A Key Driver Transforming the Education Buildings Market 2024: Rising School Enrollment Fuels Market Growth

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What is the state of the global education buildings market?

The education buildings market has been on a steady advance since the past few years. This market will grow from $611.03 billion in 2023 to $628.81 billion in 2024, achieving a compound annual growth rate CAGR of 2.9%. Notable factors for this positive historical growth include strong economic growth in emerging markets, proliferation of private colleges and universities, rise in renovation activities and an upsurge in construction activities.

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What does the future hold for the education buildings market?

The ongoing trend of steady growth is estimated to persist in the education buildings market over the next few years. Slated to rise to $711.72 billion in 2028 at a CAGR of 3.1%, the growth forecast can be attributed to various factors. The increasing number of schools, an uptick in government support, global trends in educational globalization, as well as population growth and urbanization are key aspects contributing to this upward trajectory.

Significant trends for the future include a focus on environmentally friendly construction, incorporating energy-efficient designs, use of renewable energy sources and eco-friendly materials, adoption of modular construction methods, and investing in state-of-the-art infrastructure to amplify technology-enhanced learning experiences.

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What are the key forces driving the education buildings market?

One main driver for the reinforcement of the educational buildings market is the increasing number of schools. A school, being an educational facility designed to offer classrooms and other learning environments for educating students, necessitates the need for educational buildings with infrastructure such as classrooms, laboratories, equipment etc. The rise in schools accordingly creates greater demand for educational buildings. For instance, in the United States, there are roughly 84,000 public schools spread across nearly 100,000 individual buildings. It is anticipated that the total student enrollment in these schools will reach 56.8 million by the year 2026, further propelling the demand for educational buildings, and in turn, spurring the growth of the educational buildings market going forward.

Which companies are dominating the education buildings market?

Notable companies operating in the education buildings market include Skanska AB, Hochtief AG, Balfour Beatty plc, DPR Construction, AECOM Technology, STO Building Group, and McCarthy Holdings, Inc, among others.

What are key trends in the education buildings market?

A trend gaining traction in the education buildings market is the adoption of robotics in construction. Robotics, driving efficiency and reducing environmental impact, plays a vital role in building educational structures swiftly. Case in point, The Rugged Robotics Mark I, introduced by the US-based developer of construction technology, Rugged Robotics, is capable of marking engineering designs directly onto concrete floors and provides a clear blueprint for construction workers to work from.

How is the education buildings market segmented?

1 By Type: New Construction, Repair And Maintenance, Refurbishment, Demolition
2 By Application: Schools, Institutions
3 By End-User: Private, Public

Which regions lead in the education buildings market?

In 2023, North America held the mantle as the largest region in the educational buildings market. However, the market report covers a multitude of regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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