DUBLIN, Oct. 6, 2020 /PRNewswire/ -- The "Impact of COVID-19 on the Global Construction Industry by Type (Residential, Non-Residential, Heavy & Civil Engineering) and Region - Forecast to 2021" report has been added to ResearchAndMarkets.com's offering.
The global construction market size is expected to decline from USD 11,217.4 billion in 2019 to USD 10,566.8 billion in 2020. However, the industry will show signs of recovery in 2021 and reach a market size of USD 11,496.7 billion, projecting a CAGR of 1.2% between 2019 and 2021.
An increase in automation in public spaces, along with the rising awareness about antibacterial construction materials, is expected to boost the construction industry post COVID-19 pandemic. However, shutdown of manufacturing facilities, non-availability of raw materials, and impact on supply chain and logistics is expected to restrain the industry growth.
The coronavirus pandemic has created many challenges for several businesses, governments, organizations, and societies around the world. Companies working in different sectors are reacting in different ways to ensure business continuity, supply chain flexibility, and other such measures to innovative ways to generate revenue. The uncertainties with regard to this pandemic have affected the heavy & civil engineering sector. Despite the effects of COVID-19, a few civil engineering activities have been maintained to some extent and are likely to continue in the very short term. There is no complete lockdown in several countries, and hence, companies are willing to continue executing their contracts to avoid liquidation damages. However, these activities are expected to halt soon, as supply chains are disrupted by a shortage of equipment and materials. In addition, public agencies and administrations are beginning to terminate contracts to control expenses.
APAC is projected to register the highest CAGR in terms of value in the global construction industry during the forecast period. APAC dominated the construction industry in 2019. The construction companies have ample opportunities in the APAC market in comparison to the European and North American counterparts owing to low-cost labor and raw materials. Various raw material companies have halted their production sites across various countries to avoid further spread of coronavirus. This halt in production has led to reduced supplies in various Asian countries, including India and China.
The report provides a comprehensive analysis based on construction companies such as:
Bechtel Group (US)
Balfour Beatty (UK)
Grupo ACS (Spain)
China State Construction Engineering Corporation Limited (China)
L&T Construction (India)
PCL Construction Enterprises (Canada)
Skanska Construction (Sweden)
This report covers the global construction industry and forecasts the market size until 2021. The report includes the market segmentation - Type (Residential, Non-Residential, and Heavy & Civil Engineering) and Region (Europe, North America, APAC, South America, and the Middle East & Africa). Porter's Five Forces analysis, along with the drivers and restraints, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global construction industry.
Key Questions Addressed By the Report
Which are the major sectors in the construction industry?
Which region is the largest and fastest-growing market for the construction industry?
Which technologies are coming up in the construction industry?
What are the major strategies adopted by leading market players?
How is the construction industry going to recover in 2021?
Key Topics Covered:
2 Research Methodology
3 Macroeconomic Indicators
4 Customer Analysis
5 COVID-19 Impact: Construction Ecosystem
6 Impact of COVID-19 on Construction Companies
7 Winning Strategies of Construction Companies
8 Impact of COVID-19 on the Construction Industry
For more information about this report visit https://www.researchandmarkets.com/r/xpjcaa
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SOURCE Research and Markets