Mongolia Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028

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The Mongolian construction industry’s growth is expected to accelerate to 4.8% in real terms in 2024, supported by public and private sector investment in the energy, transport, and residential sectors. In December 2023, the Mongolian Parliament approved the 2024 Budget, with a total expenditure of MNT27.4 trillion ($7.1 billion), which is 34.3% higher than the 2023 Budget allocation. Of the total budget, the government allocated MNT4.2 trillion ($1.1 billion) to the Ministry of Education, MNT1.6 trillion ($419.7 billion) to the Ministry of Health, MNT692 billion ($181.5 million) to Ministry of Road, Transportation and Development, MNT415 billion to ($108.9 million) to Minister of Construction and Urban Development, MNT336 billion ($88.2 million) to Minister of Energy.

Over the remainder of the forecast period, GlobalData expects the Mongolian construction industry to record an annual average growth of 4.7% between 2025 and 2028, supported by investment in the transport, electricity, housing, and mining sectors. In March 2023, the Mongolian Government, and the cooperation of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) announced that they are committed to expanding the capacity and operation of the transportation and logistics sectors in Mongolia. Furthermore, the government plans to construct dry ports and international airports in Khushig Valley, Zamiin-uud district, Altanbulag district, Khovd province and Dornod province, to increase the carrying capacity of freight transportation, ensure fast clearance, and increase the volume of transit freight by 2030. In the long term, the construction industry’s growth will be supported by the “Vision-2050” framework in a new settlement zone in Khushigt Valley, which will accommodate 150,000 people by 2040.

GlobalData’s Construction in Mongolia – Country Briefing (H1 2024) report provides detailed market analysis, information and insights into the Mongolian construction industry, including –
– The Mongolian construction industry's growth prospects by market, project type and construction activity
– Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Mongolian construction industry
– Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Mongolia Construction Market Segmentation by Sectors

Residential construction was the leading sector in the Mongolia construction market in 2022.

The key sectors in the Mongolia construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.

Commercial construction: The government’s focus on reviving the tourism sector, coupled with investment in wholesale and retail construction will support the commercial sector’s growth over the forecast period.

Industrial construction:The industrial sector growth can be attributed to the government’s focus on the development of raw material processing plants, the manufacturing industry, as well as an improvement in external demand and the wider economy.

Infrastructure construction: The growth of the infrastructure sector can be attributed to the government’s focus on the enhancement of regional connectivity through the development of road, rail, and airport infrastructure.

Energy and utilities construction:The government’s focus on the development of the oil and gas, telecommunications, and renewable energy sectors in line with its aim to reduce greenhouse gas emissions are expected to drive the sector’s growth during the projected period.

Institutional construction: The institutional construction sector growth is driven by the government’s focus on the development of educational and healthcare facilities. Additionally, the education sector will be driven by the government’s focus on developing education infrastructure as part of the “Vision-2050” framework.

Residential construction: The government’s focus on increasing the supply of affordable housing through the Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Sector Program is the main drive for the residential construction sector growth in Mongolia. The program involves the construction of several affordable homes across 20 districts of Ulaanbaatar between 2025 and 2029. Mongolia’s increasing urban population is also expected to attract investment in the construction and renovation of residential buildings.

Mongolia Construction Market Analysis by Sectors, 2022 (%)

Mongolia Construction Market Analysis by Sectors, 2022 (%)

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Mongolia Construction Market – Latest Developments

  • The largest project in the pipeline is the National Railway Network which involves the phase-wise construction of a railway line. It includes the construction of new railway stations, bridges, and supporting structures and the installation of security systems and lighting systems.
  • In September 2023, the Asian Development Bank (ADB) approved a loan to improve the efficiency and safety of road transport in Mongolia. The loan will be used to finance phase 3 of the Regional Road Development and Maintenance Project that will improve state road network sections between Western Mongolia to Uliastai (Zavkhan) and Khovd (Khovd) to Ulaangom (Uvs).

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Segments Covered in the Report

Mongolia Construction Sectors Outlook (Value, $ Billion, 2018-2027)

  • 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 Mongolia. It provides –

• Historical (2019–2023) and forecast (2024–2028) valuations of the construction industry in Mongolia, featuring details of key growth drivers.

• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) 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 Latest news and developments

4 Project analytics

5 Construction Market Data

6 Risk Profile

7 Appendix

7.1 Definitions

7.2 CRI Methodology

7.3 About GlobalData

Contact Us


Table 1: Construction Industry Key Data

Table 2: Mongolia, Top Construction Projects by Value

Table 3: Mongolia, Construction Output Value (Real, $ Million)

Table 4: Mongolia, Construction Output Value (Nominal, MNT Billion)

Table 5: GlobalData Construction Market Definitions

Table 6: Risk Dimensions

Table 7: Ratings, Scores and Definitions


Figure 1: Mongolia, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019–28

Figure 2: Mongolia, Construction Output Value, by Sector (Real, $ Million), 2019–28

Figure 3: North-East Asia, Construction Output (Real % Change), 2022–28

Figure 4: Mongolia, Construction Output by Sector (Real % Change), 2022–24 and 2025–28

Figure 5: Mongolia, Construction Value Add (MNT Billion, 2015 Constant Prices)

Figure 6: Mongolia, Service Sector Value Add (MNT Billion, 2015 Constant Prices)

Figure 7: Mongolia, Wholesale and Retail Trade Value Add (MNT Billion, 2015 Constant Prices)

Figure 8: Mongolia, Exports (In $ Million)

Figure 9: Mongolia, Wholesale and Retail Trade Value Add (MNT Billion, 2015 Constant Prices)

Figure 10: Mongolia, Construction Projects Pipeline, Value by Stage ($ Million)

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