Thailand 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: 25-Jun-2024 | No of Pages: 111 | No. of Tables: 78 | No. of Figures: 43 | Format: PDF | Report Code : N/A
Speak to Our Analyst
Thailand Construction Market Overview
The Thailand Construction Market size was valued at USD 94.04 billion in 2023, and is predicted to reach USD 182.41 billion by 2030, at a CAGR of 9.3% 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 Thailand Construction market trends.
Growth Driven by Large-Scale Industrial Project Propels the Thailand Construction Market
The construction market in Thailand is experiencing substantial growth, primarily due to the surge in large-scale industrial projects. Among the most notable projects in 2023 were the Laem Chabang Port Expansion, Rayong Electric Vehicle Production Facility, Jomtien Beach Resort, Bangkok Semiconductor Manufacturing Factory, and Mahasawat Bridge Development. These significant undertakings played a crucial role in the expansion of Thailand's infrastructure market.
Increased Investment Drives the Thailand Construction Market Growth
The burgeoning investments towards infrastructure activities in Thailand are significantly fueling the growth of the construction market. According to a report by the Global Infrastructure Hub, infrastructure investment in the infrastructure sector reached an impressive USD 15 billion in 2023. Notably, the energy sector accounted for the largest share with USD 8.5 billion, followed by the road transport sector with USD 2.7 billion. This positive investment trend is expected to continue, further bolstering the market's growth and development. This is a promising sign for the Thai economy, as the market plays a crucial role in economic growth and development.
Regulatory Complexities Hindering the Thailand Construction Market Growth
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 Thailand Construction Market Expansion
The infrastructure industry in Thailand 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.
Competitive Landscape
The key market players operating in the Thailand 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.
Thailand Construction Market Key Segments
By Type
-
Renovation
-
New Construction
By Sector
-
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
-
-
Industrial
-
Manufacturing Plant
-
Warehouses
-
Power Plants
-
Oil Refineries
-
Chemical Plants
-
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 94.04 Billion |
|
Revenue Forecast in 2030 |
USD 182.41 Billion |
|
Growth Rate |
CAGR of 9.3% 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. |
KEY PLAYERS
-
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
At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.
Research Landscape
We navigate the world of research with two primary approaches:
Qualitative Approach
Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.
Quantitative Research
In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.
Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.
Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.
Our Specialized Toolbox for Industry-Specific Market Research
We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:
Information Procurement
The stage entails acquiring market data or relevant information through various sources and methodologies.
Market Research Approach
We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.
Porters Five Forces Analysis
We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.
SWOT Analysis
We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.
Forecasting
We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.
Frequently Asked Questions
Download Free Sample
