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(HomeGarden247.com, June 16, 2022 ) The report "Impact of COVID-19 on Construction Industry Market by Type (Residential, Non-Residential, and Heavy & Civil Engineering) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2024" The global construction market size is declined from USD 11,217.4 billion in 2019 to USD 10,741.2 billion in 2020. However, the industry is showing signs of recovery since the beginning of 2021 and is expected to reach a market size of USD 13,572.4 billion in 2024, projecting a CAGR of 6.0% between 2020 and 2024. The construction industry is declined in 2020 due to frequent lockdowns, stringent government regulations and supply chain disruption caused by the COVID-19 pandemic.
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The situation was expected to improve in 2020 due to government initiatives such as improving liquidity position and expanded infrastructure investments. Still, the COVID-19 outbreak and the resultant disruption in the economy have exacerbated the situation around the world. For example, many construction companies had to shut down their activities due to the movement and unavailability of labor.
The residential sector is the largest construction sector. The COVID-19 pandemic has mostly impacted the construction industry and changed the demand drivers for recovery. The construction industry performed well in the first quarter of 2020, particularly in the new residential segment. However, as the pandemic spread, many active projects, as well as new business permits, were withheld by government authorities. Homeowners in regions with a high number of COVID-19 cases are limiting contractor access or entrance into homes and are preferring DIY projects as families are staying at home.
All segments of non-residential building construction typically decline in recessionary conditions. However, the decline in this sector is mainly due to the COVID-19 outbreak. Owing to the global lockdown and shutdown involving social distancing, remote working, and the closure of industries and other commercial activities, the non-residential construction sector has been impacted negatively. As a result of which, the entire supply chain has been disrupted; the builders and designers are continually dealing with local regulations and labor requirements. Thus, the construction firms report new project delays, and the projects are put on hold.
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43 - Market Data Tables
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84 - Pages
The COVID-19 pandemic has affected all industries globally. The heavy & civil engineering sector, which was already facing multiple challenges due to lack of capital and credit avenues to insolvencies, multiple frauds, and regulatory burden under the Environment Laws and the Real Estate (Regulation and Development) Act, 2016, is now affected by the COVID-19 pandemic. Reverse migration, disruption of supply chains, among others, are some of the multiple consequences which the sector would be facing. Despite all these factors, the heavy & civil engineering construction sector is likely to resume its activities.
The key players in the construction industry include Bechtel Group (US), Balfour Beatty (UK), Grupo ACS (Spain), China State Construction Engineering Corporation Limited (China), L&T Construction (India), PCL Construction Enterprises (Canada), and Skanska Construction (Sweden). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the construction industry. These players have taken different organic and inorganic developmental strategies over the past five years.
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