Irving, TX (PRWEB) September 11, 2012
The global commercial construction industry experienced solid growth over the last five years and is expected to continue that momentum to reach approximately $2,682 billion in 2017 with a CAGR of 7.3% over next five years (2012-2017).
Lucintel, a leading global management consulting and market research firm, has analyzed the global commercial construction industry and presents its findings in “Global Commercial Construction Industry 2012-2017 Trend, Profit, and Forecast Analysis.”
The economic slowdown in North America and weak consumer spending adversely affect the need for commercial buildings. The industry did benefit from strong gains in construction on healthcare facilities, including the US Army Medical Center, and amusement-related categories(sports arenas, convention centers). The Rest of the World (ROW) is projected to lead the industry and is expected to grow at the highest rate during forecast period. International events, such as the 2014 FIFA World Cup and 2016 Olympics, both in Brazil, are expected to drive commercial construction industry growth in the region. The commercial market depicted optimistic results with an increase in projects including hotel construction, warehouse construction, and store construction.
Lucintel’s market research indicates that Asia Pacific (APAC) depicted the highest growth during 2010-2011 as hotel construction industry continued to expand in all regions during 2011. Advances in the commercial construction industry in 2011 were mainly driven by the growing and aging population.APAC has a high market attractiveness, which should represent steady growth for the commercial construction industry over the forecast period. Reconstruction activities and an increasing population increase the chance for development of schools and hospitals to help meet the needs of upcoming generations.
As the study indicates, technology awareness, project cancellations due to the impact of the global financial crisis, tightening of credit and financing markets, and issues related to project financingare the biggest growth challenges for the industry. Population, government spending, and increased need for commercial buildings for corporate growth are anticipated to boost the industry.
The report tracks one segment for four regions; thus, it tracks four segments of the global commercial construction industry.
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