Institutional Buildings Market : Technology Advancements, Industry Insights, Trends And Forecast 2033

The Institutional Buildings by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Institutional Buildings, The institutional buildings market size has grown steadily in recent years. It will grow from $995.71 billion in 2023 to $1021.04 billion in 2024 at a compound annual growth rate (CAGR) of 2.5%. The growth in the historic period can be attributed to government initiatives, population growth, education and healthcare needs, urbanization, cultural and social factors..

The institutional buildings market size is expected to see steady growth in the next few years. It will grow to $1140.66 billion in 2028 at a compound annual growth rate (CAGR) of 2.8%. The growth in the forecast period can be attributed to sustainability and green building, technological integration, aging infrastructure renewal, health and wellness focus, flexible space design.. Major trends in the forecast period include energy-efficient and sustainable construction, technological integration, accessibility and inclusivity, adoption of prefabrication and modular construction, biophilic design elements..

The increasing government expenditure is expected to boost the growth of the institutional buildings market going forward. Government expenditure refers to the capital that the government spends on various goods and services. Government buildings such as government hospitals, and government schools benefit from the increasing government expenditure, aiding in the development of various infrastructural requirements such as institutional buildings. For instance, in February 2023, according to a report published by Eurostat, a Europe-based provider of high-quality European statistics to policymakers, businesses, researchers, and the public, the EU general government spending as a percentage of GDP increased significantly from 2019 to 2021, reaching 51.5%. Additionally, the countries with the greatest levels of government spending as a percentage of GDP in 2021 were France (59.0%), Greece (57.4%), Austria (56.0%), Finland (55.6%), Belgium (55.5%), and Italy (55.3%). Therefore, the increasing government expenditure is driving the growth of the institutional buildings market.

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The institutional buildings market covered in this report is segmented –

1) By Type: Residential, Non-residential

2) By Construction Type: New Construction, Renovation

3) By Building Type: Smart Buildings, Traditional Buildings

4) By Application: Owned, Rental

5) By End User: Private, Public

Technological advancement is the key trend gaining popularity in the institutional buildings market. Major companies operating in the institutional buildings market are introducing new technologies to sustain their position in the market. For instance, in February 2022, Black Buffalo 3D Corporation, a US-based provider of 3D printers for construction and proprietary cement-based ink, launched NEXCON 3D printers. Black Buffalo 3D’s NEXCON takes the best characteristics of 3D printing technology and addresses traditional challenges in the construction industry, such as commercial buildings, infrastructure components, and historically pre-cast components on-site and on-demand. It utilizes a motion-centric modular gantry design, which produces more effective structures that offer the maximum printable area without compromising print quality and can enable on-site job versatility. The multi-axis gantry system is optimized to produce accurate prints for any 3D-modeled design that can be developed using normal CAD software, and it is capable of printing buildings up to three storeys high.

The institutional buildings market report table of contents includes: