Singapore Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Construction & Manufacturing | Publish Date: 30-Oct-2024 | No of Pages: 111 | No. of Tables: 78 | No. of Figures: 43 | Format: PDF | Report Code : CM2222
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Singapore Construction Market Overview
The Singapore Construction Market size was valued at USD 31.18 billion in 2023, and is predicted to reach USD 43.22 billion by 2030, at a CAGR of 4.2% from 2024 to 2030.
The construction market, also referred to as infrastructure market, plays a vital role in the economy by managing the entire lifecycle of various physical structures, including infrastructure, buildings, and facilities. This industry encompasses a wide range of projects, from residential, commercial, and industrial developments to civil engineering and institutional infrastructure ventures.
Effective collaboration among numerous stakeholders—such as architects, engineers, contractors, suppliers, developers, investors, and government agencies—is essential for its operations. Positioned for growth, the industry is being driven by a growing emphasis on environmentally sustainable practices, including the use of green building materials and energy-efficient designs. Additionally, factors such as rising per capita income in emerging economies and low-interest rates in developed nations are expected to further stimulate the expansion of the infrastructure market.
Surge in Large-Scale Construction Projects Boosts the Market Growth
The construction market in the country is witnessing a significant surge, fueled by substantial infrastructure projects in 2023. Among the key initiatives driving this growth are the development of the Keppel Sakra Cogen Plant with a capacity of 600 MW, the expansion of the GSK Tuas Vaccines Facility, the infrastructure of the DSV Pearl Warehouse Facility, the establishment of the Changi Airframe MRO facility, and the Landmark Condominium Complex.
These strategic initiatives are instrumental in propelling the growth of the infrastructure market and enhancing the nation's infrastructure and renewable energy capabilities.
Increased Investments in Construction Projects Drives the Market Growth
The construction market in Singapore is expanding significantly due to increased investments in infrastructure projects. According to Global Infrastructure Hub's report, the sector attracted a substantial USD 3.5 billion in investments in 2023. The energy sector led with a USD 1.3 billion investment, closely followed by the road transport sector with USD 821 million. This investment trend is expected to continue, leading to further growth and progression in Singapore's infrastructure market.
Regulatory Complexities in Market Hinders the Growth
Overcoming regulatory complexities poses a significant challenge in the construction market. Infrastructure projects often encounter hurdles due to the intricate network of government regulations and permitting procedures. Infrastructure initiatives require obtaining numerous permits and approvals from governmental bodies at local, regional, and national levels.
These mandates encompass adherence to zoning regulations, environmental assessments, compliance with building codes, safety standards, and various 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 in the infrastructure market.
Integration of Digitalization and BIM Presents Lucrative Opportunity for Market Expansion
The construction market in Singapore is undergoing a significant transformation with the integration of digitalization and 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, empowers stakeholders to generate and manage digital representations of structures and infrastructure, facilitating improved coordination and communication among project teams. For instance, in September 2022, the National Institute of Building Sciences (NIBS) launched the Singapore National Building Information Management (BIM) Program.
This initiative aims to revolutionize the infrastructure market, achieving unprecedented levels of industrial efficiency through digitalization. By addressing the inadequacy of digitalization within the Singapore infrastructure sector, the program seeks to streamline lifecycle work processes, enhancing efficiency, cost-effectiveness, resilience, and safety for infrastructure and maintenance projects.
Competitive Landscape
The market players operating in the Singapore construction industry include KTC Group, Paramount Eco Hub Pte Ltd, Lum Chang Building Contractors Pte Ltd, McConnell Dowell South East Asia Pte Ltd, Hwa Seng Builder Pte Ltd (HSB), Koon Holdings Limited, Sim Lian Construction Co (Pte) Ltd, ABLE Construction Pte. Ltd, K. A Building Construction Pte Ltd, Keppel Land, and others.
Singapore Construction Market Key Segments
By Type
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Renovation
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New Construction
By Sector
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Real Estate
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Residential
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Affordable
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Luxury
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Commercial
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Retail Buildings
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Office Buildings
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Hospitality
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Healthcare Facilities
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Educational Institutes
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Entertainment Ventures
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-
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Infrastructure
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Transportation
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Airport
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Port
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Rail
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Road
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Water and Wastewater
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Energy
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Telecommunication
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Industrial
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Manufacturing Plant
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Warehouses
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Power Plants
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Oil Refineries
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Chemical Plants
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Key Players
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KTC Group
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Paramount Eco Hub Pte Ltd
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Lum Chang Building Contractors Pte Ltd
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McConnell Dowell South East Asia Pte Ltd
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Hwa Seng Builder Pte Ltd (HSB)
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Koon Holdings Limited
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Sim Lian Construction Co (Pte) Ltd
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ABLE Construction Pte. Ltd
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K. A Building Construction Pte Ltd
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Keppel Land
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 31.18 Billion |
|
Revenue Forecast in 2030 |
USD 43.22 Billion |
|
Growth Rate |
CAGR of 4.2% 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.A |
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