Thailand Construction Market is Expected to Reach USD 182.41 Billion by 2030

Surge in large-scale industrial projects nationwide in the region is driving the Thailand construction market demand during the forecast period.

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, according to the new research by Next Move Strategy Consulting.

The construction sector in Thailand is currently experiencing remarkable growth, primarily driven by a surge in large-scale industrial projects nationwide. In 2023, several notable projects emerged, each playing a significant role in this expansion. The Laem Chabang Port Expansion project stands out as a vital initiative aimed at enhancing Thailand's maritime infrastructure to facilitate increased trade and commerce.

Similarly, the Rayong Electric Vehicle Production Facility symbolizes the country's commitment to sustainable development and the adoption of green technologies in the automotive sector. Catering to the burgeoning tourism industry, the Jomtien Beach Resort project offers upscale accommodations and amenities for both domestic and international visitors.

Meanwhile, the Bangkok Semiconductor Manufacturing Factory underscores Thailand's aspirations to become a regional hub for high-tech manufacturing, attracting investment and creating employment opportunities.

Additionally, the Mahasawat Bridge Development project addresses critical infrastructure needs, improving connectivity and transportation networks within the country. Together, these significant endeavors underscore the crucial role of large-scale industrial projects in propelling Thailand's construction market expansion and fostering economic growth.

However, the construction market faces substantial challenges arising from the intricate landscape of government regulations and permitting procedures, that require a range of permits and approvals from local, regional, and national authorities. These requirements encompass zoning regulations, environmental assessments, compliance with building codes, safety standards, and other regulatory prerequisites.

Permit delays, bureaucratic inefficiencies, and discrepancies in regulations across different jurisdictions can significantly prolong project timelines and increase costs. Moreover, fluctuations in regulations or unforeseen policy changes can disrupt ongoing projects and deter future investments.

On the other hand, digital transformation and the adoption of Building Information Modeling (BIM) are reshaping the construction landscape by integrating advanced technologies to improve efficiency, accuracy, and collaboration across projects.

BIM, a sophisticated 3D modeling tool, empowers stakeholders to create and manage digital representations of structures and infrastructure, thereby enhancing coordination and communication among project teams.

Request for a Sample here: https://www.nextmsc.com/thailand-construction-market/request-sample

Several 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.

Key Insights from the Thailand Construction Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Thailand construction market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The report provides an analysis of the Thailand construction market share and competitive landscape of key players in the industry.

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