Religious Buildings Global Market Business Strategies to Reach at $21.11 Bn, High Growth Rate at a CAGR of 1.7% by 2028 | Skanska AB, Vinci SA, Marker Inc., Tejjy Inc., Hochtief AG

Religious Buildings Market

Overview and Scope
A religious building refers to a specially designed construction for religious acts where individuals or a group of people perform acts of devotion, and religious study. These locations are used by members of religious communities to commemorate life’s significant events, such as births. Religious buildings are important to communities as they allow people to share and connect over shared beliefs.

Sizing and Forecast
The religious buildings market size has grown marginally in recent years. It will grow from $19.43 billion in 2023 to $19.71 billion in 2024 at a compound annual growth rate (CAGR) of 1.4%. The growth in the historic period can be attributed to religious practices and worship, community growth and demographics, cultural and architectural heritage, urban development and zoning, migration and diaspora communities.

The religious buildings market size is expected to see marginal growth in the next few years. It will grow to $21.11 billion in 2028 at a compound annual growth rate (CAGR) of 1.7%. The growth in the forecast period can be attributed to cultural and interfaith dialogue, community outreach and social services, sustainability and environmental considerations, adaptation to changing religious practices, urban renewal and redevelopment. Major trends in the forecast period include community engagement initiatives, preservation and restoration, art and symbolism, adaptive reuse of historic buildings, accessibility and inclusivity..

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Segmentation & Regional Insights
The religious buildings market covered in this report is segmented –
1) By Type: Residential, Non-residential
2) By Construction Activity: New Construction, Repair And Maintenance, Refurbishment, Demolition
3) By Application: Owned, Rental

Asia-Pacific was the largest region in the religious buildings market in 2023. The regions covered in the religious 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 religious donation is expected to boost the growth of the religious building market going forward. Religious donation refers to a donation made for the benefit of a religious organization that is utilized entirely or significantly by that organization. Religious donations are commonly used for providing members with structures or places of worship (religious buildings), education programs, support missionary programs and support wellness programs (regardless of religion, nationality, or race). For instance, in 2021, according to article published by Giving USA reports, a US-based non-profit organization which publishes annual report on Philanthropy, Americans gave $471.44 billion to charity in 2020, a 5.1% rise over previous year. Therefore, the increasing religious donations are driving the growth of the religious building market.

Key Industry Players
Major organizations in the religious buildings market are raising investment to establish more affordable housing for homeless people. For example, in October 2023, St. Luke’s Episcopal Church, a US-based religious organization, secured a $7 million state funding to construct a 55-unit affordable housing development on Whalley Avenue and Sperry Street. This program is part of a bigger attempt to construct more affordable housing in the city, with the New Haven Housing Authority also intending to establish affordable homes on Church Street South, a former drug-infested site. The state’s investment intends to increase the supply of affordable housing in New Haven while also revitalizing the neighboring areas.

The religious buildings market report table of contents includes:
1. Executive Summary