Summary
Major players in the office and factory buildings market are Power Construction Corporation of China, China State Construction Engineering Co. Ltd., Bouygues Construction, Lennar Corporation, Kiewit Building Group Inc., Actividades de Construcción y Servicios S.A.(ACS), Hochtief AG, Vinci SA, Larsen & Toubro Ltd, Skanska Group, Gammon India Limited, Tata Projects Limited, Bechtel Corporation, Fluor Corporation, The Whiting-Turner Contracting Company, and DPR (Doug, Peter and Ron) Construction.
The global office and factory buildings market is expected to grow from $859.47 billion in 2022 to $885.49 billion in 2023 at a compound annual growth rate (CAGR) of 3.0%.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, causing inflation across goods and services and affecting many markets across the globe. The office and factory buildings market is expected to reach $949.83 billion in 2027 at a CAGR of 1.8%.
The office and factory buildings market includes revenues earned by entities by constructing commercial buildings, traditional office buildings, single-story buildings, multi-story buildings, high bay buildings, and monitor-type buildings.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.
Office and factory buildings refer to enclosed structures that are placed over a parcel of land and are considered to be reasonably permanent. It is a type of commercial building that has areas primarily intended to be used for offices, and a factory building is any building or other structure where explosive material manufacture, or any portion thereof is carried out.
North America was the largest region in the office and factory buildings market in 2022. The regions covered in the office and factory buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of office and factory buildings are residential and non-residential.Residential refers to a situation involving residences, apartments, or any other setting where people live.
The various construction types include new construction and renovation. These are used in various applications such as owned, rental, and by various end users such as private and public.
Rapid industrialization is expected to propel the growth of the office and factory buildings market going forward.Industrialization refers to the process of moving a country’s or region’s economy away from a reliance on agriculture and towards one that is driven by industry.
Industrialization increases the need for various office and factory buildings that could make great contributions to housing demand with prefabrication, and modular construction in factories and then assembling them on the job site, which could increase the quality of project implementation and reduce the project time.For instance, in December 2021, according to a report shared by Eurostat, a Luxembourg-based government agency, the production of manufactured goods grew by 8 percent in 2021 compared to 2020.
Additionally, in 2021, manufacturing contributed $2.3 trillion to U.S. GDP, amounting to 12.0 percent of the total U.S. GDP. Therefore, rapid industrialization is driving the growth of the office and factory buildings market.
Technological advancement is a key trend gaining popularity in the office and factory buildings market.Major companies operating in office and factory buildings are focused on developing innovative solutions to strengthen their position in the market.
For instance, in February 2022., Black Buffalo 3D Corporation, a US-based, construction equipment supplier company, launched its technological product, NEXCON 1G 3D construction printer, which specializes in single- to three-story residential and commercial applications, with the ability to print up to three stories depending on roof design. This technology is a stronger, more sustainable, and cost-effective way to build affordable housing, infrastructure, and much more. Additionally, this technology gives builders a 70 percent reduction in materials costs, almost zero waste, and up to an 80 percent reduction in labor costs and build time.
In December 2022, DiGeronimo Companies., a US-based construction company, acquired Winter Companies for an undisclosed amount. With this acquisition, DiGeronimo Companies aims to quicken the growth of its Cleveland-based business in the construction and development industry. Winter Companies is a US-based, commercial construction company providing construction management, design-build, and general contracting services.
The countries covered in the office and factory 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 office and factory buildings market research report is one of a series of new reports that provides office and factory buildings market statistics, including office and factory buildings industry global market size, regional shares, competitors with an office and factory buildings market share, detailed office and factory buildings market segments, market trends and opportunities, and any further data you may need to thrive in the office and factory buildings industry. This office and factory 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.
