The Government 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 Government Buildings, The government buildings market size has grown marginally in recent years. It will grow from $48.28 billion in 2023 to $49.05 billion in 2024 at a compound annual growth rate (CAGR) of 1.6%. The growth in the historic period can be attributed to government infrastructure investments, population growth and urbanization, policy changes and regulatory requirements, modernization and upgrading, security and safety concerns.
The government buildings market size is expected to see marginal growth in the next few years. It will grow to $52.86 billion in 2028 at a compound annual growth rate (CAGR) of 1.9%. The growth in the forecast period can be attributed to sustainable and green building practices, smart infrastructure integration, public-private partnerships (ppps), changing work dynamics, demographic shifts and community services.. Major trends in the forecast period include accessibility and inclusivity, renovation and retrofitting of existing structures, digital transformation in government services, collaboration and co-working spaces, incorporation of biophilic design.
The increasing government expenditure is expected to boost the growth of the government buildings market going forward. Government expenditure refers to the capital the government spends on various goods and services. Government buildings such as government hospitals and schools are part of government expenditure that benefits the development of different infrastructural requirements. For instance, in March 2022, according to Central Statistics Office Ireland, an Ireland-based government agency, in 2021, general government spending was projected to be 1,595.0 billion ISK ($11.61 billion), or 49.3% of GDP, considering general government spending totaled 1,485.6 billion ISK ($10.82 billion) in 2020, or 50.7% of GDP. Further, according to the Government of India 2021-22 annual budget report, in 2021–22, the overall government spending is anticipated to be INR 34,83,236 crore ($4,127,831.20), an increase of 14% annually from 2019–20. Therefore, the increasing government expenditure is driving the growth of the government buildings market.
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The government buildings 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: Private, Public
Top Major Players:
- China State Construction Engineering Co. Ltd.
- Shanghai Construction Group Co. Ltd.
- Clark Construction Group LLC
- The Whiting-Turner Contracting Company
- Turner Construction Company
Asia-Pacific was the largest region in the government buildings market in 2023.
Specialized government buildings are the key trend gaining popularity in the government buildings market. Major companies operating in the government buildings market focus on designing buildings with specialized systems. For instance, in September 2021, the Government of India, Ministry of Housing and Urban Affairs, launched Central Vista Project. This project commenced with the construction of a new parliament building. The large Committee areas with the most modern audio-visual equipment will be available in the new structure. It will include practical spaces specifically intended to facilitate and provide greater efficiency. The new structure is triangular to ensure optimum space utilization.
The government buildings market report table of contents includes:
1. Executive Summary
2. Government Buildings Market Characteristics
3. Global Government Buildings Market Trends And Strategies
4. Government Buildings Market – Macro Economic Scenario
5. Global Government Buildings Market Size and Growth
…….
26. Global Government Buildings Market Competitive Benchmarking
27. Global Government Buildings Market Competitive Dashboard
28. Key Mergers and Acquisitions In Government Buildings Market
29. Government Buildings Market Future Outlook and Potential Analysis
30. Appendix
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