The research study covers the present scenario and growth prospects of the global repair construction market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Companies have to adjust according to the rising scale of infrastructure projects. This includes transportation and construction of airports, railways, housing, power plants, and large-scale manufacturing. The key to success is how these markets are researched and analyzed. Increasing remodeling of public infrastructure projects, time and raw materials used for repair, and private sector investment in urban revitalization are few of the key factors fueling the market growth.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global repair construction market:
- Affordable pricing of renovated housing
- Increasing spending in public infrastructure projects
- Advantages of repair construction over reconstruction
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Affordable pricing of renovated housing
A shortage of homes for sale, along with rising prices, is encouraging home renovation, repair, and remodeling activity. Presently, the strength of the remodeling market can be attributed majorly to economic factors such as low mortgage rates, favorable stock market, good job opportunities, strong existing home sales, and wage gains. With household incomes on the rise, homeowners potentially will have to spend more on fixing up their homes.
Challenges in the building industry have hindered new home construction, resulting in increasing demand for existing homes sale as well as price rise. With affordability being an issue for many markets, millennials are more inclined toward the purchase of older, affordable existing homes that need to be renovated.
Increasing spending in public infrastructure projects
Ajay Adhikari, a lead specialty chemicals research analyst at Technavio, says, “Emerging economies, specifically China and other countries of Asia, account for nearly half of the global infrastructure spending. The underlying global economic power shift is boosting urbanization in many developing countries, particularly China, India, the Philippines, Indonesia, Ghana, and Nigeria. This is increasing the spending in infrastructure sectors such as water, power, telecommunications, and transportation.”
As a result of the growing per capita income of the middle-class population, the demand for advanced infrastructure will increase. This will also increase the need for better roads to accommodate the growing number of cars. As income increases, basic infrastructure spending includes both individual and social needs from sanitation, hospitals, and clinics to power transmission, schools, and rudimentary transport.
Advantages of repair construction over reconstruction
During the lifespan of a building, repair works at specific periodic intervals are a necessity so that the property maintains it aesthetical and constructional value. The better a building is maintained, the larger is the period between repairs, which are resultant of its normal exploitation. Constructional repairs of buildings are necessary to preserve their constructional solidity, good appearance, and quality.
“Reconstructions and modernizations are done when there is a requirement for a change in the functioning of the building or part of it. Modernization is also done when the interior design or the functionality of a building or a room needs to be improved as a result of a change in design trends or in contemporary functional requirements,” adds Ajay.
- The Dow Chemical Company
- W.R. Grace
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