The construction industry includes architectural services, the physical processes of building, infrastructure development, civil engineering, the assembly and installation of prefabricated components and equipment, and repairs and maintenance for already built structures.
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The substantial reasons for the growth of the Construction Market from 17 trillion in 2017 to $24 trillion in 2021 are 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.
The Construction market is split into segments: buildings construction, heavy and civil engineering construction and specialty construction contractors.
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China was the largest country in Construction market in 2017, due to the presence of a large number of construction companies catering to a large customer base in the country. And it is followed by the USA.
The China State Construction Engineering Corporation was the largest competitor in the Construction market in 2017, followed by China Railway Group Ltd. (CREC), China Railway Construction Corporation Limited (CRCC). The China State Construction Engineering Corporation is a Chinese construction company and general contractor. The company operates through 30 country-specific teams, with a marketing network covering markets in Africa, ASEAN and surrounding regions, Central Asia, Central and Eastern Europe and Latin America. It is headquartered in Beijing, China and employs around 10,000 people.
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