Dublin, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The "Global Infrastructure Construction Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global infrastructure sector is poised for substantial growth, with the market estimated at USD 2.57 trillion in 2023 and projected to reach USD 3.48 trillion by 2028, boasting a commendable compound annual growth rate (CAGR) of 6.27% during the forecast period from 2023 to 2028. Several significant factors and trends are contributing to this robust market expansion.
Key Highlights:
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Pandemic Impact: The COVID-19 pandemic had severe negative effects on economies, leading to reduced infrastructure usage rates and shortfalls in financing and maintenance. However, governments and businesses are now prioritizing infrastructure investments to stimulate economic recovery and growth.
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Sustainable Infrastructure: The global shift towards sustainable infrastructure necessitates collaboration and innovation. Public-private partnerships, innovative financing instruments, and regulatory frameworks will play crucial roles in advancing sustainable infrastructure projects.
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Technology Adoption: Infrastructure is embracing advanced technologies such as artificial intelligence, robotics, and intelligent drones. These technologies are expected to enhance efficiency, reduce costs, and improve safety in the sector. Cloud technology adoption is also growing, driving demand for data transmission and storage assets.
Market Trends:
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Asia-Pacific Investment: The Asia-Pacific region is witnessing substantial infrastructure investment, driven by pandemic recovery and stimulus packages. FDI inflows to Asia-Pacific remained resilient throughout the pandemic, making the region an attractive destination for international investments. India, in particular, has attracted significant foreign direct investment (FDI) inflows.
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India's Infrastructure Growth: India's infrastructure sector is a vital driver of economic growth, improving manufacturing competitiveness and overall growth. The government's initiatives, including the National Infrastructure Pipeline (NIP), aim to accelerate infrastructure projects by minimizing delays, reducing complexities, and enhancing transparency.
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Challenges in the Sector: Infrastructure-related challenges include land acquisition policies, implementation delays, and project overruns due to bureaucratic delays. However, governments are actively addressing these issues to expedite infrastructure projects.
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Pandemic Challenges: The COVID-19 pandemic exacerbated budget gaps in infrastructure, particularly in regions where budgets were already strained. Infrastructure spending declined, with a focus on maintenance rather than new projects. International-sponsored projects were severely impacted, with supply chain disruptions affecting the construction industry.