Singapore Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028
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Singapore Construction Market Report Overview
The Singapore construction market size was $25.4 billion in 2023. The market will achieve an AAGR of more than 4% during 2025-2028. Investments in clean energy projects and transport and public housing projects will drive the construction market demand in Singapore.
Singapore Construction Market Outlook, 2023-2028 ($ Billion)
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The Singapore construction market research report gives a comprehensive understanding of project types and construction activities in the country. It analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report further discusses the key sectors in the construction market and their growth drivers. Along with reviewing the details of the construction projects, our analysts have elaborated on emerging trends and assessed key risks and opportunities that will influence the Singapore construction market growth in the coming years.
Market Size (2023) | $25.4 billion |
AAGR (2025-2028) | >4% |
Forecast Period | 2023-2028 |
Historical Period | 2019-2022 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
Key Contractors | · Samsung Group
· Penta-Ocean Construction Co Ltd · Shanghai Urban Construction (Group) Corp · Chip Eng Seng Corporation Ltd · Temasek Holdings (Private) Ltd |
Key Consultants | · Temasek Holdings Pvt Ltd
· Arup Group Ltd · WSP Global Inc · Tritech Consultants · AECOM |
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Singapore Construction Market Segmentation by Sectors
The residential construction sector accounted for the highest market share in the Singapore construction market in 2023
The key sectors in the Singapore construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The investments to address the rising housing demand and BTO developments will support the residential sector output over the forecast period.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. The improvement in tourism activity and an increase in the value of contracts awarded for commercial buildings will drive the commercial sector’s growth during the forecast period.
Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. Growing investments in the manufacturing and services industry will drive the sector’s growth during the forecast period.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The government in the modernization and expansion of rail infrastructure, with the government aiming to expand the rail network to 360km by the end of 2030 will support the infrastructure sector’s output during the forecast period.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The public and private investments in renewable energy projects will drive the sector growth during 2025-2028.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. The rising investment in the healthcare, education, and research sectors will fuel the institutional construction sector growth during the forecast period.
Singapore Construction Market Analysis by Sectors, 2023 (%)
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Singapore Construction Market - Competitive Landscape
Samsung Group emerged as the leading contractor and Temasek Holdings Pvt Ltd was the leading consultant in the Singapore construction market in 2023
A few of the leading contractors in the Singapore construction market are:
- Samsung Group
- Penta-Ocean Construction Co Ltd
- Shanghai Urban Construction (Group) Corp
- Chip Eng Seng Corporation Ltd
- Temasek Holdings (Private) Ltd
Foreign contractors account for most of the project pipeline in the Singaporean construction market.
Singapore Construction Market Analysis by Contractors, 2023 (%)
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A few of the leading consultants in the Singapore construction market are:
- Temasek Holdings Pvt Ltd
- Arup Group Ltd
- WSP Global Inc
- Tritech Consultants
- AECOM
Consultants with headquarters within Singapore are involved in most of the project pipeline by value.
Singapore Construction Market Analysis by Consultants, 2023 (%)
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Singapore Construction Market - Latest Developments
- In early March 2024, the Ministry of National Development announced it plans to begin the construction of 10,000 new homes in the new Yishun estate of Chencharu. Of the total, at least 80% of the units will be public housing.
- The construction works on AbbVie’s expansion of its biologics manufacturing facility at the Tuas Biomedical Park started in January 2024 and will be completed by the end of 2026.
Segments Covered in the Report
Singapore Construction Sectors Outlook (Value, $ Billion, 2019-2028)
- Commercial Construction
- Industrial Construction
- Infrastructure Construction
- Energy and Utilities Construction
- Institutional Construction
- Residential Construction
Scope
This report provides:
- A comprehensive analysis of the construction industry in Singapore.
- Historical and forecast valuations of the construction industry in Singapore, featuring details of key growth drivers.
- Segmentation by sector and by sub-sector.
- Analysis 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 consultants.
Reasons to Buy
- Identify 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.
Table of Contents
Table
Figures
Frequently asked questions
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What was the construction market size in Singapore in 2023?
The construction market size in Singapore was $25.4 billion in 2023.
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What will the Singapore construction market growth rate be during the forecast period?
The construction market in Singapore is projected to achieve an AAGR of more than 4% during 2025-2028.
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Which sector accounted for the highest share of the Singaporean construction market in 2023?
The residential construction sector accounted for the highest market share in the Singaporean construction market in 2023.
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Which are the leading contractors in the Singapore construction market?
A few of the leading contractors in the Singapore construction market are Samsung Group, Penta-Ocean Construction Co Ltd, Shanghai Urban Construction (Group) Corp, Chip Eng Seng Corporation Ltd, and Temasek Holdings (Private) Ltd among others.
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Which are the leading consultants in the Singapore construction market?
A few of the leading consultants in the Singapore construction market are Temasek Holdings Pvt Ltd, Arup Group Ltd, WSP Global Inc, Tritech Consultants, and AECOM among others.
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