According to a new report published by Allied Market Research, titled, “COVID-19 Impact Analysis on Construction & Manufacturing Industry: Opportunity Analysis and Industry Forecast, 2020–2022,” the global construction industry market size was $9.5 trillion in 2019, and is expected to reach $9.8 trillion by 2022. Besides, the global manufacturing industry market size was $4.9 trillion in 2019, and is expected to reach $5.1 trillion by 2022.
The novel coronavirus is spreading rapidly in various countries and regions, instigating a massive impact on the lives of people and the entire community. Initiating as a crisis to human wellbeing, it now poses notable fears to the global trade and economy. In addition, supply chains and logistics of manufacturing, construction, packaging, and raw material are striving hard on a global scale to manage with the rapid spread of the virus. Moreover, this pandemic has by now negatively influenced the manufacturing & construction industry product offerings in the first half of 2020, and is anticipated to generate a negative impact on the market throughout the year. In addition, owing to lack of accessibility of raw materials, major players operating in these sectors have halted their business processes for short term. Further, after this epidemic terminates and the present situation stabilizes, construction & manufacturing companies would require to scale up production at earliest to make up for the huge loss.
The impact of supply and distribution of raw materials, owing to COVID-19 have impacted the construction & manufacturing industry for a short term. The influence of supply and distribution of manufacturing parts & components have impacted several manufacturing industries such as automotive, electronics, textile, and machinery. Moreover, purchasing power of consumers is expected to decrease, owing to rise in unemployment across the globe.
However, demand for home automation products such as automatic doors to ensure less contact with solid objects in houses & commercial spaces is expected to increase during the forecast period. In addition, adoption of technological platforms and solutions to address the consumer demand and tackle such pandemic in the future is expected to have a long-term impact on the manufacturing industry. Further, the market value for packaging industry is not anticipated to decline much as almost all packaging manufacturers are working continuously to serve its customers during the pandemic. Moreover, growth in awareness associated with food safety and health safety among both government bodies and customers is the key driver of the packaging industry.
The report on “COVID-19 Impact Analysis on Construction & Manufacturing Industry” is divided into construction industry and manufacturing industry. The construction industry is further divided into building construction, transportation infrastructure, construction materials, and construction services. The building construction segment accounted for the highest revenue with around one-third of the construction industry market share in 2019. In addition, the manufacturing industry is further classified into packaging, heating, ventilation, and air conditioning (HVAC), equipment and machinery, and manufacturing services. The equipment & machinery segment held the dominant market position accounting for around half of the manufacturing industry market share in 2019.
Key Findings Of The Study
- Comprehensive research methodology of the global construction & manufacturing industry
- Evolution of coronaviruses outbreak
- Detailed and extensive market overview with key analyst insights
- Exhaustive analysis of macro and micro factors influencing the market guided by key recommendations
- Detailed and broad market segments with forecasted revenues from quarter 1 of 2019 to quarter 4 of 2022
- Key industry innovations & opportunities
- Recent strategies of market players to keep themselves operational
- The report offers detailed analysis of construction & manufacturing sector. The data is analyzed through systematically gathering and analyzing qualitative information to determine stakeholder benefits in the construction & manufacturing industry