Top 5 Fastest-growing Global Construction Markets
The field of global construction is growing consistently, with a focus on speed, cost-effectiveness, utility, and durability. Playing a key role in developed and developing economies, the construction sector provides infrastructure for homes and offices, creates new jobs and addresses energy challenges.
Based on the global construction outlook, the industry is projected to grow from $8.9 trillion in 2015 to $10 trillion in 2019, driven primarily by government spending on infrastructure projects. The Latin America (LATAM) and Asia Pacific (APAC) regions are expected to account for more than half of the world’s total construction output by 2020.
Top 5 emerging global construction markets are:
India
The construction industry in India is projected to become the third largest employer of the country, leading to India becoming the third largest construction market globally by 2030.
The government of India has undertaken several initiatives to support the construction market, to build highways, infrastructures, and smart cities. Apart from launching its trademark “Make In India” scheme, the government of India has also opened 100{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} Foreign Direct Investment (FDI). Already, 99 “Smart Cities” have been identified and various housing schemes have also been launched.
China
Accommodating its massive population, China has in the past 30 years undertaken a considerable amount of construction projects. However, faced with limited space, construction in China has now turned to smart construction, building upwards and outwards in an attempt to maximize limited space.
New technologies, new methods of construction and new materials influenced by global construction processes are being adopted in China so as to reduce construction costs, improve sustainability and promote a healthier environment. The construction market in China is driven by sustainability, innovation and best use of resources in less area.
Vietnam
The construction industry in Vietnam expanded with rapid pace during the government’s Seventh Five-year National Socio-Economic Development Plan (2011–2015) with a focus on industrial, agricultural and infrastructural projects. The pace is expected to slow down over the 2018-2022 period as the Vietnam government makes efforts to improve the quality of the overall infrastructure.
Residential construction is also expected to be a focus as the government attempts to create more affordable housing options to match rising demands.
Australia
The construction market in Australia is fast-growing with an emphasis on multi-level residential apartments, road and rail projects and other infrastructure. The Australian federal government has highlighted road safety, tackling congestion and rail links as priority constructions in its 10-year national infrastructure plan. An abundance of space gives more scope for constructions.
Indonesia
In Indonesia, the construction market is booming with the support of the government in the areas of residential infrastructure, transport facilities and energy, and utilities construction. To provide housing across society levels, residences are being constructed targeting different income levels. Additional construction opportunities are in place to harness the geothermal power capacity in Indonesia.
The overall field of global construction is witnessing a boom as construction becomes accessible worldwide. Regardless of whether the construction is in a developed or developing nation, there is scope for further construction. While in developed nations with pre-existing infrastructure the focus is on optimizing the construction, in developing nations the goal is to maximize the space for best utilization.
