The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Nonresidential Building Construction Global Market Report 2023, the nonresidential building construction market is expected to show significant growth in the forecast period.

The global nonresidential building construction market is experiencing substantial growth, expanding from $2791.54 billion in 2022 to $2903.75 billion in 2023 at a compound annual growth rate (CAGR) of 4.0%. Projections suggest a continued upward trajectory, reaching $3294.4 billion in 2027 with a CAGR of 3.2%.

Urbanization Drive: Catalyst for Growth

• Rapidly Growing Urban Population: The surge in urbanization is a significant driver for the nonresidential building construction market. According to the UN World Urbanization Prospects report, more than two-thirds (60%) of the global population is projected to live in cities by 2050.
• Opportunities in Asian Countries: Asian countries such as Indonesia, Vietnam, and the Philippines are becoming key players in export-oriented manufacturing. The World Bank estimates a growth of 250 million in the urban population in South Asia by 2030, creating substantial opportunities for nonresidential building construction.
• Demand for New Infrastructure: The rapid urbanization trend is expected to boost the demand for new infrastructure, driving the non-residential building construction market during the forecasted period.

Industry Giants: Leaders Shaping the Landscape

• Major Companies: Key players in the non-residential building construction market include Shanghai Construction Group Co., Ltd., Bouygues SA, Greenland Holding Group, Obayashi Corporation, and Daiwa House Group.
• Adoption of Green Construction Techniques: Building construction companies are increasingly incorporating green construction techniques to create energy-efficient buildings and reduce construction costs.

Green Construction: A Sustainable Revolution

• Definition and Practice of Green Construction: Green construction involves the use of sustainable materials and processes to create energy-efficient buildings with minimal environmental impact.
• Global Engagement in Green Construction: According to the World Green Building Trends Survey, approximately 60% of construction firms globally are involved in green construction projects.
• Certifications and Benefits: Certifications like Leadership in Energy and Environmental Design (LEED) enable construction companies to develop high-performance, sustainable buildings. Benefits include tax deductions and enhanced marketing opportunities.
• Use of Sustainable Materials: The UK exemplifies the use of sustainable construction materials such as natural paints and recycled steel beams.
• Green Construction Techniques: Techniques like cross-ventilation for a natural environment, green construction software (e.g., Construction Suite), and tools like Green Globes management are gaining traction in the industry.

Market Segmentation: Understanding the Diversity

The nonresidential building construction market is segmented based on various factors:

1. By Type: Institutional Buildings, Commercial Buildings
2. By End User Sector: Private, Public
3. By Building Type: Nonresidential Smart Buildings, Traditional Buildings

Regional Dynamics: Asia-Pacific Takes the Lead

• Dominance of Asia-Pacific: In 2022, Asia-Pacific emerged as the largest region in the non-residential building construction market. The region’s economic growth and increasing urbanization contribute to its leading position.

View More On The Nonresidential Building Construction Market Report 2023 – https://www.thebusinessresearchcompany.com/report/nonresidential-building-construction-global-market-report

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The Nonresidential Building Construction Global Market Report 2023  provides an in-depth analysis on the nonresidential building construction market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the nonresidential building construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Non-Residential Accommodation Services Global Market Report 2023
Building And Road Construction Equipment Global Market Report 2023
Buildings Construction Global Market Report 2023

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