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The global construction industry is expected to reach an estimated $10.5 trillion by 2023, and it is forecast to grow at a CAGR of 4.2% from 2018 to 2023.
The future of the global construction industry looks good with opportunities in residential, non-residential, and infrastructure.The major drivers for the growth of this market are increasing housing starts and rising infrastructure due to the increasing urbanization and the growing population.
Emerging trends which have a direct impact on the dynamics of the construction industry include increasing demand for green construction to reduce carbon footprint, bridge lock-up device systems to enhance the life of structures, building information systems for efficient building management, and the use of fiber-reinforced polymer composites for the rehabilitation of aging structures.