Global Construction Market Trends 2021 Include Use Of Autonomous Construction Vehicles, Digital Technologies
LONDON, March 04, 2021 (GLOBE NEWSWIRE) — The global construction market data from The Business Research Company’s latest research in the global construction industry shows that the market is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2021 and reach $15 trillion by 2023.
Growing trends in the global construction industry are the use of autonomous construction vehicles, digital technologies for improving construction safety, and prefabrication of construction projects.
Construction companies are increasingly using autonomous construction vehicles and heavy equipment to improve productivity. These automated vehicles are equipped with sensors, cameras, and GPS. Real-time data obtained from these devices helps in remote monitoring of a jobsite and reduces construction time. Vehicles connected through IoT, telematics and RFID tracking technologies are also helping the construction industry to be more collaborative, efficient, and safe.
Leading manufacturers such as Komatsu, Caterpillar and Volvo CE are continuously releasing new models of autonomous, semi-autonomous and remote-controlled excavators and other heavy equipment. Royal Truck & Equipment is pilot testing with Florida DOT for self-driving trucks for work zones.
The Business Research Company’s report titled Construction Market Opportunities And Strategies Global Market Report covers major construction companies, construction market share by company, construction manufacturers, construction infrastructure market size, and construction market forecasts. The report also covers the global construction market and its segments.
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The construction market is highly fragmented, with a large number of small players. The top ten players constitute about 4.7% of the market. This is mainly due to the presence of a large number of small players who cater to the local population as the majority of customers use construction services which are closer to their locations. However, large companies play a leading role in major infrastructure construction projects. Major players in the market include China State Construction Engineering Co., Ltd., China Railway Group Ltd., China Railway Construction Corporation Limited, China Communications Construction Group Ltd., Vinci S.A. and others.
Player-adopted strategies in the construction industry include investing in green building projects and expanding businesses through strategic partnerships and acquisitions, among other strategies.
Building construction companies are increasingly using green construction techniques to build energy efficient buildings and reduce construction costs. Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact. According to the World Green Building Trends Survey 2018, about 47% of the surveyed companies believe that they will build around 60% of their projects using green technology by 2021.
Construction Global Market Report 2020-30 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast construction market size and growth for the whole market, construction market segments and construction market geographies, construction market trends, construction market drivers, construction market restraints, construction market leading competitors’ revenues, construction market profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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