The novel coronavirus (COVID-19) pandemic has had a significant impact on the construction industry. The most immediate effect has been the shutdown of construction activity in many jurisdictions around the world in an effort to contain the spread of the virus. This has led to a sharp decline in construction output and a rise in project cancellations and delays.
Get Access to A Free Sample Copy of Our Latest Report – https://www.globalinsightservices.com/request-sample/GIS20448
The pandemic is also having a major impact on the global economy, which is likely to lead to a further slowdown in construction activity. With businesses and households cutting back on spending, there is likely to be a reduction in demand for new construction projects. This could lead to a decline in investment in the construction sector and a rise in unemployment.
Key Trends
The COVID-19 pandemic has had a significant impact on the construction industry. The most immediate effect has been the slowdown of construction activity due to the lockdown measures implemented by governments around the world. This has led to a decrease in demand for construction materials and products, and a corresponding decrease in prices.
The decrease in activity has also had a negative impact on the employment levels in the construction industry, with an estimated 9.5 million construction workers globally expected to lose their jobs in 2020.
Get A Customized Scope to Match Your Need Ask an Expert- https://www.globalinsightservices.com/request-customization/GIS20448
The pandemic has also accelerated the adoption of digital technologies in the construction industry.
Key Drivers
The outbreak of COVID-19 has had a profound impact on the construction industry. The most immediate and visible impact has been the slowdown of construction activity in many parts of the world as a result of the pandemic. The construction industry is highly dependent on a large and mobile workforce, and the outbreak of COVID-19 has led to a significant disruption in the supply of labor. In addition, the pandemic has had a significant impact on the demand for construction, as the economic slowdown has led to a decrease in demand for new construction projects. The combination of these factors has led to a sharp decrease in construction activity in many parts of the world.
The impact of COVID-19 on the construction industry is expected to be long-lasting. The slowdown in construction activity will lead to a decrease in demand for construction materials and equipment, which will have a ripple effect throughout the construction supply chain. In addition, the economic slowdown is expected to lead to a decrease in investment in new construction projects, which will further reduce demand for construction services. The long-term impact of COVID-19 on the construction industry is expected to be significant, and the industry is expected to take several years to recover from the pandemic.
Market Segments:
The impact of COVID-19 on construction industry market is segmented by type and region. By type, it is divided into residential, non-residential, heavy & civil engineering. By region, the market is segmented into North America, Europe, Asia- Pacific and Rest of the World.
Buy Now – https://www.globalinsightservices.com/checkout/single_user/GIS20448
Key Market Players:
The impact of COVID-19 on construction industry market includes players such as Automated Construction Technology, Bechtel Group, Balfour Beatty , Group ACS, China State Construction Engineering Corporation Limited, L&T Construction, PCL Construction Enterprises, Skanska Construction, VINCI, TechnipFMC and Bouygues.
With Global Insight Services, you receive:
- 10-year forecast to help you make strategic decisions
- In-depth segmentation which can be customized as per your requirements
- Free consultation with lead analyst of the report
- Excel data pack included with all report purchases
- Robust and transparent research methodology
New Report Published by Global Insight Services : https://www.globalinsightservices.com/reports/hydrogen-projects-database/
About Global Insight Services:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.
Contact Us:
Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: [email protected]
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/