The global construction market size is a decline from USD 11,217.4 billion in 2019 to USD 10,741.2 billion in 2020. However, the industry showed signs of recovery since the beginning of 2021 and is expected to reach a market size of USD 13,572.4 billion in 2024, projecting a CAGR of 6.0% between 2020 and 2024.
Browse 43 market data Tables and 14 Figures spread through 84 Pages and in-depth TOC on "Impact of COVID-19 on Construction Industry Market by Type (Residential, Non-Residential, and Heavy & Civil Engineering) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2024 "
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Drivers: Increasing automation in public spaces and rising awareness about antibacterial construction materials
The public spaces will move toward more automation to contain the spread of COVID-19. Designers will increasingly prefer antibacterial fabrics and finishes, including those already existing, like copper, and will inevitably be developed. Certain construction elements, which are already standard in health care, may find application in other public spaces, such as reducing the number of flat surfaces where germs can spread and installing ventilation systems that help remove potentially contaminated air from any given area. Health care design, too, will very likely get an upgrade in the near future. While social distancing would seem necessary, it is reasonable to expect that concerns about possible future virus outbreaks might encourage architects to design with an eye on open spaces that enable and encourage people to spread out.
Restraints: Volatility in raw material prices
Raw material and energy used in different types of construction have volatile prices and are set to continue in the forecast period. Sudden increase or price decrease affects the end project cost and profit margin of manufacturers and contractors. The primary raw materials used in the construction industry are cement, aggregates, sand, steel, aluminum, wood, glass, flooring materials, wall materials, and cladding materials. Volatility in the prices of energy and crude oil used for manufacturing and transporting these materials is the leading cause of fluctuations in the prices of these raw materials. These fluctuations, in turn, results in the volatility of prices of finished buildings. The instability of petroleum and crude oil costs may cause the price of raw materials to rise and increase the cost of raw materials used in precast concrete. Hence, the prices of these materials have a direct impact on the cost of precast concrete. Furthermore, with an increase in the cost of raw materials, vendors increase the price of their products or reduce their profit margins, which will have an adverse effect on the market growth.
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Residential is the major segment 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 shifting the impact to the global construction supply chains and markets.
The ongoing pandemic has created a number of challenges not only for the construction industry but also disrupted the global economy. The global crisis, duration of the recession, and path of recovery will largely determine the nature and severity of these challenges. The construction industry, particularly the new residential segment, was performing well and witnessing a surge in activity across many sectors in 2020. Owing to the rising number of cases in across the globe, many ongoing projects that were considered essential by the government authorities were not stopped, but new residential construction permits were suspended.
In the previous situation, the builders and contractors are struggling to obtain permits for both new and in-process construction projects. At present, both construction companies and workers are resuming their operations. However, new guidelines and regulations issued by the governments have created uncertainty and confusion for the companies as well as the laborers. Homeowners in regions with a high number of COVID-19 cases are limiting contractor access or entrance into homes and are preferring DIY projects as families are staying home.
Larsen & Toubro (L&T) is one of the leading construction contractors in the world. The company is a major technology, engineering, construction, manufacturing, and financial services conglomerate with operations all across the globe. It caters to industries, such as hydrocarbon, infrastructure, power, process industries, and defense. In 2021, L&T joined a national effort to overcome the oxygen shortage. L&T will soon start delivering 22 oxygen generators to various hospitals in India, where the scarcity is most acute. These units will absorb air from the atmosphere before converting it into medical-grade oxygen and pumping it into pre-existing pipes in hospitals.
Bechtel Group Established in 1898, Bechtel Group, Inc. provides engineering and construction services. It caters to industries such as infrastructure, oil & gas, and mining & metals worldwide. The company offers technology, procurement, and project management services. It is into designing and building roads, airports, nuclear power plants, communication networks, mines, pipelines, and oil & gas field development projects. The Bechtel Group Foundation donated USD 3 million to communities globally, coping with the coronavirus pandemic, in partnership with the crowdfunding nonprofit organization GlobalGiving. The newly established Bechtel COVID-19 Relief Fund has supported local nonprofit organizations that provide vital services in areas where Bechtel Corporation maintains offices and project sites.
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4D BIM construction is important for the construction projects either big or small, new construction or a re-build for the successful BIM progression. Each and every stage of 4D construction scheduling that utilize manpower management, materials, machinery, and other activities require effective planning and scheduling of other construction activities.
