Global Nonresidential Building Construction Market Expected to Reach $3,294.4 Billion by 2027

The Business Research Company's Nonresidential Building Construction Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, November 29, 2023 /EINPresswire.com/ -- The global nonresidential building construction market is on a trajectory of steady growth, surging from $2,791.54 billion in 2022 to $2,903.75 billion in 2023 at a commendable Compound Annual Growth Rate (CAGR) of 4.0%. Despite challenges posed by the Russia-Ukraine war and the lingering impacts of the COVID-19 pandemic, the market is projected to reach $3,294.4 billion in 2027, growing at a CAGR of 3.2%.

Urbanization and Infrastructure Demand: Driving Forces
Rapid urbanization, coupled with a burgeoning urban population, is anticipated to spur demand for new residential and commercial buildings. The UN World Urbanization Prospects report predicts that more than two-thirds (60%) of the global population will reside in cities by 2050. Opportunities are ripe in Asian countries such as Indonesia, Vietnam, and the Philippines, where export-oriented manufacturing is gaining prominence. According to the World Bank, South Asia's urban population is expected to grow by 250 million by 2030. This robust urbanization trend is poised to drive the non-residential building construction market during the forecast period.

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Key Industry Players: Paving the Way
Major companies playing pivotal roles in shaping the non-residential building construction market include Shanghai Construction Group Co., Ltd., Bouygues SA, Greenland Holding Group, Obayashi Corporation, and Daiwa House Group. The market dynamics and competition among these key players are instrumental in steering the industry's growth trajectory.

Green Construction: A Sustainable Trend
Building construction companies are increasingly embracing green construction techniques to create energy-efficient buildings, reduce construction costs, and minimize environmental impact. Sustainable construction practices involve the use of eco-friendly materials and processes. The World Green Building Trends Survey indicates that around 60% of construction firms globally are engaged in green construction projects. Certifications like Leadership in Energy and Environmental Design (LEED) contribute to the development of high-performance, sustainable residential and commercial buildingsnon-residential building construction market. Green construction techniques encompass cross-ventilation for a more natural environment, green construction software for compliance, and tools like the Green Globes management tool.

Market Segmentation: Diverse Dimensions
The market exhibits diverse facets, characterized by multiple segmentation parameters:
1) By Type: Institutional Buildings, Commercial Buildings
2) By End User Sector: Private, Public
3) By Building Type: Nonresidential Smart Buildings, Traditional Buildings

Regional Dynamics: Asia-Pacific Leading the Way
In 2022, Asia-Pacific emerged as the largest region in the non-residential building construction market, with North America securing the second-largest market share. The comprehensive report covers regional insights, market trends, and growth prospects, offering stakeholders a holistic view of the industry landscape.

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Nonresidential Building Construction Global Market Report 2023from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

TheNonresidential Building Construction Global Market Report 2023byThe Business Research Company is the most comprehensive report that provides insights on non-residential building construction market size, non-residential building construction market drivers and, non-residential building construction market trends, non-residential building construction market major players, competitors' revenues, market positioning, and market growth across geographies.The non-residential building construction market report helps you gain in-depth insights on ,non-residential building construction market opportunities and , non-residential building construction market strategies. Companies can leverage the data in the non-residential building construction market report and tap into non-residential building construction marketsegments with the highest growth potential.

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