Hong Kong Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027
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Hong Kong Construction Market Report Overview
The Hong Kong construction market size was $31.8 billion in 2022. The market is projected to achieve an AAGR of more than 2% during 2024-2027. The improvement in the latter part of the forecast will be supported by investment in the transport, power, housing, and industrial sectors. As part of its latest budget, the government reported that it is actively implementing a series of new railway projects.
Hong Kong Construction Market Outlook, 2022-2027 ($ Billion)
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The Hong Kong construction market research report provides detailed market analysis, information, and insights into the Hong Kong construction industry, including the growth prospects of the industry by market, project type, and construction activity. The report also delivers critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Hong Kong construction industry. It also provides an analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline. The market report discusses the sectors present within the construction market and provides an overview of each sector along with their driving factors.
|Market Size (2022)||$31.8 Billion|
|Key Sectors||· Commercial Construction
· Industrial Construction
· Infrastructure Construction
· Energy and Utilities Construction
· Institutional Construction
· Residential Construction
|Key Contractors||· China Communications Construction Group Ltd
· Gammon Construction Ltd
· ITC Properties Group Ltd
· SFK Construction Holdings Limited
· Vinci SA
· Bouygues SA
|Key Consultants||· AECOM
· Arup Group Ltd
· WSP Global Inc
· Arcadis NV
· SNC-Lavalin Group Inc
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Hong Kong Construction Market Segmentation by Sectors
The key sectors in the Hong Kong construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction. Commercial construction was the leading sector in the Hong Kong construction market in 2022.
Commercial construction: The commercial construction sector is expected to grow this year, supported by improving tourist arrivals, coupled with developments in the leisure and hospitality sector. Growth over the forecast period will also be supported by the larger development of logistics and data center projects, which are becoming vital pillars in Hong Kong’s economic development.
Industrial construction: In the short to medium term, the industrial sector’s output will be affected by ongoing economic and industrial constraints, resulting in a decline in investor confidence. However, over the long term, the sector’s output will be aided by initiatives under Industry 4.0, Hong Kong’s reindustrialization framework, along with the government’s focus on investing in the industrial sector and improving the ease of doing business.
Infrastructure construction: Increased infrastructure spending outlined in the 2023-24 Budget, combined with the government’s commitment to invest annually in infrastructure from 2023, will see the infrastructure sector record growth over the forecast period.
Energy and utilities construction: The energy and utilities construction sector is estimated to record growth in 2023. From 2024 and 2027, the market will be driven by the government’s goal of increasing the share of renewable energy in the total energy mix from 7.5% in 2021 to 10% by 2035.
Institutional construction: GlobalData expects the institutional sector to expand in 2023, before recording growth between 2024 and 2027. During the forecast period, the growth will be supported by public and private sector investment in health, education, and research projects.
Residential construction: GlobalData expects the residential sector to expand in 2023. During 2024 and 2027, the sector will be driven by the government’s focus on providing affordable housing units.
Hong Kong Construction Market Analysis by Sectors, 2022 (%)
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Hong Kong Construction Market - Competitive Landscape
The leading contractors in the Hong Kong construction market are China Communications Construction Group Ltd, Gammon Construction Ltd, ITC Properties Group Ltd, SFK Construction Holdings Limited, Vinci SA, and Bouygues SA among others. China Communications Construction Group Ltd led the market in 2022. Domestic contractors account for a majority share of the project pipeline.
Hong Kong Construction Market by Contractors, 2022 (%)
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The leading consultants in the Hong Kong construction market are AECOM, Arup Group Ltd, WSP Global Inc, Arcadis NV, and SNC-Lavalin Group Inc among others. AECOM led the market. Consultants with headquarters outside Hong Kong are involved in most of the project pipeline by value.
Hong Kong Construction Market by Consultants, 2022 (%)
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Segments Covered in the Report
Hong Kong Construction Sectors Outlook (Value, $ Billion, 2019-2027)
- Commercial Construction
- Industrial Construction
- Infrastructure Construction
- Energy and Utilities Construction
- Institutional Construction
- Residential Construction
This report provides:
- A comprehensive analysis of the construction industry in Hong Kong.
- Historical and forecast valuations of the construction industry in Hong Kong, 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
- 1. Executive Summary
- 2. Construction Industry: At-a-Glance
- 3. Context
- 3.1. Economic Performance
- 3.2. Political Environment and Policy
- 3.3. Demographics
- 3.4. Risk Profile
- 4. Construction Outlook
- 4.1. All Construction
- 4.1.1. Outlook
- 4.1.2. Latest news and developments
- 4.1.3. Construction Projects Momentum Index
- 4.2. Commercial Construction
- 4.2.1. Outlook
- 4.2.2. Project analytics
- 4.2.3. Latest news and developments
- 4.3. Industrial Construction
- 4.3.1. Outlook
- 4.3.2. Project analytics
- 4.3.3. Latest news and developments
- 4.4. Infrastructure Construction
- 4.4.1. Outlook
- 4.4.2. Project analytics
- 4.4.3. Latest news and developments
- 4.5. Energy and Utilities Construction
- 4.5.1. Outlook
- 4.5.2. Project analytics
- 4.5.3. Latest news and developments
- 4.6. Institutional Construction
- 4.6.1. Outlook
- 4.6.2. Project analytics
- 4.6.3. Latest news and developments
- 4.7. Residential Construction
- 4.7.1. Outlook
- 4.7.2. Project analytics
- 4.7.3. Latest news and developments
- 4.1. All Construction
- 5. Key Industry Participants
- 5.1. Contractors
- 5.2. Consultants
- 6. Construction Market Data
- 7. Appendix
- 7.1. What is this Report About?
- 7.2. Definitions
- 7.3. CRI Methodology
- 8. About GlobalData
- 9. Contact Us
Frequently asked questions
What was the Hong Kong construction market size in 2022?
The construction market size in Hong Kong was $31.8 billion in 2022.
What is the Hong Kong construction market growth rate?
The construction market in Hong Kong is projected to achieve an AAGR of more than 2% during 2024-2027.
Which are the leading contractors in the Hong Kong construction market?
The leading contractors in the Hong Kong construction market are China Communications Construction Group Ltd, Gammon Construction Ltd, ITC Properties Group Ltd, SFK Construction Holdings Limited, Vinci SA, and Bouygues SA among others.
Which are the leading contractors in the Hong Kong construction market?
The leading consultants in the Hong Kong construction market are AECOM, Arup Group Ltd, WSP Global Inc, Arcadis NV, and SNC-Lavalin Group Inc among others.
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