Major companies in the non-residential building construction market include Clark Construction Group; Turner Construction; Whiting-Turner Contracting; Balfour Beatty and China State Construction Engineering Corporation.
New York, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nonresidential Building Construction Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027706/?utm_source=GNW
The global nonresidential building construction market is expected to grow from $2389.41 billion in 2020 to $2675.38 billion in 2021 at a compound annual growth rate (CAGR) of 12%. 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 $3557.79 billion in 2025 at a CAGR of 7%.
The non-residential building construction market consists of sales of nonresidential building construction services and related goods by entities (organizations, sole traders and partnerships) that construct non-residential buildings (including new work, additions, alterations, maintenance, and repairs).The establishments in this market include non-residential general contractors, non-residential for-sale builders, non-residential design-build firms, and non-residential project construction management firms.
The non-residential building market includes new work, additions, alterations, maintenance, and repairs. The nonresidential building construction market is segmented into institutional buildings and commercial buildings.
Asia Pacific was the largest region in the global nonresidential building construction market, accounting for 44% of the market in 2020.North America was the second largest region accounting for 30% of the global nonresidential building construction market.
Africa was the smallest region in the global nonresidential building construction market.
Building construction companies are increasingly using green construction techniques to build energy efficient buildings and reduce construction costs.Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact.
According to World Green Building Trends Survey 2015, about 51% of construction firms in the UK were involved in green construction projects.Certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies to develop high-performance, sustainable residential and commercial buildings, and also offer a variety of benefits, from tax deductions to marketing opportunities.
Sustainable construction materials such as natural paints and steel beams made from recycled material are being widely used in the UK. Other green construction techniques such as cross-ventilation for more natural environment, green construction software such as Construction Suite to ensure green compliance, and Green Globes management tool are also being used in the construction industry.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the non-residential building construction market in 2020 as supply chains were disrupted due to trade restrictions and construction activities were affected due to lockdowns imposed by governments globally.COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Construction companies depend on supply of raw materials and equipment from domestic and international suppliers.
As many governments restricted the movement of goods across countries and locally, companies had to halt construction activities due to lack of equipment and raw material.The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the non-residential building construction market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
A rapidly growing urban population is expected to increase the demand for new residential and commercial buildings, during the forecast period.Globally, around 60% of the urban settlements remained to be built.
Large 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, urban population in South Asia is expected to grow by 250 million by 2030.
This rapid urbanization is expected to boost the demand for new infrastructure and drive the non-residential building construction market during the forecasted period.
Read the full report: https://www.reportlinker.com/p06027706/?utm_source=GNW
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