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| Building Construction Partnership Market Size |
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:
The building construction partnership market involves partnership between
public and private entities for the construction of buildings. Under such
partnerships, private players provide design, construction, financing,
maintenance and other services related to building project development. This
helps government and private organizations focus on their core activities while
leveraging private expertise for construction needs. Various types of buildings
constructed through such partnerships include commercial buildings, residential
buildings, hospitals, schools and other civic infrastructure. Increased usage
of modern construction techniques and innovative building materials helps
deliver projects efficiently within scheduled timelines and budgets.
Market key trends:
Growing adoption of advanced technologies like AI, Internet of Things, building
information modeling and drone usage is a major trend shaping the building
construction partnership market. Technology integrated solutions help optimize
design, project management, material procurement and overall construction
workflow. This improves quality, safety and sustainability of built
infrastructure. Further, continuous focus on green building standards to reduce
environmental impact and lower life-cycle energy usage of buildings is another
key trend. Sustainable construction practices help lower operating costs and
achieve long-term resource efficiency.
Porter's Analysis
Threat of new entrants: The Building
Construction Partnership Market Size
requires large capital investments and established relationships with clients,
acting as a deterrent for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to the
availability of various construction companies. However, switching costs are
high as buyers often work with contractors on long-term projects.
Bargaining power of suppliers: Suppliers have low bargaining power due to the
fragmented nature of the industry with no single supplier accounting for a
dominant market share.
Threat of new substitutes: There is low threat of substitution as building
construction services have no close substitutes.
Competitive rivalry: The market is highly competitive with the presence of
numerous global and regional players competing on the basis of service quality,
health and safety standards, and financial strength.
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 infrastructural development and
urbanization in developing nations.
Regional analysis
The Asia Pacific building construction partnership market is projected to be
the fastest growing region due to rapid economic growth and rising
infrastructure development in countries such as China and India. Europe and
North America collectively accounted for over 40% share of the global market in
2023 owing to recovery in construction activities across the regions.
Key players
Key players operating in the building construction partnership market are
Vinci, Bouygues, Grupo ACS, Hochtief, Balfour Beatty, Laing O’Rourke, Bechtel,
Kiewit, HOCHTIEF, and Skanska. Vinci and Bouygues jointly accounted for over
15% share of the global market in 2023.
Read More: https://www.trendingwebwire.com/building-construction-partnership-market-size/