Construction Materials Segment is the largest segment driving the growth of Building Construction Partnership Market
The global Building Construction Partnership Market is estimated to be valued at US$ 126.48 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Building Construction Partnership Market involves construction of residential and commercial buildings through partnership between construction firms, material suppliers, equipment providers and financing entities. It offers benefits like minimized risks, improved coordination and reduced project duration.
Market key trends:
Modular construction is one of the key trends being adopted in the building construction partnership market. It involves construction of building modules or modular units off-site in a controlled factory environment and then transporting and assembling them on site. This allows 30-50% faster construction with 15-30% lower costs and higher quality. Growing construction of sustainable and green buildings is boosting the demand for modern modular construction techniques.
Market key trends:
The Building Construction Partnership Market Size has been witnessing increasing preference for public-private partnership models owing to large project sizes and requirement of high capital investments. This allows risks and resources to be shared between public and private players. Additionally, growing focus on sustainable and green construction has also boosted this market wherein partnership models allow for expertise and technology sharing to deliver eco-friendly infrastructure.
SWOT Analysis
Strength: Partnership models allow for risk sharing and pooling of resources like capital, technology and manpower for timely delivery of large projects.
Weakness: Shared decision making can sometimes lead to delays. Dependence on multiple partners also makes the project vulnerable to delays from any one partner.
Opportunity: Growing infrastructure investment worldwide presents significant opportunities for partnership models to undertake projects. Partnerships also encourage innovation through collaboration of diverse expertise.
Threats: Economic slowdowns can negatively impact funding and delay projects. Stringent regulations around environment, labor etc. also pose challenges and increase compliance costs.
Key Takeaways
The global building construction partnership market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing infrastructure investment worldwide. The market size for 2023 is estimated to be US$ 126.48 Bn.
Regional analysis: North America dominates currently due to high construction spending and presence of leading construction brands. Asia Pacific is expected to witness fastest growth on back of rising urbanization and government plans to build smart cities along with improving transport and social infrastructure.
Key players operating in the building construction partnership market are Vinci, Bouygues, Grupo ACS, Hochtief, Balfour Beatty, Laing O’Rourke, Bechtel, Kiewit, and Skanska. These players are focusing on partnerships to take up large projects and also deliver innovative construction solutions leveraging collective expertise.
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