COVID-19 Impact on Construction Market – Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 10, 2020 /PRNewswire/ — MarketsandMarkets™ published a report titled, “COVID-19 Impact on Construction Market by Type (Residential, Non-Residential, and Heavy & Civil Engineering) and Region – Global Forecast To 2021″. Based on their findings, the 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. The construction industry is expected to decline in 2020 due to supply chain disruption caused by the COVID-19 pandemic.
Download PDF Brochure:
Browse in-depth TOC on “Impact of COVID-19 on Construction Market”
42 – Tables
14 – Figures
70 – Pages
View Detailed Table of Content Here:
The residential sector comprises a major share of the construction industry.
Globally, construction is more than USD 11 trillion industry, of which residential construction is the largest sector. The occurrence of COVID-19 has caused disruption in the residential construction sector. The main disruption is in the supply chain. The transformation of COVID-19 from a China-centric challenge to a global pandemic has resulted in the shifting of the impact to the global construction supply chains and markets.
Operations have to be stopped or limited in to adhere to the government rules for ensuring the safety of the employees. However, many companies are still operating in some countries where the construction industry is listed under essential activities. For many companies, the digitally-enabled functions, for instance, design, can continue, but the operational or site-related work is completely suspended. Labor shortage, near-total restrictions on logistics and transport have disrupted supply chains, creating a scarcity of raw materials.
Request Sample Pages:
APAC is expected to account for the largest share in the construction industry during the forecast period.
APAC is the largest construction market. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various sectors such as residential, non-residential, and heavy & civil engineering. However, COVID-19 has affected the entire world disastrously, and APAC is one of the most affected regions, globally. The deadly virus has affected various major markets in APAC, including China and India. It has forced the government to lock down the that resulted in slow down across all the sectors.
The key players in the construction industry include Bechtel Group (US), Balfour Beatty (UK), Grupo ACS (Spain), China State Construction Engineering Corporation Limited (China), L&T Construction (India), PCL Construction Enterprises (Canada), and Skanska Construction (Sweden). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the construction industry. These players have taken different organic and inorganic developmental strategies over the past five years.
Get 10% Free Customization on this Report:
Browse Adjacent Markets: Building and Construction Market Research Reports & Consulting
Related Reports :
Construction Equipment Rental Market by Equipment (Earthmoving, Material Handling, Road Building & Concrete), Product (Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Compactors, Concrete Pumps), Region – Global Forecast to 2024
Heavy Construction Equipment Market by Type (Earthmoving, Material Handling, Heavy Construction Vehicles), End-Use Industry (Construction & Manufacturing, Public Work & Rail Road, Mining), Application, and Region – Global Forecast to 2021
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/covid-19-impact-on-construction-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/covid-19-impact-on-construction.asp
View original content:https://www.prnewswire.com/news-releases/covid-19-impact-on-construction-market–exclusive-report-by-marketsandmarkets-301127292.html
Welcome to Global Asset Management Seoul Korea.