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

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

GlobalData expects the South Korean construction industry to record an annual growth of 2.4% this year, but the short-term outlook is fairly gloomy. According to the Korean Statistical Information Service (KOSIS), the construction industry’s value add rose by 4.1% year on year (YoY) in Q2 2023, preceded by Y-o-Y growth of 6.8% in Q1 2023 and 3.2% in Q4 2022. However, the pace of growth is expected to begin to slow in the coming quarters, and GlobalData expects the South Korean construction industry to record an annual average decline of 1.5% between 2024 and 25. This slowdown is, in part, due to a softening of external demand and elevated borrowing costs, which is expected to lead to a decline in new investment and a continued fall in new orders.

The industry's output is expected to record an annual average growth of 2.6% from 2026 to 2027, supported by investment in the energy, transportation, and industrial sectors. According to the Ministry of Trade, Industry, and Energy’s (MOTI) 10th Basic Plan on Electricity Supply and Demand, the government expects to add 621.8TWh of energy supply by 2030 and 667.3TWh by 2036, with nuclear energy accounting for 32.4% in 2030 and 34.6% in 2036, renewable energy accounting for 21.6% and 30.6%, LNG accounting for 22.9% and 9.3%, coal accounting for 19.7% and 14.4%, hydrogen and ammonia accounting for 2.1% and 7% and other energy projects accounting for 1.3% in 2030 and 4.0% in 2036.

The report provides detailed market analysis, information and insights into the South Korean construction industry, including -The South Korean 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 the South Korean 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 South Korea. It provides -Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in South Korea, 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.