Government Buildings Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Government buildings refer to structures that house and combine the different government offices. These buildings are used to conduct an organized community's legal and civic affairs.

Sizing and Forecast
The government buildings market size has grown marginally in recent years. It will grow from $48.28 billion in 2023 to $49.05 billion in 2024 at a compound annual growth rate (CAGR) of 1.6%.  The growth in the historic period can be attributed to government infrastructure investments, population growth and urbanization, policy changes and regulatory requirements, modernization and upgrading, security and safety concerns.

The government buildings market size is expected to see marginal growth in the next few years. It will grow to $52.86 billion in 2028 at a compound annual growth rate (CAGR) of 1.9%.  The growth in the forecast period can be attributed to sustainable and green building practices, smart infrastructure integration, public-private partnerships (ppps), changing work dynamics, demographic shifts and community services. Major trends in the forecast period include accessibility and inclusivity, renovation and retrofitting of existing structures, digital transformation in government services, collaboration and co-working spaces, incorporation of biophilic design..

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Segmentation & Regional Insights
The government buildings market covered in this report is segmented –
1) By Type: Institutional Buildings, Commercial Buildings
2) By Building Type: Non-Residential Smart Buildings, Traditional Buildings
3) By End-User: Private, Public

Asia-Pacific was the largest region in the government buildings market in 2023. The regions covered in the government buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The increasing government expenditure is expected to boost the growth of the government buildings market going forward. Government expenditure refers to the capital the government spends on various goods and services. Government buildings such as government hospitals and schools are part of government expenditure that benefits the development of different infrastructural requirements. For instance, in March 2022, according to Central Statistics Office Ireland, an Ireland-based government agency, in 2021, general government spending was projected to be 1,595.0 billion ISK ($11.61 billion), or 49.3% of GDP, considering general government spending totaled 1,485.6 billion ISK ($10.82 billion) in 2020, or 50.7% of GDP. Further, according to the Government of India 2021-22 annual budget report, in 2021–22, the overall government spending is anticipated to be INR 34,83,236 crore ($4,127,831.20), an increase of 14% annually from 2019–20. Therefore, the increasing government expenditure is driving the growth of the government buildings market.

Key Industry Players
Sustainability and green building practices have emerged as a prominent and growing trend in the government building market. Sustainability and green building practices involve designing, constructing, and operating structures in an environmentally responsible manner to minimize resource consumption, reduce environmental impact, and promote long-term ecological balance. Governments are increasingly prioritizing environmentally conscious construction, incorporating energy-efficient designs, renewable energy sources and eco-friendly materials into their building projects. For example, in November 2023, the Biden administration in US announced a $2 billion investment in 150 federal building projects across 39 states that use materials minimizing carbon emissions. The General Services Administration will prioritize the purchase of asphalt, concrete, glass, and steel produced and disposed of with lower levels of associated greenhouse gas emissions. This initiative is part of the administration's efforts to tackle environmental change through government purchasing power.

The government buildings market report table of contents includes:
1. Executive Summary

2. Government Buildings Market Characteristics

3. Government Buildings Market Trends And Strategies

4. Government Buildings Market - Macro Economic Scenario

5. Global Government Buildings Market Size and Growth

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32. Global Government Buildings Market Competitive Benchmarking

33. Global Government Buildings Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Government Buildings Market

35. Government Buildings Market Future Outlook and Potential Analysis

36. Appendix

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