70% Global Construction Growth Expected by 2025
Based on the research and analysis by Global Construction Perspectives and Oxford Economics, the world's largest construction markets rank in the year 2025 are expected to be China, U.S., India, Japan, Indonesia and Russia.
This report, sponsored by Aconex, estimates that the construction volume all over the globe will grow up to $15.0 trillion in 2025, as the industry's contribution to the worldwide gross domestic product (GDP) increases from 12.2% to 13.5%.
Global Construction 2025 considers construction markets in 46 countries that create 85% of world output. It is a precise report with 328 pages including 683 charts and tables, besides the executive summary offers a comprehensive overview in a quick read.
The regional forecasts of the report reflect the trends seen in the business scenario over the years. As per the report China, India and the U.S. are the three countries that will be accountable for 60% growth from 2012 to 2025, with China being responsible for more than 25% of the global volume. India is expected to grow faster than China, overtaking Japan for the third position. By 2025, the report predicts, Indonesia will grow annually by 6% to attain the position of world's fifth largest market. Australia is forecasted to expand at 1% annually as the mining activity shifts from infrastructure development to production.
The North American market is also supposed to grow by about 40%, representing a rebound of construction in the U.S. as well as the improved infrastructure and oil & gas related building in Canada. The Western Europe is supposed to contract by almost 5% from its peak in 2007, with the U.K. as the only area of growth, at more than twice the average for the complete region. The Eastern Europe as well is said to grow by almost 5% on an annual basis, driven by Turkey and Russia. Besides, Russia is supposed to become the world's sixth largest market. The report projects, Qatar and Nigeria as the world's fastest growing construction markets for 2025 with a growth of 10% and 8% per year, respectively.
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