Institutional Buildings Market Projections 2024: Trends, Growth Drivers, and Opportunities

Overview and Scope
An institutional building is a building designed, and constructed for medical, charitable, jails, penal colonies, and others. The institutional buildings are mainly characterized by their use or function.

Sizing and Forecast
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..

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region in the institutional buildings market in 2023. The regions covered in the institutional buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the institutional buildings market are focused on developing advanced modules that utilize technology such as HVAC Load Reduction (HLR) modules for enhanced indoor air quality and HVAC efficiency. The HVAC Load Reduction (HLR) module is a component or system designed to reduce the load on Heating, Ventilation, and Air Conditioning (HVAC) systems by addressing indoor air quality (IAQ) concerns. For instance, in February 2021, enVerid Systems, a US-based provider of indoor air quality solutions, launched HLR 100M, a compact version of its HVAC Load Reduction (HLR) module, catering to new and existing buildings like schools, offices, and warehouses. The HLR 100M offers easy installation, a smaller footprint, and compatibility with a broad range of HVAC systems. It utilizes enVerid’s air cleaning technology to enhance indoor air quality while decreasing energy consumption, carbon emissions, and HVAC equipment expenses. The module allows for up to 40% savings on HVAC energy use, contributing to energy efficiency and cost reduction.

The institutional buildings market report table of contents includes:

1. Executive Summary
2. Institutional Buildings Market Characteristics
3. Institutional Buildings Market Trends And Strategies
4. Institutional Buildings Market – Macro Economic Scenario
5. Global Institutional Buildings Market Size and Growth.
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32. Global Institutional Buildings Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Institutional Buildings Market
34. Institutional Buildings Market Future Outlook and Potential Analysis
35. Appendix

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