Commercial Buildings Global Market Report 2023
Major players in the commercial buildings market are Boston Commercial Properties Inc., Brookfield Business Partners LP, CBRE Group Inc., DLF Ltd., Keller Williams Realty Inc., Lee & Associates Licensing and Administration Co.
New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Commercial Buildings Global Market Report 2023" - https://www.reportlinker.com/p06464063/?utm_source=GNW
LP, Link Asset Management Ltd., Marcus & Millichap Inc., MaxWell Realty Canada, NAI Global, Nakheel PJSC, Onni Contracting Ltd., Prologis Inc., RAK Properties PJSC, and Segro Plc.
The global commercial buildings market is expected to grow from $1,811.03 billion in 2022 to $1,889.78 billion in 2023 at a compound annual growth rate (CAGR) of 4.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The commercial buildings market is expected to reach $2,126.93 billion in 2027 at a CAGR of 3.0%.
The commercial buildings market includes revenues earned by entities by constructing buildings, lodging facilities, restaurants, and industrial buildings.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Commercial buildings refer to any structure that is constructed for industrial or public purposes for commercial activities that generate a profit, but is not a residential building. They are used for business-related purposes.
Asia-Pacific was the largest region in the commercial buildings market in 2022. The regions covered in commercial buildings report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of commercial buildings are new construction, repair and maintenance, refurbishment, and demolition.New construction refers to the building of a structure where additions are made to an existing structure that increases the floor area by more than 100 percent.
The various applications involved are owned and rented and are used by offices, retail, leisure, and others.
Increasing construction of green buildings is expected to propel the commercial buildings market going forward.Green buildings refer to a technique for building that uses fewer resources and results in healthier, more environmentally friendly, and less expensive to maintain structures.
The full life cycle of a structure is taken into account in the sustainable construction method.Green buildings are used in commercial buildings because they reduce the day-to-day costs year-over-year, so an increase in green buildings will propel market growth.
For instance, in 2021, according to the Multidisciplinary Digital Publishing Institute, a Switzerland-based open-access publisher of scientific journals, there were around 2600 projects in China that were awarded LEED (Leadership in Energy and Environmental Design) certification, and further, China’s green buildings exceeded 6.6 billion square meters in 2021 amid the country’s efforts to promote high-quality development in urban and rural areas. Therefore, an increase in the construction of green buildings is driving the commercial buildings market.
Technological advancements are a key trend gaining popularity in the commercial building market.Major companies operating in the commercial building market are focused on developing new technological solutions to strengthen their position.
For instance, in October 2020, BrainBox AI, a Canada-based autonomous building technology company launched a ground-breaking AI-powered solution in the UK and Irish commercial real estate markets.BrainBox AI is presently deploying its technology in 10 buildings totalling over 1,000,000 square feet of commercial space between the two countries.
BrainBox AI’s technology enables the HVAC (Heating, Ventilation, and Air Conditioning) system in a building to run independently, in real-time, by utilizing artificial intelligence (AI) to estimate a building’s thermal load.This results in a decrease in the carbon footprint of 20–40%, a 25% reduction in overall energy expenses that can be achieved in under three months, and an increase in occupant comfort of 60%.
Also, building managers should expect a 50% reduction in operating and maintenance expenses for the HVAC system.
In April 2022, Cianbro Corp., a US-based construction company, acquired R. C. Stevens Construction Company for an undisclosed amount. The acquisition will give both companies a permanent presence in the Southeast and create new chances to grow their markets. R. C. Stevens Construction Company is a Florida-based commercial buildings construction company.
The countries covered in the commercial buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The commercial buildings market research report is one of a series of new reports that provides commercial buildings market statistics, including commercial buildings industry global market size, regional shares, competitors with commercial buildings market share, detailed commercial buildings market segments, market trends, and opportunities, and any further data you may need to thrive in the commercial buildings industry. This commercial buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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