Industry: Construction & Manufacturing | Publish Date: 25-Jun-2024 | No of Pages: 111 | No. of Tables: 78 | No. of Figures: 43 | Format: PDF | Report Code : N/A
The Middle East Construction Market size was valued at USD 298.00 billion in 2023, and is predicted to reach USD 401.17 billion by 2030, at a CAGR of 2.9% from 2024 to 2030. The construction market, known interchangeably as infrastructure market, plays a crucial role in the economy, overseeing the entire lifecycle of diverse physical structures, encompassing infrastructure, buildings, and facilities. This industry undertakes a broad spectrum of projects, spanning from residential, commercial, and industrial developments to civil engineering and institutional infrastructure ventures.
Collaboration among numerous stakeholders, including architects, engineers, contractors, suppliers, developers, investors, and government agencies, is indispensable for its functioning. Positioned for growth, the industry is being propelled by an increased focus on environmentally sustainable practices, such as the incorporation of green building materials and energy-efficient designs. Additionally, factors such as the rising per capita income in emerging economies and low-interest rates in developed nations are expected to further drive the expansion of the Middle East Construction market trends.
The Middle East region, including countries such as Oman, Saudi Arabia, and Kuwait, is experiencing numerous infrastructure developments aimed at boosting overall market growth. In Oman, the infrastructure market is expanding significantly due to increased investments in large infrastructure projects. Notable megaprojects in 2023 include Rathath (Drizzle) Boulevard in Dhofar, Rimal Park in South Al Batinah, and Aames Bay Development in Musandam. These substantial projects are driving the growth of the infrastructure industry within Oman.
The expansion of the construction market in Saudi Arabia is attributed to a substantial increase in investments towards infrastructure activities. In 2023, the infrastructure sector's investment reached a significant USD 18 billion, as reported by the Global Infrastructure Hub.
The energy sector led the way with a notable USD 7.6 billion investment, followed by the road transport sector with USD 5.6 billion. This investment trend is expected to continue, likely fueling the ongoing growth and development of the infrastructure market in Saudi Arabia.
Navigating regulatory complexities presents a significant challenge in the construction market. Infrastructure projects often face hurdles due to the intricate network of government regulations and permitting procedures. Infrastructure initiatives require numerous permits and approvals from governmental bodies at local, regional, and national levels.
These mandates include adherence to zoning regulations, environmental assessments, compliance with building codes, safety standards, and various other regulatory requirements. Lengthy permit acquisition processes, bureaucratic inefficiencies, and regulatory disparities among different jurisdictions can significantly prolong project timelines and inflate costs. Moreover, fluctuations in regulations or unexpected policy changes can disrupt ongoing projects and deter potential investments.
Integration of Digitalization and BIM Presents Lucrative Opportunity for the Middle East Construction Market Expansion
The construction market in Middle East is undergoing digital transformation with the integration of the adoption of Building Information Modeling (BIM). Advanced technologies such as BIM are enhancing efficiency, accuracy, and collaboration across diverse projects.
BIM, a sophisticated 3D modeling tool, enables stakeholders to generate and manage digital representations of structures and infrastructure, facilitating improved coordination and communication among project teams.
By addressing the inadequacy of digitalization within the Thai infrastructure sector, the program seeks to streamline lifecycle work processes, enhancing efficiency, cost-effectiveness, resilience, and safety for infrastructure and maintenance projects.
The key market players operating in the Austria construction industry include China State Construction Engineering Corp. Ltd. (CSCEC), China Railway Group Ltd. (CREC), China Railway Construction Corp. Ltd. (CRCC), China Communications Construction Group Ltd. (CCCC), Metallurgical Corporation of China Ltd. (MCC), Power Construction Corp. of China, Vinci SA, China Energy Engineering Corp. (CEEC), Shanghai Construction Group (SCG), Bouygues Group, and others.
Renovation
New Construction
Real Estate
Residential
Affordable
Luxury
Commercial
Retail Buildings
Office Buildings
Hospitality
Healthcare Facilities
Educational Institutes
Entertainment Ventures
Infrastructure
Transportation
Airport
Port
Rail
Road
Water and Wastewater
Energy
Telecommunication
Manufacturing Plant
Warehouses
Power Plants
Oil Refineries
Chemical Plants
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 298.00 Billion |
Revenue Forecast in 2030 |
USD 401.17 Billion |
Growth Rate |
CAGR of 2.9% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
|
Companies Profiled |
10 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
China State Construction Engineering Corp. Ltd. (CSCEC)
China Railway Group Ltd. (CREC)
China Railway Construction Corp. Ltd. (CRCC)
China Communications Construction Group Ltd. (CCCC)
Metallurgical Corporation of China Ltd. (MCC)
Power Construction Corp. of China
Vinci SA
China Energy Engineering Corp. (CEEC)
Shanghai Construction Group (SCG)
Bouygues Group