Major companies in the market include China Railway Group Ltd. ; China Railway Construction Corporation Limited; China Communications Construction Co. ltd. ; China State Construction Engineering Corporation Ltd.
New York, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Heavy And Civil Engineering Construction Global Market Report 2022" - https://www.reportlinker.com/p06193658/?utm_source=GNW
; Power Construction Corporation of China.
The global heavy and civil engineering construction market is expected to grow from $1742.92 billion in 2021 to $1921.67 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2733.35 billion in 2026 at a CAGR of 9.2%.
The heavy and civil engineering construction market consists of sales of heavy and civil engineering construction services and related goods by entities (organizations, sole traders and partnerships) that undertake heavy and civil engineering construction projects (e.g., highways and dams), and by specialty trade contractors, whose primary activity is the production of a specific component for such projects. The work performed may include new work, additions, alterations, or maintenance and repairs. The sales revenues earned from construction projects involving water resources (e.g., dredging and land drainage) and projects involving open space improvement (e.g., parks and trails) are included in this market. Establishments whose primary activity is the subdivision of land into individual building lots usually perform various additional site-improvement activities (e.g., road building and utility line installation) and their sales revenues are included in this market.
The main types of heavy and civil construction are utility system construction, highway, street, and bridge construction, and other heavy and civil engineering construction. The construction of distribution lines, as well as related buildings and infrastructure for utilities (i.e., water, sewer, petroleum, gas, power, and communication) is referred to as utility system construction. It includes all structures (including buildings) that are integral parts of utility systems (e.g., storage tanks, pumping stations, power plants, and refineries). The companies involved into heavy and civil construction are divided into large enterprises and small & medium enterprises. These services are used by private and public sectors.
Asia Pacific was the largest region in the heavy and civil engineering construction market in 2021.North America was the second-largest in the heavy and civil engineering construction market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Technological development will drive the growth of heavy and civil engineering construction during the forecast period.Markets such as foundation, structure, and building exterior contractors which involve technology benefited from this trend.
Areas of rapid technological change include smart highways, 3D concrete printing, drone surveying, kinetic roads, ’tiny houses’, and solar roads. Due to the advancement in technology the demand for better infrastructure will increase and positively impact the demand in heavy and civil engineering construction.
The offshore productivity or the productivity of marine contractors has been increasing in recent years owing to better automation and monitoring technologies.This increase in productivity is seen particularly in dredging, land reclamation and offshore construction of oil platforms, and can be attributed to mechanical technology improvements, automation and better monitoring of offshore construction projects.
For example, in August 2020, MJR Power and Automation, a vessel mobilization and marine engineering expert based in the United Kingdom, has completed a mobilization project for Enshore Subsea, a division of DeepOcean Group that is responsible for all subsea intervention activities around the world.The work was conducted on the recently overhauled Assister vessel, which is commercially managed by JD Contractor and serves both the renewables and oil and gas industries.
The specialized vessel, which houses cutting-edge equipment, has been specially developed to perform a number of activities such as deepwater anchor handling and offshore cable installations, towing underwater plough systems, and providing subsea and ROV support work. Major marine contractors include Jenkins Marine, Teignmouth Maritime Services, and Edwards Diving Services.
Heavy and civil engineering construction costs are increasing steadily due to rising material cost.Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil, a key component of asphalt increased by 58% in 2021 from the year 2020 .
According to the latest Producer Price Index (PPI) released by the Bureau of Labor Statistics, in the US, prices paid for items used in residential construction jumped 1.7% in April 2021 and have increased by 12.4% over the last 12 months. According to the National Association of Home Builders (NAHB), softwood lumber prices jumped 6.5 percent in April 2021, marking a new high for the third month in a row. Since November 2020, lumber prices have risen by 52.0 percent. High material prices will adversely affect the heavy and civil engineering construction market during the forecast period.
The countries covered in the heavy and civil engineering construction market report 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, UAE, UK, USA, Venezuela and Vietnam.
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