According to the business intelligence report titled ‘Global Construction Industry Market Size study, By Type (Building Construction, Heavy and Civil Engineering Construction, Specialty Trade Contractors, Land Planning and Development), By Building (Residential, Non-Residential), By Construction Machinery (Earth Moving Machinery, Material Handling Machinery, Concrete & Road Construction Machinery), By End Use (Housing, Healthcare, Industrial, Commercial, Infrastructure, Education, Others), and Regional Forecasts 2022-2028’ available with MarketStudyReport, global construction industry market was worth USD 13574.73 billion in 2021 and is slated to progress at a CAGR of 7.4% through the forecast timeframe, attaining a valuation of USD 22374.9 billion by the end of 2028.

Rising disposable income, boost in population, and increasing investments toward infrastructural development are the major factors fueling global construction industry market growth.

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In addition, surging adoption of antibacterial construction materials, increasing automation in public spaces, growing construction activities across emerging economies, as well as soaring demand for energy-efficient buildings will act ascatalysts for industry expansion in the ensuing years.

However, fluctuating raw material prices, and unavailability of suitable raw materials, coupled with the housing crisis across the globe are some of the challenges that industry players may have to overcome over the analysis timeframe.

For better comprehension of the current scenario and to give the stakeholders a clear overview of the growth prospects to optimize their remuneration through the review period, the report classifies worldwide construction industry marketplace by type, building, construction machinery, and end-use.

From a regional frame of reference, Asia Pacific industry is poised to retain substantial revenue share during the assessment timeline, owing to growing investments toward infrastructural development as well as steady progress of the construction sector across the region.

Meanwhile, Europe market is slated to showcase decent growth rate through the forecast timeframe, attributable to rising disposable income, coupled with rapid industrialization and urbanization, which is creating lucrative avenues for the enterprises in this line of work to partake and maximize their revenues during the research period.

The competitive framework of worldwide construction industry is defined by key players such as Skanska AB, Bechtel Corporation, China State Construction Engineering Corporation, PCL Construction Enterprises Inc., Grupo ACS, Vinci SA, Samsung C&T Corporation, Larsen & Toubro Ltd., and Balfour Beatty plc.