Singapore Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027

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Published: September 15, 2023 Report Code: GDCN1219MR-ST

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Singapore Construction Market Report Overview

The Singapore construction market size was $22 billion in 2022. The market is projected to achieve an AAGR of more than 3% during 2024-2027. The growth of the market will be supported by investment in transport and renewable energy projects.

Singapore Construction Market Outlook, 2022-2027 ($ Billion)

Singapore Construction Market Outlook, 2022-2027 ($ Billion)

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The Singapore construction market research report provides detailed market analysis, information, and insights into the Singapore construction industry, including the industry’s growth prospects 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 Singapore construction industry. It also provides an analysis of the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report discusses the sectors in the construction market and provides an overview of each sector along with their driving factors.

Market Size (2022) $22 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 ·        Samsung Group

·        Shanghai Urban Construction (Group) Corp

·        Chip Eng Seng Corporation Ltd

·        Temasek Holdings (Private) Ltd

·        Penta-Ocean Construction Co Ltd
Key Consultants ·        Temasek Holdings (Private) Ltd

·        Arup Group Ltd

·        AECOM

·        DP Architects Pte Ltd

·        Lowe Enterprises Inc
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Singapore Construction Market Segmentation by Sectors

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

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

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 growth of the sector over the forecast period will be supported by an improvement in tourism activity, as well as growth in wholesale and retail trade construction demand. The sector’s output will also be supported by investment in data center projects.

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 growth of the sector will be supported by investment in the industrial and manufacturing sectors, as well as an improvement in export activities and the wider economy.

Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The growth of the sector over the forecast period will be supported by government investment in road, rail, and airport infrastructure projects.

Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The growth of the sector over the forecast period will be supported by the government’s focus on the development of energy infrastructure, particularly renewable energy, as well as investment in telecommunications and oil and gas infrastructure.

Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Forecast-period growth in the institutional construction sector will be supported by government investment in healthcare, education, and research facilities.

Residential construction: The project types in this sector include single-family housing and multi-family housing. The market growth will be supported by government initiatives to develop affordable housing, as well as an increase in the total value of progress payments certified and construction contracts awarded for residential construction.

Singapore Construction Market Analysis by Sectors, 2022 (%)

Singapore Construction Market Analysis by Sectors, 2022 (%)

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Singapore Construction Market - Competitive Landscape

Samsung Group led the Singapore construction market in 2022.

Some of the leading contractors in the Singapore construction market are:

  • Samsung Group
  • Shanghai Urban Construction (Group) Corp
  • Chip Eng Seng Corporation Ltd
  • Temasek Holdings (Private) Ltd
  • Penta-Ocean Construction Co Ltd

Foreign contractors account for a majority share of the project pipeline in the Singapore construction market.

Singapore Construction Market Analysis by Contractors, 2022 (%)

Singapore Construction Market Analysis by Contractors, 2022 (%)

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Some of the leading consultants in the Singapore construction market are:

  • Temasek Holdings (Private) Ltd
  • Arup Group Ltd
  • AECOM
  • DP Architects Pte Ltd
  • Lowe Enterprises Inc

Temasek Holdings (Private) Ltd led the market in 2022. Consultants with headquarters within Singapore are involved in most of the project pipeline by value.

Singapore Construction Market Analysis by Consultants, 2022 (%)

Singapore Construction Market Analysis by Consultants, 2022 (%)

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Singapore Construction Market – Latest Developments

  • According to the DOS, the total value of progress payments issued for construction rose in June 2023, preceded by Y-o-Y growth of more than 13% in May 2023.
  • To help its citizens cope with inflation and the recent tax hikes on goods and services, Singapore’s government announced support of more than $2 billion in February 2023.

Segments Covered in the Report

Singapore 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 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

  • 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

  • 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

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