Today, the construction industry has developed to unthinkable proportions – thanks to the development of the global economy, international relations, and other factors. Nowadays, we will look at the countries that are leaders in the global construction market.
To start with, it is worth mentioning the widespread transformations in the building sector worldwide. Most performers of the global construction markets are switching to digital-friendly approaches and strategies that promote the automation of workflows. Also, it is worth mentioning that the building estimator software helps a lot in its development. Among other digital tools are BIM systems, drones, robotics, 3D modeling, 3D printing, and many more.
Major Construction Markets Around the World to Take into Account
Almost all countries around the world demonstrate ever-changing and rising construction sectors with progressive local markets. After COVID and its coronavirus outbreak worldwide, building began to develop worldwide. And almost all the construction markets show their growth.
It depends on the location and other factors when it comes to the showings and statistics of this or another market. Some regions can require fast development of infrastructure construction. When other countries make an emphasis on the industrial (heavy) markets or residential building. Take a closer look at trends and expectations in the context of each market to understand the general picture in the construction sector.
The countries of North America did not succumb to the pandemic caused by Covid-19 and continued to build not only residential buildings but also commercial ones. It should be noted that the development of commercial projects is somewhat weaker in terms of construction intensity than the demand for residential buildings.
Local changes in the lives of many people have stirred up demand for the development of the digital economy, which has also given the development of construction to non-residential construction projects.
Soon, experts are confident that the construction of commercial projects will be much more popular among contractors than the construction of residential buildings due to the rapid development of infrastructure and the economy as a whole. Additionally, many businesses and individuals may need to send money to China to support the development of these commercial projects and other industries in the country.
It is also worth mentioning that in China there is a sharp demand for entertainment and commercial buildings for:
- Healthcare centers;
- Public premises;
- hospitals, etc.
Despite this, the construction of residential buildings remains at a demand level.
Also, experts believe that the main reason why a sharp growth in the residential niche of the construction industry is expected is an increasing trend towards a high birth rate, which subsequently leads to the need to build new houses.
European countries are distinguished by the expansion of railways, the increase in the use of electric cars, as well as large-scale investments in the restoration of old architecture to increase their energy efficiency.
In countries such as Germany, France, Scandinavia, Denmark, and England, the number of erections of residential buildings has decreased due to the low level of demographics. At the same time, the construction of roads, infrastructure facilities for the 2024 Olympics, industrial facilities, etc. is gaining popularity.
A large number of foreign investments are expected in this area, which will encourage an increase in the number of construction projects. In addition, an increase in the number of residential projects will occur due to extensive migration, and an increased level of external income in the domestic economy of countries such as Brazil, Mexico, and Chile.
Since many countries of the African continent are rich in oil products, most of the construction projects in demand are industrial facilities. A promising sector in the development of the construction industry is also, in the presence of investment flows from foreign companies, the implementation of large-scale facilities on a par with residential buildings.
Countries are actively engaged in developing their domestic economy at the expense of fuel produced in their territories. Due to this, there is a wide demand for the implementation of industrial facilities in the construction industry.
One of the rising countries in the international construction market is Indonesia. It is here that every year the flow of investment contributions to the development of the life of the middle class increases, including the promotion of the development of construction infrastructure in the region.