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(MoneyNewsWire.Net, December 13, 2018 ) The global construction market, a part of the construction industry, grew at a compound annual growth rate (CAGR) of around 8% during the historic period. The growth is mainly due to increased demand for new buildings, roads, utilities, bridges and other infrastructure, owing to rapid urbanization in Asian countries, surging economy in emerging markets, rising per capita income, declining interest rates and increasing investments in infrastructure and development of new cities in emerging markets.
In the forecast period, the global construction market size is expected to be over $21 Trillion by 2021, growing at a CAGR of nearly 9%. This high growth can be attributed to the expected increase in demand for new buildings and heavy construction projects due to rapid urbanization in emerging markets owing to strong economic growth, rising disposable income, availability of credit at low interest rates, and changing consumer lifestyles preferences., development of new cities in emerging economies such as China and India are expected to be major drivers of growth in the forecast period.
Find TBRC’s report on the construction market: https://www.thebusinessresearchcompany.com/report/construction-global-market-report-2018
Construction companies are increasingly using autonomous construction vehicles and heavy equipment to improve productivity. These automated vehicles are equipped with sensors, cameras and GPS. Real-time data obtained from these devices helps in remote monitoring of jobsite and reduces construction time. Vehicles connected through IoT, telematics and RFID tracking technologies are also helping the construction industry to be more collaborative, efficient and safe. Leading manufacturers such as Komatsu, Caterpillar and Volvo CE are continuously releasing new models of autonomous, semi-autonomous and remote controlled excavators and other heavy equipment.
Major companies in the construction market, offering IoT technology include China State Construction Engineering Co., Ltd., China Railway Group Ltd., China Railway Construction Corporation Limited, China Communications Construction Group Ltd., Vinci SA, Power Construction Corp. Of China, Bechtel Corporation, Grupo ACS, Bouygues SA, Skanska Group
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