construction industry

The report "Impact of COVID-19 on Construction Industry Market by Type (Residential, Non-Residential, and Heavy & Civil Engineering) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2024" The global construction market size is declined from USD 11,217.4 billion in 2019 to USD 10,741.2 billion in 2020. However, the industry is showing signs of recovery since the beginning of 2021 and is expected to reach a market size of USD 13,572.4 billion in 2024, projecting a CAGR of 6.0% between 2020 and 2024. The construction industry is declined in 2020 due to frequent lockdowns, stringent government regulations and supply chain disruption caused by the COVID-19 pandemic.

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The residential sector comprises a major share of the construction industry.

Globally, construction is more than USD 11 trillion industry, of which residential construction is the largest sector. The occurrence of COVID-19 has caused disruption in the residential construction sector. The transformation of COVID-19 from a China-centric challenge to a global pandemic has resulted in the shifting of the impact to the global construction supply chains and markets.

Efficiently-designed and well-constructed sea ports are viewed as the bedrock upon which a region’s infrastructure is developed and maintained. Across the globe, freight transportation is widely achieved by sea, urging regional governments to employ dredging throughout their shores. Capital dredging remains principal in ensuring an effective and safe docking of cargo ships, fishing boats, passenger ferries, and all kinds of vessels that afloat the international waters.

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Fact.MR’s recently collated study foretells that the dredging market will record a modest 2.7% CAGR between the forecast 2017 and 2022. An effective dredging service can directly improve the social and economic development of a region by providing deeper channels to protect the submerged depends of ships. The maritime infrastructure sector continues to witness diversity in dredging techniques, with some offering maintenance of port access channels while others being designed on the basis of characteristics of the soil being dredged. In the foreseeable.