South Asia Construction Market Size, Share, Trends, and Analysis by Sector, Country and Segment Forecast to 2028

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Published: April 29, 2024 Report Code: GRCREG000011CN-BB

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Accessing the in-depth insights from the ‘South Asia Construction’ report can help:

  • Access the historical and forecast valuations of the South Asia construction market in real terms from 2019 to 2028.
  • Examine the sectors and sub-sectors within the South Asia construction market.
  • Foresee shift in the construction landscape for key regional countries including the US and Canada
  • Analyze the mega-project pipeline, including breakdowns by development stage across all sectors.
  • Assess the projected spending on projects in the existing pipeline.
  • Learn about key industry participants including contractors and consultants for each of the regional countries.

How is our ‘South Asia Construction’ report different from other reports in the market?

  • The report explores the different sectors of the construction industry in North America through a detailed investigation of the output values from 2019 to 2028.
  • The study entails country-specific details covering construction output value in real terms along with a list of projects and key industry participants.
  • Detailed segmentation by sector– Commercial Construction, Energy and Utilities Construction, Industrial Construction, Infrastructure Construction, Institutional Construction, and Residential Construction
  • Detailed segmentation by country
  • With more than 30+ charts and tables, the report is designed with an easy digestible qualitative content.
  • Identify the key growth enablers and target commercial opportunities through a strategic plan.
  • Formulate steps to success while leveraging key construction insights from the report.

We recommend this valuable source of information to:

  • Contractors Including Civil Works, Electrical, HVAC, and Others
  • Consultants/Designers
  • Building Material Merchants/Players
  • Management Consultants and Investment Banks
  • Portfolio Managers/Buy-Side Firms
  • Strategy and Business Development
  • Investment Banking

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South Asia Construction Market Overview

The South Asia construction market size revenue is projected to reach $1,031.9 billion in 2024 and is expected to grow at an average annual growth rate (AAGR) of more than 5% over the forecast period. The following are some of the key highlights of the South Asia construction market:

  • Heightened efforts to cut down carbon emissions through the deployment of new renewable energy projects are set to aid the market expansion over the forecast period.
  • Over the forecast period, the regional construction sector’s growth is expected to be driven by energy and utilities sub-segment with the second-largest construction output value.
  • The regional governments are intensively undertaking efforts to scale back on carbon emissions and develop the prospects for green energy construction through private participation.
  • The construction sector in the South-East Asia region is anticipated to be dominated by India in terms of output value (real) in 2024 and over the forecast period.

For example, Sri Lanka aims to have 70% of its total energy generation from renewable sources by 2030. The Sri Lankan cabinet, in September 2023, approved United Solar Energy for developing a 134 MW solar power plant project and 700MW battery storage site. Similarly, in February 2023, Adani Green Energy Ltd. announced its plan to invest $442 million in Sri Lanka to construct two wind farms with a combined capacity of above 700 MW.

South Asia Construction Market Outlook, 2024-2028 ($Billion)

South Asia Construction Market Outlook, 2024-2028 ($Billion)
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The regional construction output value in the post-pandemic era registered a strong rebound, primarily driven by the growth of the Bangladesh and India construction markets. The remaining regional countries, Pakistan and Sri Lanka, recorded a negative trajectory in 2022 and 2023 owing to weak economic conditions such as high inflation rate, depreciating currency value, and declining exports. However, both these countries are expected to showcase positive growth in the current year, backed by private investments.

The energy and utilities sub-segment registered a strong YoY growth of over 9% in 2023 and is anticipated to continue this trend, backed by private investments and government-offered subsidies. For example, in April 2024, Tata Power Solar Limited partnered up with Indian banks to drive easy financing for rooftop solar in the residential segment. Similarly, to boost solar adoption in the Indian residential segment, the government of India in February 2024 launched a new rooftop solar initiative that offers 300 units of free electricity to the residential installers.

Infrastructure emerges as another pivotal sector poised to drive future growth in the regional construction market. The category is anticipated to register an annual average growth rate (AAGR) of 6.0% from 2025 to 2028. This is supported by public and private investments to develop local road and rail infrastructure. For instance, the resumption of projects under the China-Pakistan Economic Corridor (CPEC) is expected to pave the way for the development of a roadway section across the Balochistan state in Pakistan.

Market Size (2023) $1,031.9 billion
CAGR (2024 to 2028) > 5%
Forecast Period 2024-2028
Historic Data 2019-2023
Report Scope & Coverage Sector Overview, Construction Output Value ($Million) by Country and Sector, Top Project List, Key Industry Participants
Key Sectors Commercial Construction, Energy and Utilities Construction, Industrial Construction, Infrastructure Construction, Institutional Construction, and Residential Construction
Geography South Asia
Countries Bangladesh, India, Pakistan, and Sri Lanka
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South Asia Construction Market Segmentation by Sectors

The residential construction sector is expected to emerge as the dominant category in terms of output value (real) in 2024. The regional segmental growth in the current year and over the projected timeframe is expected to be backed by the drive to construct affordable housing for the low-income and middle-income groups. For example, the government of India launched Pradhan Mantri Awas Yojna (PMAY) in June 2015, under which close to 30 million homes have been delivered in rural and urban areas of the country as of 2023. Recently, in February 2024, the government in its interim budget has announced a target to build 20 million housing units under this scheme in the coming five years.

The energy and utilities construction segment is the second-largest category in terms of output value (real) in 2024 and is poised to register the fastest compound annual growth rate (CAGR) over the projected timeframe. The key factors supporting the segmental growth are the drive to develop clean energy sources and the rising inclination to become energy-independent. For instance, the Sri Lankan government aims to cut down carbon emissions by 25% by 2030 and become carbon neutral by 2050. To achieve this target, the government is strongly pushing renewable energy projects in the country. In March 2024, the Ceylon Electricity Board launched the tender for a 165 MW solar PV project on a build, own, and operate(BOO) basis.

South Asia Construction Market Share by Sector, 2024 (%)

South Asia Construction Market Share by Sector, 2024 (%)

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The infrastructure construction group is expected to register third place in terms of market share in 2024. This category is among the key segments of the regional construction industry and is expected to achieve an annual average growth rate (AAGR) of 6.0% from 2025 to 2028, aided by the efforts to modernize existing rail and road networks. For example, in January 2024, the Minster of Transportation in India laid the foundation stone for the construction of 15 national highway projects in the state of Madhya Pradesh, with a total budget exceeding $964 million.

The industrial construction segment is anticipated to emerge as the fourth-largest group in terms of output value (real) in 2024. The segmental growth over the predicted timeline is supported by the development of new manufacturing and industrial plants in the region. For instance, in January 2023, the German textile chemical manufacturer Rudolf announced the plans to invest in building up of new manufacturing unit in Bangladesh.

The commercial construction group is predicted to account for the fifth-largest regional market share in terms of output value (real) in 2024. This segment is anticipated to register the slowest compound annual growth rate (CAGR) as compared to its counterparts over the forecast period. However, the revival of tourist footfall is set to open new avenues for segmental growth over the near future. For instance, in July 2023, Hilton signed an agreement with the Pakistan real estate company Gohar Paradise, to develop its new hotel in the Sindh province by 2027.

The institutional construction category is poised to remain the smallest group in terms of output value (real) in 2024. The spending in the healthcare sub-segment is expected to drive its  growth over the predicted timeline. An example is the decision of the government of Pakistan to develop 46 hospitals with a combined capacity of 4,150 beds by 2026, with an investment of $900 million.

South Asia Construction Market Analysis by Country

The construction sector in the South-East Asia region is anticipated to be dominated by India in terms of output value (real) in 2024 and over the forecast period. The country has ambitious plans for projects including the $1.3 trillion worth PM Gati Shakti National Masterplan. This initiative by the government of India aims to expand domestic economic growth through the setting up of new economic zones, modern roadways, waterways, airports, and railways. The project further targets to reduce traveling time across the country and provide efficient transportation medium.

Bangladesh’s construction industry is set to emerge as the second-largest in the region, in terms of output value (real) in 2024. The domestic construction industry growth is aided by financial support from the Asian Development Bank, whichmobilized $261 million for the construction of a four-lane, 13.5 km expressway in August 2023. This project is set to decongest traffic and provide enhanced connectivity from Dhaka to other key cities. This project is to be developed by a consortium of Chinese companies including China Road and Bridge Corporation and China Communications Construction Company Limited.

South Asia Construction Market Share by Country, 2024 (%)

South Asia Construction Market Share by Country, 2024 (%)

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Pakistan’s construction industry is anticipated to secure the third positionin the regional market in 2024. The growth dynamics are expected to showcase positive movement in 2024 despite the past two-year negative trajectory. This growth is likely to be sustained by investments in infrastructure projects. For example, in February 2024, the World Bank announced $97 million for the construction of the Pakistan-Afghanistan expressway. This project aims to expand economic activities between the two countries by strengthening regional connectivity.

Sri Lanka is expected to record the smallest regional share in terms of output value (real) in 2024. The country, amid its economic challenges, is gradually rebounding aided by rising private investments. For example, in November 2023, the US International Development Finance Corporation (DFC) announced to loan $553 million to Sri Lanka for building a deepwater shipping terminal port.

South Asia Construction Market Segments

GlobalData Plc has segmented the South Asia construction market report by sectors and country:

South Asia Construction Market Sectors Outlook (Revenue, $Million, 2019-2028)

  • Commercial Construction
  • Energy and Utilities Construction
  • Industrial Construction
  • Infrastructure Construction
  • Institutional Construction
  • Residential Construction

South Asia Construction Market Countries Outlook (Revenue, $Million, 2019-2028)

  • Bangladesh
  • India
  • Pakistan
  • Sri Lanka

Scope

The market intelligence report provides an in-depth analysis of the following –

• South Asia construction market outlook: analysis as well as historical figures and forecasts of opportunities from the sector and regional segments.

• The report provides an overview of the outlook for the South Asia construction industry to 2028.

• Analysis of the construction output values (Real) in major countries: Bangladesh, India, Pakistan, and Sri Lanka.

• Insight into the sectoral movement covering commercial construction, energy and utilities construction, industrial construction, infrastructure construction, institutional construction, and residential construction.

• Dedicated section covering key industry participants by country including top consultants and contractors.

Key Highlights

The South Asia construction market size will be evaluated at $1,031.9 billion in 2024. The construction market in the South Asia region is expected to grow at a CAGR of 5.8% during 2024-2028.

Reasons to Buy

• Evaluate regional trends in construction development from insight into output values and project pipelines. Identify the fastest growers to enable assessment and targeting of commercial opportunities in the markets best suited to strategic focus.

• Identify the drivers in the South Asia construction market and consider growth in developed economies. Formulate plans on where and how to engage with the market while minimizing any negative impact on revenues.

• Accompanying GlobalData’s Forecast products, the report examines the assumptions and drivers behind ongoing and upcoming trends in the South Asia construction market.

Key Players

Table of Contents

  • Chapter 1 Executive Summary

  • Chapter 2 Construction Outlook

    • 2.1. All Construction

    • 2.2. Commercial Construction

    • 2.3. Energy and Utilities Construction

    • 2.4. Industrial Construction

    • 2.5. Infrastructure Construction

    • 2.6. Institutional Construction

    • 2.7. Residential Construction

  • Chapter 3 Construction Outlook – Country Level

  • 3.1. Bangladesh

    • 3.1.1. Construction Market Overview

    • 3.1.2. Key Industry Participants

  • 3.2. India

    • 3.2.1. Construction Market Overview

    • 3.2.2. Key Industry Participants

  • 3.3. Pakistan

    • 3.3.1. Construction Market Overview

    • 3.3.2. Key Industry Participants

  • 3.4. Sri Lanka

    • 3.4.1. Construction Market Overview

    • 3.4.2. Key Industry Participants

  • Chapter 4 South Asia Construction Regional Trends

  • 4.1. South Asia Construction Market Data

    • 4.1.1. Bangladesh Construction Market Data

    • 4.1.2. India Construction Market Data

    • 4.1.3. Pakistan Construction Market Data

    • 4.1.4. Sri Lanka Construction Market Data

  • Chapter 5 Research Methodology

  • 5.1. Introduction

  • 5.2. Research Methodology Steps

    • 5.2.1. Data Collection and Consolidation

    • 5.2.2. Modelling and Estimation

    • 5.2.3. Forecasting and Validation

  • Chapter 6 About GlobalData

Table

  • Table 1 South Asia Construction Output Value (Real $Million) and Growth (% Change), 2019–2028

  • Table 2 South Asia, Construction Output by Sector (Real % Change), 2019–2028

  • Table 3 South Asia, Commercial Construction Output by Project Type (Real % Change), 2019–2028

  • Table 4 South Asia, Energy and Utilities Construction Output by Project Type (Real % Change), 2019–2028

  • Table 5 South Asia, Industrial Construction Output by Project Type (Real % Change), 2019–2028

  • Table 6 South Asia, Infrastructure Construction Output by Project Type (Real % Change), 2019–2028

  • Table 7 South Asia, Institutional Construction Output by Project Type (Real % Change), 2019–2028

  • Table 8 South Asia, Residential Construction Output by Project Type (Real % Change), 2019–2028

  • Table 9 Bangladesh, Top Construction Projects by Value

  • Table 10 Bangladesh, Key Contractors

  • Table 11 Bangladesh, Key Consultants

  • Table 12 India, Top Construction Projects by Value

  • Table 13 India, Key Contractors

  • Table 14 India, Key Consultants

  • Table 15 Pakistan, Top Construction Projects by Value

  • Table 16 Pakistan, Key Contractors

  • Table 17 Pakistan, Key Consultants

  • Table 18 Sri Lanka, Top Construction Projects by Value

  • Table 19 Sri Lanka, Key Contractors

  • Table 20 Sri Lanka, Key Consultants

  • Table 21 South Asia Construction Output Value, by Sector (Real $Million), 2023–28

  • Table 22 Bangladesh Construction Output Value, by Sector (Real $Million), 2023–28

  • Table 23 India Construction Output Value, by Sector (Real $Million), 2023–28

  • Table 24 Pakistan Construction Output Value, by Sector (Real $Million), 2023–28

  • Table 25 Sri Lanka Construction Output Value, by Sector (Real $Million), 2023–28

Figures

  • Fig 1 South Asia Construction Output Value (Real $Million) and Growth (% Change), 2019-2028

  • Fig 2 South Asia, Construction Output Value, by Sector (Real $Million), 2019-2028

  • Fig 3 South Asia, Commercial Construction Output by Project Type (Real $Million), 2019-2028

  • Fig 4 South Asia, Energy and Utilities Construction Output by Project Type (Real $Million), 2019-2028

  • Fig 5 South Asia, Industrial Construction Output by Project Type (Real $Million), 2019-2028

  • Fig 6 South Asia, Infrastructure Construction Output by Project Type (Real $Million), 2019-2028

  • Fig 7 South Asia, Institutional Construction Output by Project Type (Real $Million), 2019-2028

  • Fig 8 South Asia, Residential Construction Output by Project Type (Real $Million), 2019-2028

  • Fig 9 Bangladesh, Construction Output Value (Real $Million, 2017 Prices and Exchange Rate), 2019-2028

  • Fig 10 Bangladesh, Construction Output Value, by Sector (Real $Million), 2019-2028

  • Fig 11 India, Construction Output Value (Real $Million, 2017 Prices and Exchange Rate), 2019-2028

  • Fig 12 India, Construction Output Value, by Sector (Real $Million), 2019-2028

  • Fig 13 Pakistan, Construction Output Value (Real $Million, 2017 Prices and Exchange Rate), 2019-2028

  • Fig 14 Pakistan, Construction Output Value, by Sector (Real $Million), 2019-2028

  • Fig 15 Sri Lanka, Construction Output Value (Real $Million, 2017 Prices and Exchange Rate), 2019-2028

  • Fig 16 Sri Lanka, Construction Output Value, by Sector (Real $Million), 2019-2028

  • Fig 17 Research Methodology Steps

  • Fig 18 Core Objectives of Data Collection and Consolidation

  • Fig 19 Modelling Approach

  • Fig 20 Forecasting and Validation Flow

  • Fig 21 GlobalData Proposition and Product Capabilities

  • Fig 22 GlobalData Sector Coverage

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