Global Construction Industry
The global construction industry is expected to be worth over $3 trillion in 2015,increasing over 30% in a five-year period,according to MarketLine.The industry is involved in the construction of various structures,including housing,factories,schools,bridges and roads.Apart from constructing new buildings and structures,the industry also encompasses setting up new sites,repair,maintenance and modification of existing structures.
Most contractors are specialized in one kind of construction,for example commercial or residential buildings.Apart from work carried out by the team contracted to do a specific job,contractors also subcontract parts of the job to external crews such as specialty trade contractors,who do specific jobs such as carpentry,heating or painting.The general contractor remains solely responsible for the job.
General infrastructure projects fall under the remit of civil engineers andheavy construction contractors.This sector includes the construction of structures such as bridges,sewers,roads and tunnels as well as allservicescreated around the industry.
Construction Key Market Segments
Building Materials: In the world aluminum industry,recycling will have a role to play in changes to the industry moving forward,both in residential andnon-residential construction.The industry will see dynamic growth in developing countries where industrialization will mean many major construction projects.
Construction Equipment: Though slowed by the economic downturn,the global market for escalators and elevators is beginning to rebound.The leading four companies,according to Koncept Analytics,hold the lion's share of the market.Demand for escalator and elevators is strongest in the EU,representing almost 50% of the overall installed base of these structures.China represents the fastest-growing market segment for new installations.Future market growth will be fuelled by general worldwide construction activity.
Home Building& Improvement: China is the world's leading market.Economic developing and bigger housing units will fuel demand.Plastic windows and doors will constitute the most dynamic market sub-segment in terms of growth,though plastic doors will not breach the 10% marker of overall door demand.Vinyl windows will see increased demand thanks to their longevity,low cost,energy efficiency and low maintenance.
Construction Industry's Leading Regional Markets
Building construction andurban development are two important employing sectors(with high employment rate in sectors such ascivil engineering).The industry employs 5.5 million people overall.MarketLine research showed that the Asia-Pacific region represents over 25% of the world construction and engineering industry in terms of market worth.