Asia Pacific Makes Up More Than 60% Of The Construction Market Share
Added: (Tue Dec 11 2018)
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The construction industry includes architectural services, the physical processes of building, infrastructure development, civil engineering, the assembly and installation of prefabricated components and equipment, and repairs and maintenance for already built structures.
The construction market in this report is segmented into building construction, heavy and civil engineering construction and specialty construction contractors. The report also covers the residential construction market and non residential construction industry.
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The global construction industry market size has been growing in the past years with a CAGR of almost 7%. Asia Pacific was the largest region in the construction market in 2017, accounting for more than 60% market share.
TBRC’s latest report show the historic and future trends in the market for
each year with sourced reasons to support the growth claims.
The report also shows the global construction market to grow at a higher CAGR by 2021 as compared to 2017.
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Global Construction Trends
Construction companies are adopting digital technologies such as augmented reality (AR), virtual reality (VR) and wearables to improve construction site safety. VR and AR enable construction managers to view jobsite conditions in a simulated environment. They can also be used for training workers on safe operation of heavy equipment in a controlled environment. Wearables can track workers in the field to protect them from jobsite hazards and other potential injuries. New safety devices such as carbon monoxide-detecting hats use noninvasive blood oxygen monitors to alert workers in areas with high carbon monoxide emissions and CO2 bricks. For instance, Skanska USA, a leading construction group, is using equipment sensors and labor tracking technology to ensure safety of workers. In 2016, Bechtel, a US-based construction and civil engineering company, started VR immersion safety training for its workers. New South Construction Company in Atlanta is using Oculus Rift VR headsets for project imaging and worker safety.
Companies included in the report are China State Construction Engineering Co., Ltd., China Railway Group Ltd., China Railway Construction Corporation Limited, China Communications Construction Group Ltd., Vinci SA, Power Construction Corp. Of China, Bechtel Corporation*, Grupo ACS, Bouygues SA, and Skanska Group.
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