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

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

The North America Construction Market size was valued at USD 2.30 trillion in 2023, and is predicted to reach USD 3.53 trillion by 2030, at a CAGR of 5.3% from 2024 to 2030.

The infrastructure sector in North America is witnessing significant growth, driven mainly by a rise in large-scale project investments and infrastructure development. In Canada, the top ten megaprojects in real estate include the Site C Clean Energy Project, GO Expansion – On-Corridor Works, Bruce Power Refurbishment, Darlington Nuclear Refurbishment, Eglinton Crosstown LRT, Ontario Line, GO Expansion Projects – Early Works, Iona Island Wastewater Treatment Plant, TTC Vehicles Program, and Réseau express métropolitain. These major projects greatly contributed to the market's expansion in the country.

However, the real estate industry faces significant challenges due to the complex network of government regulations and permitting processes. Infrastructure projects often require various permits and approvals from local, regional, and national government bodies. These permits cover zoning regulations, environmental assessments, building codes, safety standards, and other regulatory requirements. Lengthy permit acquisition processes, bureaucratic inefficiencies, and regulatory inconsistencies across jurisdictions can significantly extend project timelines and increase costs.

Additionally, regulatory changes or unexpected policy shifts can disrupt ongoing projects and deter potential investments. For example, the United States Environmental Protection Agency (EPA) regulates several aspects of the real estate sector, including air quality, lead management, waste disposal, and water regulations. The EPA's compliance assistance centers provide resources to support environmental compliance during demolition activities, material reduction and recycling, and the proper disposal of refrigeration and air-conditioning equipment.

On the other hand, the real estate sector is also experiencing a transformation through digitalization and the adoption of Building Information Modeling (BIM), that utilizes advanced technologies to improve efficiency, accuracy, and collaboration across projects. BIM, an advanced 3D modeling tool, allows stakeholders to create and manage digital representations of structures and infrastructure, enhancing coordination and communication among project teams.

For instance, in September 2022, the National Institute of Building Sciences (NIBS) launched the U.S. National Building Information Management (BIM) Program. This initiative aims to revolutionize the infrastructure industry and achieve unprecedented levels of efficiency through digitalization. It addresses the low level of digitalization in the U.S. real estate sector, that hinders the transformation of lifecycle work processes to be more efficient, cost-effective, resilient, and safer to construct and maintain.

KEY BENEFITS

The North America 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.

Regional Analysis

U.S. Holds the Dominant Market Share in North America Infrastructure Market

The real estate industry in this country is witnessing substantial growth, primarily driven by increased investments in large-scale projects and infrastructure development. Notably, among the top seven megaprojects in the infrastructure industry in 2023 were the Southeast Connector Project in the Dallas-Fort Worth Area, Madison Square Garden Sphere in Las Vegas, NV, Gordie Howe International Bridge in Detroit, MI, American Legion Bridge Replacement in Bethesda, MD, Related Santa Clara Project in Santa Clara, CA, Hudson Tunnel Project in New York City, NY, and JFK Airport Expansion in New York City, NY. These significant endeavors contribute significantly to the expansion of the real estate market.

Key Market Players
• Leading players operating in the North America 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 North America 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 North America 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.