Market Reports Expected Growth for Global Construction Industry Over Next 4 Years
The United States currently has the second largest construction market in the entire world. The U.S. construction market contributes over $900 billion in expenditures. On a global scale, the overall construction market is expected to continue to grow over the next few years.
Market officials are optimistic about the current state and future of the construction industry, despite technology automating a significant amount of jobs in other industries.
General construction will be a major part of the upcoming construction growth because of the increase in popularity of newly built homes. Roughly 41% of the American population prefer a brand-new home over an older existing one.
According to The Stack, by the year 2021, the global data centre construction market is expected to grow to $73.87 billion.
“The general construction sector occupies a majority 43% of the global data center construction market,” said Abhishek Sharma, a lead analyst at Technavio for construction data research. “This sector encompasses the design and construction of a well-secured facility, in addition to installing the setup, flooring, internal frames, external walls, windows, doors, installation of infrastructure, and disposal fittings.”
As Yahoo Finance reports, in addition to the general construction sector, electrical and mechanical construction will play important contributing roles in the growing global market as well.
The electrical construction segment is projected to reach $20.9 billion by 2021 and the mechanical construction segment is projected to increase at a compound annual growth rate of over 9%.
“Data center designs include mechanical components such as cooling solutions and racks. It also includes sprinklers, piping, belts, filters, water pipework installations, and lifts,” Abhishek added.
Despite the industry optimism, a stronger emphasis on safety must be placed on each sector of the construction market. In 2015 alone, a total of 4,836 construction workers were killed while on the job, which equals 13 deaths each day.
The overall report took into consideration revenue, emerging trends, forecasts and current analysis.