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.
New York, June 26, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Residential Building Construction Global Market Report 2023" – https://www.reportlinker.com/p06464014/?utm_source=GNW
, Bouygues S.A., Hochtief AG, TechnipFMC PLC., Larsen & Toubro Limited, Turner Construction, Gilbane Building Company, Laing O’Rourke, Kiewit Corporation, and Bechtel Corporation.
The global residential building construction market is expected to grow from $4,138.84 billion in 2022 to $4405.22 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The residential building construction market is expected to reach $5,393.36 billion in 2027 at a CAGR of 5.2%.
The residential building construction market includes revenues earned by entities by services of building construction such as lodging or boarding houses, hostels, dormitories, apartment houses, flats, private garage and individual houses.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Residential building construction refers to the altering, building, repairing, planning, acquiring, and designing of a residential structure of any residential building. This involves the assembly and erection of structures using various engineering techniques to provide better buildings and infrastructure.
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 forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of residential building construction are new-single-family housing construction, new-multi-family housing construction, and others.Multi-Family Housing Construction refers to the construction of buildings constructed side by side or stacked on top of one another without a ground-to-roof partition or shared amenities.
The various sales type include new construction and renovation. The various end-users are private, and public.
The rising population is expected to propel the growth of the residential building construction market going forward.Population refers to the citizens of a specific nation or location or common people.
An increase in population is the dominant factor in determining the volume of building construction, as a result, the rising population would directly reflect the growth of building construction.For instance, in October 2022, according to World Health Organization (WHO), a Switzerland-based specialized government agency, between 2015 and 2050, the proportion of the world’s population over 60 years would nearly double from 12% to 22%.
Additionally, there are 1.4 billion people over the age of 60, up from 1 billion in 2020 and this would double by 2050 with 2.1 billion people. Between 2020 and 2050, the number of people 80 or elderly is projected to triple, reaching 426 million. Therefore, the rising population is a driving factor in the growth of the residential building construction market.
Technological innovations are a key trend gaining popularity in the residential building construction market.Major companies operating in the residential building construction market are introducing innovative products to sustain their position in the residential building construction market.
For instance, in February 2022, Black Buffalo 3D Corporation, a US-based company operating in residential construction launched NEXCON 3D printers, a 3D modular construction printer.This involves 3D printing technology that addresses traditional challenges in the construction industry with a stronger, more durable end product utilizing a motion-centric modular gantry design that produces more effective structures.
The multi-axis gantry system is optimized to produce accurate prints for any 3D-modeled design that can be developed using normal CAD software, and it is capable of printing buildings up to three stories high.
In December 2022, D.R. Horton Inc., a US-based building construction company, acquired Riggins Custom Homes for an undisclosed amount. This acquisition would enable D.R. Horton Inc. to expand and boost the value of its ingredient offerings, increasing its construction portfolio in the US and abroad. Riggins Custom Homes is a US-based building construction company operating in residential building construction market.
The countries covered in the residential building construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The residential building construction market research report is one of a series of new reports that provides residential building construction market statistics, including the residential building construction industry global market size, regional shares, competitors with a residential building construction market share, detailed residential building construction market segments, market trends and opportunities, and any further data you may need to thrive in the residential building construction industry. This residential building construction market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464014/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
__________________________
Recent Comments