The global construction market is set to witness substantial growth over the next decade. Forecasts indicate an increase from $16,152.39 billion in 2024 to $21,260.28 billion by 2029, spurred by urbanization, population growth, and governmental support. Automation, digitalization, and sustainability are key trends reshaping the industry, with major contributions from smart city developments and industrialization. Notable companies like China State Construction Engineering Co., Ltd and Vinci S.A. are at the forefront of these advancements.
Simultaneously, the architectural services market is expected to grow at an annual rate of 6.2%, reaching $273.97 billion by 2029. This growth is driven by the demand for advisory, construction management, and urban planning services. The integration of AI and strategic alliances are transforming these sectors, reflecting a broader trend towards digital integration.
Furthermore, markets related to construction, such as electrical steel and autonomous construction equipment, are also projected to experience significant growth. These developments underscore the construction industry's pivotal role in global economic expansion, supported by technological innovations and increased investments. As these trends continue, the industry is set to advance towards a more sustainable and technologically integrated future.
