In the dynamic landscape of global construction, China stands at the forefront, spearheading trends that promise substantial growth and sustainable development. China's construction market is on an upward trajectory. The market size is anticipated to surge from USD 4.74 trillion in 2023 to an impressive USD 7.00 trillion by 2028. This growth, with a CAGR of 8.09%, underscores China's pivotal role in the global construction arena. China's economic landscape serves as a stable foundation for its construction boom. The nation’s economic indicators showcase a balanced and progressive trend.
At the heart of China's construction surge lies a massive boom in manufacturing. Holding the title of the largest building market globally, China commands a 20% share of global construction investments. Projections indicate that the nation is set to channel nearly USD 13 trillion into construction by 2030. The construction sector weathered the impact of COVID-19 as it witnessed fluctuations in investments and adaptations to the new normal. The value of newly signed contracts in 2021 amounted to CNY 134.5 billion (USD 19.52 billion), marking a 2.5% YoY increase. Notably, the sector displayed resilience despite the challenges posed by the pandemic. China's strategic vision for the 14th Five-Year Plan (2021-2025) emphasizes a transformative journey for the construction sector. The focus is on green, smart, and safe practices.
First on the agenda is the introduction of prefabricated building, which targets over 30% of new constructions. Prefabricated buildings assembled in factories are set to revolutionize the industry by enhancing efficiency and sustainability. Another goal for new construction sites is to generate less than 300 tons of construction waste per 10,000 square meters. A lot of investments are being allocated to high-speed rail expansion. The ambitious plan to double the size of the high-speed rail network over the next 15 years is set to drive significant growth in the infrastructure construction sector.