The global construction market continues to show significant growth despite economic and geopolitical challenges.
In 2024, the global construction market is projected to reach $15.97 trillion, with an expected growth to $19.85 trillionby 2028, reflecting a compound annual growth rate (CAGR) of 5.6%. Key drivers of this growth include urbanization, population growth, government support, and the development of smart cities.
Key Regions and Countries
- China remains the largest construction market globally, primarily due to massive government infrastructure initiatives. Market growth is expected to accelerate significantly after 2025 as current real estate challenges are addressed.
- The United States ranks second but faces a decline in housing construction, which could slow overall growth. However, investments in strategic infrastructure and decarbonization continue to support the sector.
- India is projected to be the fastest-growing construction market among superpowers, focusing on infrastructure development, smart cities, and logistics.
- Europe is showing moderate growth, particularly in the United Kingdom, Germany, and France, driven by infrastructure modernization and increasing housing demand.
- Kazakhstan is also active in the construction sector, emphasizing infrastructure development and attracting foreign investments. In 2024, the Kazakh construction market is valued at approximately $30 billion, driven by expanding infrastructure and active residential and commercial construction. This growth is supported by government programs aimed at modernizing infrastructure and developing residential and commercial properties.
Key Trends
- Green Construction: Sustainable building practices are gaining importance, with a growing number of projects focused on energy-efficient and environmentally friendly buildings.
- Technological Innovations: Advances such as automation and digitalization are gaining traction, helping improve project efficiency and reduce costs.
These insights highlight the global significance of the construction sector and its critical role in economic development. Interest in sustainable practices and smart technologies continues to rise, shaping the industry’s future worldwide.
