the energy, water, and waste management sectors.
China Communications Construction Company Limited, established in 1978 and based in Beijing, China, specializes in constructing roads, bridges, airports, seaports, and rail networks. Additionally, it offers engineering, procurement, and construction (EPC) services for power plants and water treatment facilities.
Bouygues SA, founded in 1952 and located in Paris, France, provides a diverse range of services, including the construction of residential, commercial, and industrial projects, such as roads, bridges, and airports.
Other global construction market key players are ACS, ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS, S.A., STRABAG International GmbH, Power Construction Corporation of China, China State Construction Engrg. Corp. Ltd., Skanska AB, Ferrovial SE, Fluor Corporation, PCL Constructors Inc., Eiffage S.A. (Eiffage Construction), Bechtel Corporation, and Kiewit Corporation among others.
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The construction market forecast in the Asia Pacific region is experiencing swift expansion, buoyed by advantageous governmental measures.
China has solidified its status as one of the world's largest construction markets, driven by factors like a vast population base and rapid urbanization. Increasing government-backed infrastructure initiatives and rising foreign investments contribute to market expansion. Additionally, the burgeoning tourism sector and escalating retail activities further propel market growth in the country.
The International Trade Administration reports that China's 14th Five-Year Plan prioritizes new infrastructure ventures in transportation, energy, water systems, and urbanization. Estimates suggest that investment in new infrastructure during this period (2021-2025) will total around 27 trillion yuan ($4.2 trillion).
As per the construction industry analysis report, India holds a substantial share in the construction market, driven by robust economic development, the proliferation of smart cities, and increasing infrastructural projects. The flourishing construction and logistics sectors, along with the expansion of cold storage facilities, further fuel market growth.
According to INVEST India, a prominent recipient of FDI in the country, construction (infrastructure) activities received $33 billion in inflows from April 2000 to December 2023. In terms of residential development, an estimated 600 million people are projected to reside in urban areas by 2030, leading to a demand for 25 million additional mid-end and affordable housing units.
In Europe, countries like the United Kingdom, Germany, France, and Italy are propelling growth in the construction market owing to their robust economic progress. The UK's market is notably expanding due to infrastructure modernization and rising housing demand. Currently, the UK primarily exports its building materials to European nations and imports a significant portion of construction materials from other European countries.
According to the Office for National Statistics, annual new orders in the UK surged by 11.4% in 2022, reaching a record high value of £80,837 million. Private infrastructure, private commercial, and other public non-housing sectors were the main contributors, with respective increases of 85.1%, 10.2%, and 17.5%.
Market demand is increasing in both the Eastern and Western regions of Saudi Arabia, driven by the growing construction sector, infrastructure development, and business ventures. Moreover, investments are on the rise due to initiatives under Vision 2030, which catalyses the expansion of the construction sector in Saudi Arabia.
Vision 2030, through envisioning mega-projects, facilitating job creation, promoting sustainability, and embracing technological innovation, is positioning the construction industry as a key driver of the kingdom's transformation.
Countries' NDCs (Nationally Determined Contributions) have included building-focused initiatives, submitted between September 2021 and 2022, specifically targeting the building and construction sector.
| Country | Description of measures relevant to buildings |
| Sri Lanka | Implement compulsory building energy efficiency regulations between 2021 and 2022. Develop sector-specific databases for eco-certification systems, minimum performance standards, energy efficiency labelling programs, green structures, and building management systems. |
| Türkiye | New constructions must comply with energy performance standards. Tax benefits are offered for the use of low-energy building materials. |
| Jordan | Embrace environmentally friendly building regulations. Retrofit public buildings for improved energy efficiency. Enhance building resilience by upgrading insulation. Encourage the use of energy-efficient appliances. |
| Iraq | Government and commercial buildings utilise LED lighting. Implement energy efficiency labels and green building regulations. Deploy smart meters. Integrate solar photovoltaic systems into buildings. |
| Mozambique | Revise building codes to enhance resilience. Implement micro-generation of energy in both commercial and residential structures. Enhance energy efficiency and advocate for the use of energy-efficient appliances. |
| Egypt | Country hosting COP27. Advocate for renewables and energy efficiency in both new and existing constructions. Expand energy efficiency labelling initiatives. Implement voluntary guidelines for green buildings. |
THE GDP SHARE OF COUNTRIES IN THE CONSTRUCTION SECTOR, 2023
| Country | GDP PERCENTAGE |
| India | 9% |
| USA | 4.5% |
| Canada | 7.4% |
| Australia | 10% |
| Report Features | Details |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by End-Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market was valued at USD 13.57 trillion in 2023.
The market is projected to grow at a CAGR of 6.5% between 2024 and 2032.
The revenue generated from the construction market is expected to reach USD 23.92 trillion in 2032.
The increasing adoption of building information modelling (BIM), the rise of modular construction, emphasis on green building practices, technological advancements and automation are the major trends impacting the construction industry growth rate.
The market is categorised according to the end use, which includes commercial, residential, industrial, education and research, medical and healthcare and others.
The market key players are ACS, ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS, S.A., HOCHTIEF Aktiengesellschaft, VINCI SA, China Communications Construction Company Limited, Bouygues SA, STRABAG International GmbH, Power Construction Corporation of China, China State Construction Engrg. Corp. Ltd., Skanska AB, Ferrovial SE, Fluor Corporation, PCL Constructors Inc., Eiffage S.A. (Eiffage Construction), Bechtel Corporation, and Kiewit Corporation.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The Asia-Pacific region is the fastest-growing region in the global Construction market, driven by rising demand across industrial, automotive, and power sectors.
The construction sector presents extensive prospects for advancing innovation, fostering sustainable progress, and expanding infrastructure.
Factors such as economic downturns, regulatory obstacles, and fluctuations in material expenses serve as constraints on the demand for the construction sector.
The top five companies in the construction market are Fluor Corporation, PCL Constructors Inc., Eiffage S.A. (Eiffage Construction), Bechtel Corporation, and Kiewit Corporation.
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Australia
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India
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Philippines
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United Kingdom
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United States (Head Office)
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+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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