The building construction partnership market involves various construction materials and services providers joining together to complete large infrastructure projects efficiently. Building construction partnerships allow division of work, pooling of resources and sharing of risks and profits. They help reduce project delays and cost overruns.
The global Building Construction Partnership Market is estimated to be valued at US$ 126.4 billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the global building construction partnership market is the increased infrastructure development projects by governments across the world. Many countries are investing heavily in development of transportation, utility and social infrastructure to boost economic growth. Mega projects involving construction of roads, bridges, airports, seaports, rail networks, power plants, water supply systems etc. require participation of multiple construction firms working in coordination. Building construction partnerships help governments and private developers to execute large, complex infrastructure projects within set timelines and budgets by leveraging combined capabilities, manpower, equipment and financial resources of partnering construction firms. This holds significance for the building construction partnership market during the forecast period.
Segment Analysis
Building construction partnership market is segmented into residential and commercial construction. The residential construction segment dominates the market and accounts for around 60% share of the overall market. This is because of growing population and rising disposable income. People are increasingly investing in residential properties in emerging economies.
Key Takeaways
The global Building Construction Partnership Market Growth is expected to witness high growth over the forecast period. Growing urbanization coupled with rising infrastructure development is expected to drive the demand. The global Building Construction Partnership Market is estimated to be valued at US$ 126.4 billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
Regional analysis
Asia Pacific region currently dominates the market and is expected to retain its dominance during the forecast period. China and India are major markets in the region. These countries are witnessing tremendous growth in residential construction due to rising population and increasing urbanization. Rapid infrastructure development is also boosting the commercial construction in these nations. Additionally, availability of labor and resources makes Asia Pacific most attractive destination for infrastructure development.
North America is second largest market for building construction partnership. Recovering economy and increased spending on infrastructure projects are boosting the growth of construction market in countries like US.
Key players
Key players operating in the building construction partnership market are Bechtel, Vinci, and ACS Group. Bechtel is one of the largest construction services company worldwide. It focuses on energy, infrastructure, nuclear, mining and commercial sectors. Vinci is a global player in concessions and construction with expertise in designing, financing, building and operating infrastructure and facilities. ACS Group is a leading Spanish construction company providing services in areas of cement, construction, industrial and services.
For more insights, read- https://www.ukwebwire.com/building-construction-partnership-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.ukwebwire.com/plant-based-meat-market-trends-size-and-share-analysis/
Comments
0 comment