Singapore Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027

Singapore Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027
Summary

GlobalData expects construction output in Singapore to grow by 7.4% in real terms in 2023, supported by public and private sector investments in the construction of energy, residential and transport infrastructure. According to the latest report published by the Department of Statistics (DOS), the construction industry’s value add grew by 6.8% year on year (YoY) in Q2 2023, preceded by Y-o-Y growth of 6.9% in Q1 2023 and 10% in Q4 2022.

Over the remainder of the forecast period, GlobalData expects Singapore’s construction industry to register an annual average growth rate of 4% between 2024 and 2027, supported by investment in transport, and renewable energy projects. In its 2023 Budget, the government allocated SGD20.5 billion ($14.9 billion) towards development expenditure. In July 2023, the Land Transport Authority (LTA) announced that design and construction work of the new Brickland MRT station on the North-South Line are expected to start in 2024. Further support for construction output will be provided by works under the Singapore Green Plan 2030, through which the government aims to deploy at least 2GW-peak of solar energy by 2030, sufficient to meet the annual electricity needs of 350,000 households.

The report provides detailed market analysis, information and insights into Singapore’s construction industry, including -Singapore’s construction industry's growth prospects by market, project type and construction activityCritical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Singapore’s construction industryAnalysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.Scope

This report provides a comprehensive analysis of the construction industry in Singapore. It provides -Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Singapore, featuring details of key growth drivers.Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sectorAnalysis 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 consultantsReasons to BuyIdentify and evaluate market opportunities using GlobalData'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 GlobalData's critical and actionable insight.Assess business risks, including cost, regulatory and competitive pressures.Evaluate competitive risk and success factors.