According to a new market report by Lucintel, the global construction industry is forecast to grow at a CAGR of 5.5% from 2016 to 2021. The Asia Pacific construction market is expected to remain the largest market due to rapid growth in population and increase urbanization. Investment that will be flowing into the region is expected to be USD1.61 trillion per year, for the next five years. Asian Tiger Cubs – Indonesia, Malaysia, the Philippines, Thailand and Vietnam will be at the forefront to lead the race.
Along with the growth of the industry, companies are increasingly looking at ways to improve its productivity and resource efficiency through innovation.