The Business Research Company’s Construction Market Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, January 11, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Increasing investments in renewable energy infrastructure and renewable power generation capacities are expected to drive growth of the global construction market. A large number of power generation companies are investing in renewable energy sources, especially in the USA and European countries.
For instance, in December 2017, EDF Energy announced an investment of more than €25 billion in solar power infrastructure. Further, governments globally are also promoting renewable energy sources by offering incentives and subsidies to renewable power generation companies. The Australian government offered $600 million in subsidies to wind power generators. This is expected to boost the demand for services provided by construction companies, thereby driving the market during the forecast period.
The construction market consists of the sales revenues earned by entities (organizations, sole traders and partnerships) that construct buildings or engineering projects (for example, highways and utility systems). Establishments that prepare sites for new construction and those that subdivide land for sale as building sites are included in this market. The construction market includes new work, additions, alterations, maintenance, and repairs
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Construction companies adopting digital technologies such as augmented reality (AR), virtual reality (VR) and wearables to improve construction site safety is one of the major trends of the global construction market covered by The Business Research Company in its latest report.
VR and AR enable construction managers to view jobsite conditions in a simulated environment. They can also be used for training workers on safe operation of heavy equipment in a controlled environment. Wearables can track workers in the field to protect them from jobsite hazards and other potential injuries. New safety devices such as carbon monoxide-detecting hats use noninvasive blood oxygen monitors to alert workers in areas with high carbon monoxide emissions.
Skanska USA, a leading construction group, is using equipment sensors and labor tracking technology to ensure safety of workers. In 2016, Bechtel, a US-based construction and civil engineering company, started VR immersion safety training for its workers. New South Construction Company in Atlanta is using Oculus Rift VR headsets for project imaging and worker safety.
The Business Research Company’s Suggestion And Analysis Of The Global Construction Market Opportunities And Strategies
The construction market can be segmented by construction type into – buildings construction, heavy and civil engineering construction, specialty trade contractors, land planning and development. The buildings construction market was the largest segment of the construction market segmented by type, accounting for 51.7% of the market. The top opportunities in the construction market segmented by type, will arise in the buildings construction market segment, which will gain $1,637.1 billion of global annual sales by 2023. To take advantage of these opportunities, The Business Research Company recommends market-trend-based strategies for the construction market such as using autonomous construction vehicles, adopting green construction techniques, using digital technologies to improve construction safety, and using advanced building materials.
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