The global construction market is expected to soar to a size of $12.7 trillion by 2020 with the sector output likely to rise sharply over the next decade driven by emerging markets like India, China and Brazil, a report says.
According to a report by consultancy Global Construction Perspectives and economic forecasting firm Oxford Economics, the global construction market would be worth an estimated $12.7 trillion in 2020 from about $7.5 trillion at present.
"Construction in major emerging markets such as India and China will see much higher levels of growth than developed countries by 2020. Growth in construction output in India will accelerate faster than in China up to 2020, but we expect growth in GDP to be higher in China," the Global Construction 2020 report stated.
It expects construction output to grow by more than three times in emerging markets compared to developed ones by the next decade.
"The predicted sharp rise in construction levels will be a reflection of strength of markets in emerging economies such as India, Brazil and China, who are set to double output over the next decade," RICS Chief Economist Simon Rubinsohn, who was closely involved with the team preparing the report, said.
RICS, an independent professional body, leads the world when it comes to professional standards in land, property and construction.