The report "Development of the Construction Industry by Type (Residential, Non-Residential, and Heavy and Civil Engineering) and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) - Global Forecast to 2024," compiled by MarketsAndMarket, concludes that the global construction market size declined from USD 11,217.4 billion in 2019 to USD 10,741.2 billion in 2020.

However, the industry showed signs of recovery from 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 experienced a decline in 2020 due to frequent lockdowns, strict government regulations, and supply chain interruptions caused by the COVID-19 pandemic.

Some of the prominent key players include:

• Bechtel Group (USA)
• Balfour Beatty (United Kingdom)
• Grupo ACS (Spain)
• China State Construction Engineering Corporation Limited (China)
• L&T Construction (India)
• PCL Construction Enterprises (Canada)
• Skanska Construction (Sweden)

The residential sector holds a major share in the construction industry.

Globally, the construction industry is over USD 11 trillion, with residential construction being the largest sector. The emergence of COVID-19 caused disruptions in the residential construction sector.

The transformation of COVID-19 from a China-centric challenge to a global pandemic shifted the impact on global construction supply chains and markets.

Operations were halted or limited to adhere to government rules for ensuring employee safety. However, many companies operated in countries where the construction industry was listed as essential.

For many companies, digitally activated functions, such as design, continued, but operational or site-related activity was completely suspended. Labor shortages, near-total restrictions on logistics and transportation disrupted supply chains, creating a shortage of raw materials.

APAC is expected to have the largest share in the construction industry during the forecast period.

APAC is the largest construction market. Key international players are exploring opportunities in the region due to cheap labor, raw materials, and high demand in various sectors, such as residential, non-residential, and heavy and civil engineering.

However, COVID-19 has affected the world disastrously, and APAC is one of the most affected regions globally. The deadly virus impacted various major markets in APAC, including China and India, forcing governments to implement lockdowns in multiple phases, leading to a slowdown in all sectors.