Construction Industry

The global roofing market is growing at a compound annual growth rate (CAGR) of 3.7% from $267.64 billion in 2023 to $277.42 billion in 2024. This growth can be attributed to growth within construction and real estate, urbanization trends, climate and weather, architectural styles and trends, and the need for maintenance and replacement.

Discover the vibrant landscape of the global real estate market in 2024, boasting a robust growth trajectory with revenues surging from $4.02 trillion in 2023 to $4.31 trillion.

The Global Architecture, Engineering & Construction (AEC) market was valued at $10.05 billion in 2023, with a forecasted compound annual growth rate of 10.3% to reach $24.36 billion by 2032.

Within the last decade or so, consolidation has become the name of the game within many of the sectors in the construction and contracting industries.

The global equipment rental industry is rapidly expanding, with the global market size forecast to reach $120.7 billion by 2027. The equipment rental industry is set to experience significant growth in the coming years and is becoming an increasingly important part of the global economy.Construction Equipment RentalThe construction equipment rental segment accounts for the majority of total revenue in the sector globally.The global construction equipment rental market was valued at $109.4 billion in 2022. The market is forecast to reach $153.1 billion by 2028, growing at a compound annual growth rate (CAGR) of 5.59% between 2023 and 2028. The construction equipment market includes material handling, earthmoving, concrete, and road construction. Earthmoving equipment dominates the construction equipment market. Regarding propulsion systems, the market can be segmented into electric and internal combustion engines (ICE), with the latter holding the most market share. The construction industry is thriving worldwide, and there is increasing investment in infrastructural development. These factors are driving the growth of the construction equipment rental market. In addition, as populations rise, governments and private stakeholders invest more in residential and public infrastructure to support their economies. Also, automation in the construction sector is another key growth driver. Rental companies offer high-tech machinery equipped with artificial intelligence (A.I.) and professional operators. The goal is to cut the overall costs for the companies leasing the equipment and enhance operational efficiency. Other factors driving the construction equipment rental market include urbanization, smart cities, and the developing of advanced equipment with sustainable and eco-friendly features.Oil & Gas Equipment RentalThe oil and gas sector is expected to contribute to the growth of the equipment rental market because of increased exploration. As the industry increases its activities, the need for rental equipment to support these activities will also increase. Oil and gas exploration activities are projected to contribute significantly towards future market expansion, as well as digitalization, which could result in a CAGR of 5% by 2025. The drilling rig sector is expected to dominate the market due to the increasing exploration and production activities. Also, advancements in deepwater drilling activities in regions such as Brazil, Norway, and the United Kingdom are expected to create ample opportunity for market players in the coming years. While countries such as Argentina, Canada, Australia, and China are investing in the exploration and production of shale oil and gas reserves, North America is forecast to be the largest market for oilfield rental services due to increasing oil and gas activities and offshore reserve exploitation in the U.S.Power Equipment Rental Power equipment rental is also referred to as power on hire. It offers several advantages over purchased power equipment. Rented generators provide flexibility, carry lower maintenance and installation costs, are available on short notice, and offer lower initial prices. Power outages are increasing the demand for reliable backup power sources in both industrial and commercial sectors, driving the adoption of power rental equipment. Additionally, mining activities are among the highest energy consumers from generators, as most mining activities occur in more remote areas outside the power supply grid. The power rental market is expected to reach $28 billion by 2026, indicating that it is a lucrative and growing market. The industry is expected to experience significant growth in the coming years. DigitalizationThe digitalization of equipment rental services is forecast to boost market growth by a CAGR of 5% by 2025, showing significant potential for the industry in the coming years. Such a considerable increase could result in more efficient and cost-effective rental services and increased customer satisfaction.The Internet of Things (IoT) is also a driving market trend, allowing companies to track their assets’ movements and offering them more visibility and control on hand. The IoT can also extend the lifecycle of equipment and lower costs through more carefully tracked data metrics. Some estimations report that the IoT has the potential to cut maintenance costs by up to 40% and equipment downtime by up to 50%. The IoT has also been shown to cut costs and time regarding inventory tracking and reduce human errors.Equipment rental companies also use A.I. for customer relationship management (CRM) purposes. This offers them a better understanding of their customer’s preferences and behavior patterns. It can also aid in getting more accurate order tracking and delivery information, help rental companies automate relationship management, offer better support, and adapt quickly. 

In 2021, the global heating, ventilation, and air conditioning (HVAC) market was valued at $156.44 billion. The market is expected to be valued at $231.11 billion by 2027, expanding at a compound annual growth rate (CAGR) of 6.72% between 2022 and 2027.

This real estate industry report dives into what to expect in this sector for 2022 and highlights key trends for the upcoming years.

The COVID-19 pandemic has had a negative impact on all classes of commercial real estate. Yet, it also created some new opportunities within the commercial real estate (CRE) market, such as affordable rental prices, improved digital communication and payment facilitation, as well as new opportunities for business owners and investors. And further recovery is well underway.  

The real estate industry, both commercial and residential, is undergoing transformation due to the effects of the COVID-19 pandemic. People are working from home, traveling less, and some are migrating to smaller cities. Digitalization is becoming more prevalent, as owners, developers and managers of properties are seeking out virtual and touchless solutions to ensure safety and boost efficiency in a competitive market. Middle-market companies that keep up with the demand for innovation are poised to thrive under these new-normal conditions. 

The construction materials industry is comprised of suppliers of the raw materials used by builders in both commercial and residential construction. This wide array of materials are both natural and man-made: