The Heavy and Civil Engineering Construction Market Sees Largest Growth Potential In China
TBRC's construction engineering market research report studies how the industry is to reach almost $3 trillion by 2026, and how to make the most opportunity of the growth potential.
LONDON, May 26, 2022 /PRNewswire/ -- Asia Pacific was the largest region in the heavy and civil engineering construction market, accounting for 39.6% of the global market in 2021. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the civil engineering and building construction market will be Africa and Eastern Europe, where growth will be at CAGRs of 16.6% and 7.7% respectively from 2021-2026.
The global heavy and civil engineering construction market size is expected to grow from $1742.92 billion in 2021 to $1921.67 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The heavy and civil engineering construction industry revenue is expected to reach $2733.35 billion in 2026 at a CAGR of 9.2%.
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Competitive Landscape In The Heavy And Civil Engineering Construction Market
The global heavy and civil engineering construction market is concentrated, with a large number of players. The top ten competitors in the market made up to 26.89% of the total market in 2021. This is mainly due to the presence of a large number of players who cater to the local population as the majority of customers use construction services which are closer to their locations. However, large companies play a leading role in major infrastructure construction projects.
Major players in the heavy & civil engineering construction industry are The China Railway Construction Corporation Limited, China Railway Group Ltd., China Communications Construction Co. Ltd., China State Construction Engineering Co., Ltd., Power Construction Corporation of China, Vinci S.A., Bouygues S.A., Strabag SE, Skanska Group, Bechtel Corporation and others.
Growth and Market Opportunity In The Heavy And Civil Engineering Construction Market
The top growth potential in the heavy and civil engineering construction market by type will arise in the highway, street, and bridge construction market, which will gain $375.4 billion of global annual sales by 2026.
The top growth potential in the highway, street, and bridge construction market specifically will arise in the roads and highways market, which will gain $283.3 billion of global annual sales by 2026.
The heavy and civil engineering construction market size will gain the most in the China at $139.6 billion.
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