Hong Kong Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028
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Hong Kong Construction Market Overview
The Hong Kong construction market size was $31.5 billion in 2023. The market is projected to achieve an AAGR of more than 2% during 2025-2028. The growth is attributed to the government’s investment in the transport, electricity, housing, and industrial sectors.
Hong Kong Construction Market Outlook, 2023-2028 ($ Billion)
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The Hong Kong construction market research report offers 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 Hong Kong construction market growth in the coming years.
Market Size (2023) | $31.5 billion |
AAGR (2025-2028) | >2% |
Forecast Period | 2023-2028 |
Historical Period | 2019-2023 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
Key Contractors | · China Communications Construction Group Ltd
· Wai Kee Holdings Ltd · China State Construction Engineering Corp Ltd · New World Development Co Ltd · Gammon Construction Ltd |
Key Consultants | · AECOM
· Arup Group Ltd · Arcadis NV · WSP Global Inc · Mott MacDonald Group Ltd |
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Hong Kong Construction Market Segmentation by Sectors
Residential construction was the leading sector in the Hong Kong construction market in 2023
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. In 2023, the residential construction sector was followed by commercial construction.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The government investment in transport infrastructure during the forecast period will support the sector’s growth.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The residential construction industry will recover over the forecast period owing to the government’s focus on developing affordable houses in the country.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. Investment to increase the share of renewable energy in the total energy mix to 10% by 2035 and reduce carbon emissions by 50% by 2035 will drive the sector growth between 2025 and 2028.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. Factors such as the recovery in the tourism sector and office and data center developments will drive the commercial sector’s growth over 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. An improvement in external demand and investment in the semiconductor industry will drive the sector’s growth during the forecast period.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Investment in education and research center construction projects will fuel the growth of this sector in the coming years.
Hong Kong Construction Market Analysis by Sectors, 2023 (%)
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Hong Kong Construction Market - Competitive Landscape
China Communications Construction Group Ltd emerged as the leading contractor and AECOM as the leading consultant in the Hong Kong construction market in 2023
A few of the leading contractors in the Hong Kong construction market are:
- China Communications Construction Group Ltd
- Wai Kee Holdings Ltd
- China State Construction Engineering Corp Ltd
- New World Development Co Ltd
- Gammon Construction Ltd
Foreign contractors account for most of the project pipeline in the Hong Kong construction market. Among the foreign contractors, the China-based firms dominate the market.
Hong Kong Construction Market Analysis by Contractors, 2023 (%)
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A few of the leading consultants in the Hong Kong construction market are:
- AECOM
- Arup Group Ltd
- Arcadis NV
- WSP Global Inc
- Mott MacDonald Group Ltd
Consultants with headquarters outside Hong Kong are involved in most of the project pipeline by value.
Hong Kong Construction Market Analysis by Consultants, 2023 (%)
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Hong Kong Construction Market - Latest Developments
- In October 2021, the government of Hong Kong invested a significant amount to fund the development of infrastructure works between 2022 and 2026. The plan involves the expansion of the northern economic belt and the construction of a 30,000-ha holistic metropolis.
- In October 2023, the government reported that around 30 foreign and mainland Chinese companies are planning to invest to build a global center for innovation and technology in Hong Kong by 2030.
Segments Covered in the Report
Hong Kong Construction Sectors Outlook (Value, $ Billion, 2018-2028)
- 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 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
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Frequently asked questions
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What was the Hong Kong construction market size in 2023?
The construction market size in Hong Kong was $31.5 billion in 2023.
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What will the Hong Kong construction market growth rate be during the forecast period?
The construction market in Hong Kong is projected to achieve an AAGR of more than 2% during 2025-2028.
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Which was the leading sector in the Hong Kong construction market in 2023?
Residential construction was the leading sector in the Hong Kong construction market in 2023.
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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, Wai Kee Holdings Ltd, China State Construction Engineering Corp Ltd, New World Development Co Ltd, and Gammon Construction Ltd among others.
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Which are the leading consultants in the Hong Kong construction market?
The leading consultants in the Hong Kong construction market are AECOM, Arup Group Ltd, Arcadis NV, WSP Global Inc, and Mott MacDonald Group Ltd among others.
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