Africa Construction Market To Be Dominated by Commercial Construction Segment Through 2028
Infrastructure Development and Government Initiatives are
the factors expected to boost Africa Construction Market during the period of
2023-2028.
According to TechSci Research
report, “Africa Construction
Market - By Region, Competition Forecast & Opportunities, 2028F,” the Africa
construction market is anticipated to grow significantly during the
projected period. Infrastructure development and investment attraction are key
drivers of the Africa construction market, ultimately fuelling the demand for
construction activities and fostering market growth.
To close the
infrastructure finance gap for public infrastructure, which is projected to be
R2.15 trillion (USD140 billion) up to the year 2040, it seeks to attain an
investment/GDP ratio of 30%. The NIP 2050 places a strong focus on
public-private partnership and blended project financing to pay for the construction
of public infrastructure. The World Green
Building Trends Survey estimates that 60% of construction firms globally took
part in green construction initiatives. With the help of certifications like
Leadership in Energy and Environmental Design (LEED), which also offer a number
of benefits like tax savings and marketing opportunities, construction
companies can build high-performance, sustainable houses, and businesses. Two
examples of regularly used sustainable building materials are natural paints
and recycled steel beams.
Browse over XX market data
Figures spread through XX Pages and an in-depth TOC on the” Africa Construction Market."
The Africa Construction
Market is analyzed on the basis of Sector, Construction Type, and Country.
Based on sector, the market is divided into Commercial Construction,
Residential Construction, Industrial Construction, Infrastructure Construction,
and Energy & Utility Construction. Based on Construction type, the market
is divided into Additions, Demolition, and New Construction. Based on region, the market
is divided into South, Central, East, North, and West.
Based on Type, Commercial Construction segment
dominated the market in 2022 and is expected to do so in the forecast period, due
to major projects, including beautiful skyscrapers and megacities created from
scratch. These multimillion-dollar building initiatives in Africa are
transforming its cities in much-needed ways. The greatest industry in Africa is
building, which has become a focus of many governments to meet the demands and
needs of a growing population. In Africa, there are more than 570 construction
projects worth USD 450 billion. The transportation sector, which includes
projects for roads, airports, and railroads, is second largest with projects
totaling over USD 280 billion after the energy sector.
Based on Construction type, New Construction will dominate the market in the forecast period, as One significant initiative at a time, and this is how African cities are evolving. The list is enormous and includes everything from spectacular structures to megacities that were completed from scratch. Africa's cities are receiving much-needed facelifts, due to these multimillion-dollar development projects, but this is not just for show. By creating job opportunities, enhancing quality of life, and attracting investors, the projects have significant economic and social benefits for both the people and the government.
Major
market players in the Africa Construction Market are:
·
China
Communications Construction Group Ltd
·
China
Railway Construction Corp. Ltd
·
Sikhumba
Construction (Pty) Ltd
·
Sonatrach
·
Dumez
Nigeria PLC
·
General
Nile Company for Roads & Bridges
·
China
national machinery industry corp.
·
TechnipFMC
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Konza Technopolis is Kenya’s smart city project, which is a few kilometers from Nairobi. The Kenyan government allocated 2,000 hectares of land for the project. The city is part of the government’s vision for 2030 and may serve as the central hub for tech, science, telecom, and education. The estimated cost of this smart city is USD 14.5 billion, and it may generate about 20,000 jobs when completed. The first phase of the project’s horizontal infrastructure works is expected to be completed by the end of 2022.
“Africa's development advertise is anticipated to grow radically all through the figure period. The expanded building movement in rising countries is anticipated to cause the development showcase to develop amid the following a long time. Three key advertise components are the urbanization of Africa, the rise of innate fabricating, and populace development. The private showcase is encountering a noteworthy uptick, particularly within the single-family development showcase. Over time, the non-residential building industry has extended as well, contributing to the development of the Africa development segment. Also, the enhancement of transportation framework is advancing advertise development.” Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm”.
Africa Construction Market By Sector (Commercial Construction, Residential Construction, Industrial Construction, Infrastructure Construction, and Energy & Utility Construction), and by Construction type (Additions, Demolition, and New Construction), By Country, Competition, Forecast and Opportunities, 2028F has evaluated the future growth potential of Africa Construction Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Africa Construction market.
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