Dublin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The "South Korea Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering.
The South Korean construction industry is expected to contract by 3.4% in real terms in 2024 and by 1.4% in 2025, owing to a sustained decline in new building orders, high construction costs and elevated interest rates.
The total number of building permits issued fell by 11.6% year on year (YoY) in the first four months of 2024, preceded by an annual decline of 25.3% in 2023, according to the Korean Statistical Information Service (KOSIS). The value add of the construction industry declined by 0.7% YoY in Q1 2024, following a Y-o-Y decline of 2.4% in Q4 2023. According to the Ministry of Land, Infrastructure, and Transport, a total of 21 construction companies went bankrupt in 2023, an increase of 50% compared with 2022.
Over the remainder of the forecast period, from 2026 to 2028, the construction industry in South Korea is expected to record an annual average growth of 2.7%, supported by an increase in investment in the semiconductor manufacturing sector, and investment in transport infrastructure and renewable energy projects.
The South Korean government announced a support package worth KRW26 trillion ($19.8 billion) in May 2024 to support the development of the semiconductor industry in the country. Further support for construction industry growth will be provided by the government's plan to increase the share of renewable energy in the power mix from 9.2% in March 2024 to 21.6% in 2030, and install 14.3GW of offshore wind energy by 2030, which is expected to drive investment in the renewable energy sector.
Scope
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in South Korea, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
Reasons to Buy
- Identify and evaluate market opportunities using the analyst's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the analyst's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/8u8fth
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
