Major players in the retail buildings market are Retail Construction Services Inc., Actividades de Construcción y Servicios S.A., Bouygues S.A., Hochtief AG, Skanska AB, Vinci SA, Pacific Crest Engineering Inc., Kneeland Construction Corporation, Shannon Waltchack LLC, Bechtel Corporation, Fluor Corporation, Whiting-Turner, Turner Construction, Gilbane Building Company, and Hensel Phelps Construction Co.
The global retail buildings market is expected to grow from $299.02 billion in 2022 to $310.59 billion in 2023 at a compound annual growth rate (CAGR) of 3.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The retail buildings market is expected to reach $343.23 billion in 2027 at a CAGR of 2.5%.
The retail buildings market includes revenues earned by entities by providing services such as planning, developing, designing, procuring, constructing, and leasing single-store supermarkets, shopping centers, warehouse-type distribution centers, retail parks, mixed-use structures.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Retail buildings refer to structures that are built or planned for retail purposes. Retail structures can also be termed shops that serve an entire warehouse-style building to small traders in a building with other retail businesses.
Asia-Pacific was the largest region in the retail buildings market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the retail buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of retail buildings are buildings construction, heavy and civil engineering construction, and specialty trade contractors.Building construction refers to any physical activity on the building site that involves the creation of a structure, paneling, exterior finish, falsework, fixtures, the fixing of service installation, and the unloading of plant, equipment, supplies, and other similar items.
The materials used include aggregates, bricks, cement, ceramic facing and floor tiles, composites, glass, and others for various types of construction including new construction and renovation for residential and non-residential building applications.
The globally expanding commercial sector is expected to propel the growth of the retail buildings market going forward.The commercial sector refers to a sector that comprises enterprises’ service-providing facilities and equipment; federal, state, and local governments; and other private and public organizations such as religious, social, or fraternal organizations.
Retail facilities are part of the commercial sector. So, growth of the commercial sector increases the construction of retail buildings.. For instance, in June 2021, according to GOV.UK, a UK-based public sector information website, by the end of March 2021, there were 4,716,126 company registers, which is an increase of 8.4% from the end of March 2020. From 2020 to 2021, 810,316 new businesses were registered, a 21.8% increase from 2019 to 2020. Therefore, the globally expanding commercial sector is driving the retail buildings market.
Technology adoption is a key trend gaining popularity in the retail buildings market.Major companies operating in the retail buildings market are focused on adopting innovative technologies to strengthen their position in the market.
For instance, in December 2022, Stereolabs Inc., a US-based company that offers 3D depth and motion sensing solutions based on stereo vision and artificial intelligence, launched ZED-X, the world’s first 3D robot camera with a new SDK (software development kit) and control for multiple cameras. ZED-X is created for robotic process automation and navigation in challenging indoor and outdoor locations. The ZED-X is powered and supported by Stereolabs’ comprehensive software ecosystem, which opens the door to quick commercial implementations of robots in construction.
In October 2022, Bouygues S.A., a France-based construction company that plans, constructs, and manages projects in the construction, infrastructure, and industrial sectors, acquired Equans for a deal value of $7.3 billion. Through the acquisition, Bouygues became the global leader in the potential multi-technical services industry, which is crucial to environmental, industrial, and digital transformations. This deal would increase the overall revenues of the Bouygues group from $41 billion to roughly $55 billion, and the manpower in over 80 countries to around 200,000. Equans is a France-based company that specialized in building services, mechanical and electrical construction, and industrial and energy infrastructure.
The countries covered in the retail buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The retail buildings market research report is one of a series of new reports that provides retail buildings market statistics, including retail buildings industry global market size, regional shares, competitors with a retail buildings market share, detailed retail buildings market segments, market trends, and opportunities, and any further data you may need to thrive in the retail buildings industry. This retail buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.