2022 Global Construction Forecasts
By Izzy Crouch16 February 2022
Look into your crystal ball and find out what will be happening in the global construction market in 2022.
Here are some key facts and figures about the 2022 construction industry to help plan your strategy and impress in the boardroom.
Find out more at offhighwayresearch.com
Record global market
Global construction equipment sales are expected to reach 1.13 million units this year - an expected 6% rise - thanks to the stimulus response to the virus by governments around the world.
The European market
Construction has been identified as a primary driver for recovery in Europe. This year will see the European market develop from a traditional industry to more digitalised. There will be a heavy focus on addressing carbon emissions and the use of raw materials.
Construction output in the UK is due to rise to its highest level since 2014. The sector is battling a range of challenges, such as Brexit,
Covid-19, labor and supply chain shortages, but is remaining strong.
Record years in India
Construction equipment sales are expected to reach record levels by 2023. The Indian government has ambitious infrastructure development plans with a focus on road building, rail and water.
North American market
Global construction equipment sales in North America are predicted to see a 13% increase. Government stimulus money from the Infrastructure Bill is translating into new equipment purchases from contractors who see an opportunity for growth.
Latin American growth
The Latin American construction sector grew by 9.7% in 2021 and will continue to grow by a further 5.6% in 2022. GDP in Brazil is expected to grow by 4% in 2022. The International Monetary Fund expects the region to grow by 6% in 2022.
Renewable energy lifts
Renewable energy and decarbonisation are becoming increasingly big drivers of the crane and lifting sectors. Equipment users and owners appear to be busy, as shown by the 8% increase in the 2021 IC50 ranking of the world’s largest crane-owning companies.
According to the World Economic Forum, within ten years the digitalisation of construction could unlock savings of between US$700 billion and US$1.2 trillion. In 2019 approximately US$6.1 billion was invested in construction technology, double the amount in 2017.