Building & Heavy Construction Industries
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The construction industry increasingly faces trends and developments that may not immediately be under its direct control but do have a marked effect on building processes. These developments can include growing internationalization, increasing urbanization, an aging population, a higher awareness for climate, technological innovations, or new types of construction – such as modular construction. On top of that, there is the coronavirus and its economic consequences as well as changes in government policies. Construction has a lot going on. Challenges mount from different angles, and it is up to the industry to find a way how to best cope with these.
BUILDING CONSTRUCTION INDUSTRY
Demand for new housing and commercial real estate grew in recent years, but supply struggles to keep up. Construction space became scarce, for instance, whilst both consumers and investors are looking for new properties. Not only that, but global awareness of climate change also grew – and with it an increasing search for environmentally friendly options. Building requirements have therefore become more complex over the years. Emerging technologies could help the industry to cope with society’s growing demands for and within property.
INDUSTRY DEFINITION
Building Construction?industry covers everything that impact the process of adding?structures?to plots of land – such as residential, non-residential, and industrial buildings. This includes topics like:
MARKET SIZE
Where are the most houses being built?
Unsurprisingly, the largest countries in the world tend to have the biggest construction markets. Population changes and domestic economic circumstances, however, impact residential output. New homes in India, for instance, were forecast to increase by nine percent – the highest value found in the top 20 developed construction markets – but this was a cooldown from previous years. Germany’s new residential construction was still growing, albeit at a much smaller scale than India.
MARKET SEGMENTS
How much does it cost to construct a warehouse?
Significant differences can be found in warehouse construction costs between capital cities, as it can depend on several factors like location, materials, and unionization of the labor force. Since 2020, a new factor revealed itself: The rate how much e-commerce increased. COVID-19 unexpectedly sped up developments in online shopping in certain areas in the world, creating new demand for logistics.
INDUSTRY TRENDS
What is the market size of green building?
The demand for structures with low greenhouse gas emissions – ideally both during as well after its construction – increased as climate change concerns grew. Whilst there is no unified global approach to how to best construct this type of building, it is believed its market size would more than double in six years’ time. Part of this is the reduced operational and maintenance costs provided by the construction of new green buildings.
INDUSTRY LEADERS
Who are the top 10 home builders?
The home construction segment plays a big role in certain countries, but not in all. In the United States, for instance, construction company like Lennar Corp can specialize in the construction of residential property. This is unlike Europe, though, where residential is but one part found within a larger company. France’s Vinci – Europe’s largest construction company – has several construction activities within several branches, not just residential.
UNIQUE ASPECT OF THE INDUSTRY
What is the impact of climate change on the HVAC industry?
The global heating, ventilation, and air conditioning (HVAC) market is predicted to grow with a CAGR of nearly four percent until 2030. An increasing global temperature is one driver for this development, alongside growing government support as well as increasing demand for this kind of equipment during the construction process. Some countries, such as China, the U.S. or Italy, already use these systems extensively. Others could follow soon.
HEAVY CONSTRUCTION INDUSTRY
As the world continues to deal with the consequences of COVID-19 on health and the economy, forecasters are not sure when meaningful growth is to return exactly. Economies in many countries worldwide slowed down in 2020 - or even declined. Meanwhile, demand for climate friendly solutions and decarbonization has never been higher. The same can be said for infrastructure maintenance and safety, given the collapse of public works – such as in Genoa (Italy) or in Brumadinho (Brazil) – or technological malfunctions – such as the California wildfires, believed to have been caused by badly maintained power lines. Governments, and other parties involved in infrastructure will have to address these issues in the future.
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INDUSTRY DEFINITION
The?Heavy Construction?industry revolves around?infrastructure construction, industrial construction, and civil engineering?- the building and maintenance of public works – and includes topics like:
MARKET SIZE
Which country spends the most on infrastructure?
Infrastructure spending varies heavily per country, for various reasons. Some countries might have a more outdated infrastructure that needs modernization, in other countries infrastructure might not necessarily top of the priority list. Overall, investments in infrastructure were higher in upcoming countries than they were in, for instance, Western Europe.
MARKET SEGMENTS
What improvements can be made in water infrastructure?
Changes in climate can bring about either drought or floods. Structures like seawalls or dikes can be built through engineering to help protect communities from flooding. Agricultural production can also be affected, though, due to drought. Facilities and software that can convert wastewater to nitrogen and other re-usable nutrients could play a part in reducing water consumption within a circular economy.
INDUSTRY TRENDS
What is the biggest trend in infrastructure spending?
Increasingly, the focus within infrastructure leans towards renewal - the maintenance and re-construction of existing assets - and sustainability. As countries increase efforts to reduce greenhouse gas emissions, investment in smart and resilient infrastructure is expected to increase. Long-term planning and investment has become increasingly challenging, in the meantime, due to geopolitical events or public budget constraints.
INDUSTRY LEADERS
Which country constructs the most offshore wind parks?
Wind ranks as one of the most commercialized renewable energy source, and companies are increasingly asked to build more wind farms. Roughly 80 percent of global onshore capacity is located in Europe, but this differs for offshore. Here, China is becoming a leading nation as it constructs more and more wind farms in its surrounding oceans.
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