Nonresidential Building Construction Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Nonresidential Building Construction 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 Nonresidential Building Construction, The nonresidential building construction market size has grown steadily in recent years. It will grow from $2876.12 billion in 2023 to $2964.59 billion in 2024 at a compound annual growth rate (CAGR) of 3.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, low interest rate environment and rapid growth in the elderly population.

The nonresidential building construction market size is expected to see steady growth in the next few years. It will grow to $3377.41 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to rapidly growing urban population, increasing population growth, a rise in disposable income, increasing infrastructure development expenditure by governments and the resumption of work from office post covid-19. Major trends in the forecast period include green construction projects, use of autonomous construction vehicles, a rise in modular construction, use of advanced building materials to improve construction, construction robotics and a rise in 3d construction printing.

A rapidly growing urban population is expected to increase the demand for new residential and commercial buildings during the forecast period. According to the UN World Urbanization Prospects report, globally, it is projected that more than two-thirds (60%) of the world’s population will be living in cities by 2050. 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, the 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.

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The nonresidential building construction market covered in this report is segmented –

1) By Type: Institutional Buildings, Commercial Buildings

2) By Building Type: Non-Residential Smart Buildings, Traditional Buildings

3) By End-User Sector: Private, Public

Building construction companies are increasingly using green construction techniques to build energy-efficient buildings and reduce construction costs. Green construction refers to the practise of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact. According to the World Green Building Trends Survey, about 60% of construction firms across the globe 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 materials are being widely used in the UK. Other green construction techniques such as cross-ventilation for a more natural environment, green construction software such as Construction Suite to ensure green compliance, and the Green Globes management tool are also being used in the construction industry.

The nonresidential building construction market report table of contents includes:

Executive Summary
Nonresidential Building Construction Market Characteristics
Nonresidential Building Construction Product/Service Analysis -Product/Service Examples
Nonresidential Building Construction Market Trends And Strategies
Nonresidential Building Construction Market – Macro Economic Scenario

Global Nonresidential Building Construction Market Competitive Benchmarking
Global Nonresidential Building Construction Market Competitive Dashboard
Key Mergers And Acquisitions In The Nonresidential Building Construction Market
Nonresidential Building Construction Market Future Outlook and Potential Analysis
Appendix

Top Major Players: