Major companies in the market include China Railway Group Ltd; China Railway Construction Corporation Limited; China Communications Construction Croup ltd; Bechtel Corporation and Power Construction Corp Of China.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Heavy And Civil Engineering Construction Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018928/?utm_source=GNW
The global heavy and civil engineering construction market is expected to grow from $1528.13 billion in 2020 to $1623.35 billion in 2021 at a compound annual growth rate (CAGR) of 6.2%. The growth 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 market is expected to reach $2104.6 billion in 2025 at a CAGR of 7%.
The heavy and civil engineering construction market consists of sales of heavy and civil engineering construction services and related goods by entities (organizations, sole traders and partnerships) that undertake heavy and civil engineering construction projects (e.g., highways and dams), and by specialty trade contractors, whose primary activity is the production of a specific component for such projects. The work performed may include new work, additions, alterations, or maintenance and repairs. The sales revenues earned from construction projects involving water resources (e.g., dredging and land drainage) and projects involving open space improvement (e.g., parks and trails) are included in this market. Establishments whose primary activity is the subdivision of land into individual building lots usually perform various additional site-improvement activities (e.g., road building and utility line installation) and their sales revenues are included in this market. The heavy and civil engineering construction market is segmented into utility system construction; highway, street, and bridge construction and other heavy and civil engineering construction.
Asia Pacific was the largest region in the global heavy and civil engineering construction market, accounting for 37% of the market in 2020. North America was the second largest region accounting for 27% of the global heavy and civil engineering construction market. Africa was the smallest region in the global heavy and civil engineering construction market.
The offshore productivity or the productivity of marine contractors has been increasing in recent years owing to better automation and monitoring technologies. This increase in productivity is seen particularly in dredging, land reclamation and offshore construction of oil platforms, and can be attributed to mechanical technology improvements, automation and better monitoring of offshore construction projects. For example, in Belgium, home to two of the world’s five biggest dredgers, marine contractors’ productivity gains have surpassed productivity figures for the entire building sector. DEME, a Belgian dredging company, is using modular build technique to build an 8.6 km-long quay in Singapore, using watertight concrete chambers made in a factory on land. Offshore productivity gains have significantly reduced dredging costs, thus making land reclamation more attractive. For instance, Major marine contractors include Jenkins Marine, Teignmouth Maritime Services and Edwards Diving Services.
Heavy and civil engineering construction costs have increased steadily due to rising material costs in the historic period. Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil, a key component of asphalt increased by 49%, softwood lumber, a major component used for buildings construction, which rose by 23% during historic period. In 2018, cement prices rose 2.5% and plumbing and fixtures increased by 3% in the US. High material prices adversely affected the heavy and civil engineering construction market during historic period.
Technological development was a driver of the heavy and civil engineering construction during the historic period. Markets such as foundation, structure, and building exterior contractor which involve technology benefited from this trend during the historic period. Areas of rapid technological change include smart highways, 3D concrete printing, drone surveying, kinetic roads, ’tiny houses’ and solar roads. Due to the advancement in technology the demand for better infrastructure increased and positively impacted the demand in heavy and civil engineering construction.
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