The Heavy And Civil Engineering Construction Global Market Report 2023 by The Business Research Company, provides heavy and civil engineering construction market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Heavy And Civil Engineering Construction Global Market Report 2023, the global heavy and civil engineering construction market grew from $1840.28 billion in 2022 to $1936.17 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The heavy and civil engineering construction market is expected to grow to $2305.56 billion in 2027 at a CAGR of 4.5%.
Technological development will drive the growth of heavy and civil engineering construction during the forecast period. Markets such as foundation, structure, and building exterior contractors that involve technology benefited from this trend. Areas of rapid technological change include smart highways, 3D concrete printing, drone surveying, kinetic roads, “tiny houses,” and solar roads. Due to the advancement in technology, the demand for better infrastructure will increase and positively impact the demand for heavy and civil engineering construction.
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The heavy and civil engineering construction market is segmented:
1) By Type: Utility System Construction, Highway, Street, And Bridge Construction, Other Heavy And Civil Engineering Construction
2) By Organization Size: Large Enterprises, Small and Medium Enterprises
3) By End User: Private, Public
Heavy and civil engineering construction costs are increasing steadily due to rising material costs. Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil. A key component of asphalt, increased by 58% in 2021 from the year 2020 . According to the latest Producer Price Index (PPI) released by the Bureau of Labour Statistics, in the US, prices paid for items used in residential construction jumped 1.7% in April 2021 and have increased by 12.4% over the last 12 months. According to the National Association of Home Builders (NAHB), softwood lumber prices jumped 6.5 percent in April 2021, marking a new high for the third month in a row. Lumber prices have risen by 52.0 percent since November 2020. High material prices will adversely affect the heavy and civil engineering construction markets during the forecast period.
The heavy and civil engineering construction market report table of contents includes:
- Heavy And Civil Engineering Construction Market ExecutiveSummary
- Table of Contents
- List of Figures
- List of Tables
- Report Structure
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- Market Background: Construction Market
- Global Heavy And Civil Engineering Construction Market Opportunities And Strategies
- Heavy And Civil Engineering Construction Market, Conclusions And Recommendations
- Appendix
- Copyright And Disclaimer
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