Kuwait Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027
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Kuwait Construction Market Report Overview
The Kuwait construction market size was valued at $17.2 billion in 2022. The market is projected to achieve an AAGR of more than 3% during 2024-2027. The growth is attributed to the rising investments in renewable energy, housing, tourism, and data centers.
Kuwait Construction Market Outlook, 2022-2027 ($ Billion)
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The Kuwait 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 Kuwait’s construction market growth in the coming years.
Market Size (2022) | $17.2 billion |
AAGR (2024-2027) | 3% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
Key Contractors | · Shanghai Electric Group Corp
· Combined Group Contracting Co · Limak Holding Inc · Real Estate Construction and Fabrication Co · Larsen & Toubro Ltd · Mohammed Abdulmohsin Al-Kharafi & Sons Co · First Kuwaiti General Trading & Contracting Co WLL |
Key Consultants | · SSH International
· WSP Global Inc · KEO plc · Gulf Consult · Pan Arab Consulting Engineers · Al Dowailah Engineering Consultants & Construction Managers |
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Kuwait Construction Market Segmentation by Sectors
Energy and utilities construction was the leading sector in the Kuwait construction market in 2022
The key sectors in the Kuwait construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The growing public and private investment in transport infrastructure projects across the country will support the sector’s growth during the forecast period.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The residential construction industry will grow during the forecast period owing to the rebound in real estate activity and projects under the Kuwait Vision 2030 plan. Under the Kuwait Vision 2030 plan, the government plans to build more than 65,000 housing units through five projects costing KWD3 billion by 2029.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. Investments in the oil, gas, and renewable markets, amid rising business confidence and investment in diversifying the economy, will drive the sector growth between 2024 and 2027.
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 rebound in tourism activities and investments in hotel, retail, office, logistics, and sports projects will drive the commercial sector’s growth over the forecast period. For instance, as part of the 2035 Plan, the government aims to invest more than $1 billion on the construction of several sports projects across the country by 2025.
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. The government’s efforts to diversify the economy and develop new economic zones, coupled with its focus on boosting domestic production and exports, 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. Factors such as investment in the health, education, and research infrastructure will fuel the growth of this sector in the coming years.
Kuwait Construction Market Analysis by Sectors, 2022 (%)
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Kuwait Construction Market - Competitive Landscape
Shanghai Electric Group Corp emerged as the leading contractor and SSH International as the leading consultant in the Kuwait construction market in 2022
A few of the leading contractors in the Kuwait construction market are:
- Shanghai Electric Group Corp
- Combined Group Contracting Co
- Limak Holding Inc
- Real Estate Construction and Fabrication Co
- Larsen & Toubro Ltd
- Mohammed Abdulmohsin Al-Kharafi & Sons Co
- First Kuwaiti General Trading & Contracting Co WLL
Both domestic and foreign contractors have an equal number of projects in the pipeline in the Kuwait construction market. Among foreign firms, firms based in China and Turkey are the dominant foreign contractors in terms of project value.
Kuwait Construction Market Analysis by Contractors, 2022 (%)
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A few of the leading consultants in the Kuwait construction market are:
- SSH International
- WSP Global Inc
- KEO plc
- Gulf Consult
- Pan Arab Consulting Engineers
- Al Dowailah Engineering Consultants & Construction Managers
Consultants with headquarters within Kuwait are involved in most of the project pipeline by value. Firms based in the UK are involved in 28% of the project pipeline in which a foreign consultant is operating, followed by consultants from the USA.
Kuwait Construction Market Analysis by Consultants, 2022 (%)
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Kuwait Construction Market - Latest Developments
- In September 2023, a Kuwait-based oil and energy company, Heavy Engineering submitted a bid of KWD62.5 million ($204 million) for a tender to develop the Sabiya thermal power plant in Al-Jahra. The project’s goal is to provide engineering services and structural development to the Sabiya thermal power plant by 2030.
- In April 2023, Kuwait Integrated Petrochemical Industries Co (KIPIC), a subsidiary of Kuwait Petroleum Corp, announced plans to develop a facility that will be integrated with the adjacent Al-Zour refinery with an investment of KWD3 billion ($10 billion).
Segments Covered in the Report
Kuwait Construction Sectors Outlook (Value, $ Billion, 2018-2027)
- 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 Kuwait.
- Historical and forecast valuations of the construction industry in Kuwait, 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 Kuwait construction market size in 2022?
The construction market size in Kuwait was $17.2 billion in 2022.
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What will the Kuwait construction market growth rate be during the forecast period?
The construction market in Kuwait is projected to achieve an AAGR of 3% during 2024-2027.
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Which was the leading sector in the Kuwait construction market in 2022?
Energy and utilities construction was the leading sector in the Kuwait construction market in 2022.
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Which were the leading contractors in the Kuwait construction market in 2022?
The leading contractors in the Kuwait construction market were Shanghai Electric Group Corp, Combined Group Contracting Co, Limak Holding Inc, Real Estate Construction and Fabrication Co, Larsen & Toubro Ltd, Mohammed Abdulmohsin Al-Kharafi & Sons Co, and First Kuwaiti General Trading & Contracting Co WLL among others.
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Which were the leading consultants in the Kuwait construction market in 2022?
The leading consultants in the Kuwaiti construction market were SSH International, WSP Global Inc, KEO plc, Gulf Consult, Pan Arab Consulting Engineers, and Al Dowailah Engineering Consultants & Construction Managers among others.
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