| Source: TBRC Business Research PVT LTD
Hyderabad, INDIA
LONDON, July 17, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Residential Building Construction Global Market Report 2023, the global residential building construction market size is expected to grow from $4,138.8 billion in 2022 to $4405.2 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The global residential building construction market size is expected to reach $5,393.3 billion in 2027 at a CAGR of more than 5%.
Learn More In-Depth On The Residential Building Construction Market – https://www.thebusinessresearchcompany.com/report/residential-building-construction-global-market-report
The expanding population is projected to take the residential building construction market forward in the next years. The term population refers to the citizens of a certain nation or location, as well as the general public. Because population growth is the most important factor in determining the amount of building development, rising population would immediately reflect the growth of building construction. According to the World Health Organization (WHO), a Switzerland-based specialized government body, the share of the world’s population over 60 years old will nearly double from 12% to 22% by October 2022. Furthermore, there are 1.4 billion individuals over the age of 60, up from 1 billion in 2020, and this number is expected to quadruple to 2.1 billion by 2050. The number of persons aged 80 or older is expected to treble between 2020 and 2050, reaching 426 million. As a result, increased population is a driving force in the residential building construction market’s expansion.
Major players in the residential building construction market are China State Construction Engineering Corporation Limited., Skanska AB, Country Garden Holdings, D.R. Horton Inc., Lennar Corporation., Pulte Corporation., Bouygues S.A., Hochtief AG, TechnipFMC PLC., Larsen & Toubro Limited, Turner Construction, Gilbane Building Company, Laing O’Rourke, Kiewit Corporation, and Bechtel Corporation.
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Technological advancements are a crucial trend that is gaining traction in the residential building construction market. To maintain their market position in the residential building construction market, major players in the industry are introducing novel goods. For instance, in February 2022, Black Buffalo 3D Corporation, a US-based residential construction company, developed NEXCON 3D printers, a 3D modular construction printer. This involves 3D printing technology that overcomes traditional construction industry difficulties by producing a stronger, more lasting final product through the use of a motion-centric modular gantry design that produces more effective structures. The multi-axis gantry system is optimized to generate accurate prints for any 3D-modeled design that can be created with standard CAD software, and it can print buildings up to three storeys tall.
North America was the largest region in the residential building construction market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global residential building construction market during the forecast period.
The global residential building construction market is segmented by product type into new-single family housing construction, new-multi-family housing construction, other types; by sales type into new construction, renovation; by end-user into private, public
Residential Building Construction Global Market Report 2023 by The Business Research Company provides insights on the residential building construction market size, residential building construction market segments, residential building construction market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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