Canada Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2030

Canada Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2030

The Canada Construction Market size was valued at USD 253.77 billion in 2023, and is predicted to reach USD 402.35 billion by 2030, at a CAGR of 8.1% from 2024 to 2030.

The rising number of infrastructure projects and government-led initiatives in Canada, driven by the growing demand for sustainable housing solutions, is anticipated to expand the country's real estate market. In 2023, the Governments of Canada and Alberta jointly committed over USD 2.76 billion to complete and renew various infrastructure projects through the Canada Infrastructure Program. These projects benefit from cost-sharing arrangements with the provincial government, municipalities, Indigenous communities, and other partners, thereby promoting growth in the Canadian construction industry.

However, the construction industry contends with significant hurdles stemming from the intricate labyrinth of government regulations and permitting procedures. These processes entail securing various permits and approvals from local, regional, and national authorities, encompassing zoning regulations, environmental assessments, building code compliance, safety standards, and other regulatory requisites. Challenges such as delays in permit acquisition, bureaucratic inefficiencies, and regulatory disparities across jurisdictions can substantially prolong project durations and inflate expenses. Moreover, the volatility of regulations or unexpected policy shifts can disrupt ongoing projects and dissuade potential investments. For instance, the United States Environmental Protection Agency (EPA) administers diverse regulations governing air quality, lead management, waste disposal, and water management, offering compliance assistance resources to navigate environmental obligations during demolition activities, material recycling, and the disposal of cooling and air-conditioning equipment.

In contrast, the construction sector is undergoing a transformative evolution propelled by digitalization and the widespread adoption of Building Information Modeling (BIM). These advancements integrate state-of-the-art technologies to bolster efficiency, accuracy, and collaboration across diverse projects. BIM, a sophisticated 3D modeling tool, empowers stakeholders to generate and oversee digital representations of structures and infrastructure, fostering enhanced coordination and communication among project teams. For instance, in September 2022, the National Institute of Building Sciences (NIBS) initiated the U.S. National Building Information Management (BIM) Program to revolutionize the construction industry and attain unparalleled levels of industrial efficiency through digitalization. This initiative targets the inadequacies in digitalization within the U.S. construction sector, inhibiting the optimization of lifecycle work processes to achieve heightened efficiency, cost-effectiveness, resilience, and safety in construction and maintenance endeavors.

KEY BENEFITS

The Canada 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 Canada 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 Canada 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 Canada 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.