Construction & Manufacturing Industry to Reach $14.9 Trillion, Globally, By 2022: Allied Market Research
Rise in remote communication and asset management during the pandemic has encouraged companies in the construction & manufacturing industry to adopt cutting-edge technologies in multiple processes.
PORTLAND, Ore., Oct. 19, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "COVID-19 Impact Analysis on Construction & Manufacturing Industry by Construction Industry (Building Construction, Transportation Infrastructure, Construction Materials, and Construction Services) and Manufacturing Industry (Packaging, Heating, Ventilation, and Air Conditioning (HVAC), Equipment and Machinery, and Manufacturing Services): Global Opportunity Analysis and Industry Forecast, 2020–2022". As per the report, the global construction & manufacturing industry generated $14.4 trillion in 2019, and is projected to reach $14.9 trillion by 2022, growing at a CAGR of 5.2% from 2020 to 2022.
The global construction market was pegged at $9.50 trillion in 2019, and is expected to reach $9.77 trillion by 2022, growing at a CAGR of 4.5% from 2020 to 2022. On the other hand, the global manufacturing industry accounted for $4.92 trillion in 2019, and is expected to hit $5.08 trillion by 2022, growing at a CAGR of 6.7% during the forecast period.
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Covid-19 impact:
- The prolonged lockdown has severely affected the supply and distribution of raw materials for construction of buildings and commercial places.
- However, adoption of technology platforms and solutions to tackle the pandemic is expected to aid the construction & manufacturing industry post-pandemic.
- The Covid-19 pandemic turned out to be a wake-up call for the construction industry as it highlighted why the Industry 4.0 technologies are essential for sustenance in the global market.
- Rise in remote communication and asset management during the pandemic has encouraged companies in the manufacturing industry to adopt cutting-edge technologies in multiple processes.
The building construction segment held the largest share
The building construction segment dominated the market in 2019, accounting for more than one-third of the global construction market, owing to demand for home automation products such as automatic doors to ensure less contact with solid objects in the houses & commercial spaces. However, the construction services segment is expected to manifest the highest CAGR of 6.9% during the forecast period.
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The equipment and machinery segment dominated the manufacturing industry
The equipment and machinery segment held the lion's share in 2019, accounting for nearly three-fifths of the global manufacturing industry, owing to adoption of technology platforms and solutions to address consumer demand. However, the packaging segment is expected to portray the highest CAGR of 8.1% during the forecast period. This growth is associated with increased awareness regarding food safety among government bodies and customers.
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