Australia Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2047

Australia Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2047

The Australia Construction Market size was valued at USD 286.62 billion in 2023, and is predicted to reach USD 523.88 billion by 2030, at a CAGR of 8.4% from 2024 to 2030.

The construction industry in this nation is undergoing substantial expansion, largely driven by the surge in the development of large-scale megaprojects. Noteworthy initiatives such as the Western Sydney Infrastructure Plan, Bruce Highway Upgrade Program, METRONET, West Gate Tunnel, Melbourne Metro Tunnel, Adelaide’s North-South Corridor, and Sydney Metro in 2023 exemplify the dynamic growth of the construction market. These significant undertakings are pivotal in propelling the expansion of the construction industry, emphasizing its crucial role in advancing the nation's infrastructure. These projects not only signify a surge in construction activity but also demonstrate the country's commitment to enhancing transportation networks, urban development, and overall economic progress. The construction sector's robust growth trajectory reflects its essential contribution to shaping the nation's built environment and fostering sustainable development.

Yet, the construction sector faces significant obstacles due to the complex network of government regulations and permitting processes. These procedures often require multiple approvals from various levels of authority, spanning from local to national bodies. The regulatory framework encompasses diverse requirements such as zoning regulations, environmental assessments, adherence to building codes, and safety standards. Permit delays, bureaucratic inefficiencies, and inconsistencies across different jurisdictions can substantially prolong project timelines and drive up costs. Additionally, fluctuations in regulations or sudden policy changes can disrupt ongoing projects and discourage potential investments. For instance, the United States Environmental Protection Agency (EPA) oversees numerous aspects of the construction sector, including air quality, waste disposal, and water regulations, providing compliance assistance resources throughout different construction phases.

Conversely, the construction sector is undergoing a significant transformation driven by digitalization and the adoption of Building Information Modeling (BIM). These advancements are revolutionizing project management processes by incorporating state-of-the-art technologies to enhance efficiency, accuracy, and collaboration. BIM, a sophisticated 3D modeling tool, empowers stakeholders to generate and manage digital representations of structures and infrastructure, thereby fostering improved coordination and communication among project teams. For example, the National Institute of Building Sciences (NIBS) introduced the U.S. National Building Information Management (BIM) Program in September 2022. This initiative aims to modernize the construction industry and achieve unparalleled levels of industrial efficiency through digitalization. By addressing the lack of digitalization in the U.S. construction sector, this program seeks to optimize work processes, enhancing efficiency, cost-effectiveness, resilience, and safety in construction and maintenance activities.

KEY BENEFITS

The Australia construction industry is segmented based on type, and sector.
Based on type, the market is segmented renovation and new construction.
Based on sector, the market is divided into real estate, infrastructure, and industrial.

Key Market Players

Leading players operating in the Australia construction industry include:
• China State Construction Engineering Corp. Ltd. (CSCEC)
• China Railway Group Ltd. (CREC)
• China Railway Construction Corp. Ltd. (CRCC)
• China Communications Construction Group Ltd. (CCCC)
• Metallurgical Corporation of China Ltd. (MCC)
• Power Construction Corp. of China
• Vinci SA
• China Energy Engineering Corp. (CEEC)
• Shanghai Construction Group (SCG)
• Bouygues Group

KEY BENEFITS
• The Australia construction market report provides a quantitative analysis of the current market and estimations through 2024-2030 that assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.
• The competitive analysis of the market players along with their market share in the Australia construction market.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.