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Impact of COVID-19 on the Construction Industry Market by Type and Region - Global Forecast to 2024 - ResearchAndMarkets.com

·3-min read

DUBLIN, September 07, 2021--(BUSINESS WIRE)--The "Global Impact of COVID-19 on Construction Industry Market by Type (Residential, Non-Residential, and Heavy & Civil Engineering) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global construction market size is declined from USD 11,217.4 billion in 2019 to USD 10,741.2 billion in 2020. However, the industry is showing signs of recovery since the beginning of 2021 and reach a market size of USD 13,572.4 billion in 2024, projecting a CAGR of 6.0% between 2020 and 2024.

An increase in automation in public spaces, government initiatives along with the rising awareness about antibacterial construction materials, is expected to boost the construction industry post COVID-19 pandemic. However, shutdown of manufacturing facilities, non-availability of raw materials, and impact on supply chain and logistics is expected to restrain the industry growth.

Heavy & civil engineering sector to be the fastest-growing construction type during the forecast period.

The coronavirus pandemic has created many challenges for several businesses, governments, organizations, and societies around the world. Companies working in different sectors are reacting in different ways to ensure business continuity, supply chain flexibility, and other such measures to innovative ways to generate revenue. The uncertainties with regard to this pandemic have affected the heavy & civil engineering sector. Despite the effects of COVID-19, a few civil engineering activities have been maintained to some extent and are likely to continue in long term. There was no complete lockdown in several countries, and hence, companies are willing to continue executing their contracts to avoid liquidation damages. However, in 2020 these activities were halted for some time, as supply chains was disrupted by a shortage of equipment and materials. In addition, public agencies and administrations had terminated contracts to control expenses.

APAC is the fastest-growing construction market.

APAC is projected to register the highest CAGR in terms of value in the global construction industry during the forecast period. APAC dominated the construction industry in 2019. The construction companies have ample opportunities in the APAC market in comparison to the European and North American counterparts owing to low-cost labor and raw materials. Various raw material companies have halted their production sites across various countries in initial phase of covid-19 to avoid further spread of coronavirus. This halt in production has led to reduced supplies in various Asian countries, including India and China.

Market Dynamics

Drivers

  • Increasing Automation in Public Spaces and Rising Awareness About Antibacterial Construction Materials

  • Population Growth and Rapid Urbanization

  • Increasing Demand for Energy-Efficient Buildings

Restraints

  • Shutdown of Manufacturing Facilities

  • Non-Availability of Raw Materials

  • Impact on Supply Chain and Logistics

  • Volatility in Raw Material Prices

  • Global Housing Crisis

Companies Mentioned

  • Acs Group

  • Automated Construction Technology

  • Balfour Beatty

  • Bechtel Group

  • China State Construction Engineering Corporation Limited

  • Computer Integrated/Smart Construction Techniques

  • Heavy & Civil Engineering

  • L&T Construction

  • Pcl Construction Enterprises

  • Prefabricated Technology

  • Skanska Ab

  • Workforce Sourcing

For more information about this report visit https://www.researchandmarkets.com/r/jim69c

View source version on businesswire.com: https://www.businesswire.com/news/home/20210907005441/en/

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