South Korea Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028
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South Korea Construction Market Report Overview
The South Korea construction market size was $231.3 billion in 2023. The market will grow at an AAGR of 1% during 2025-2028. Investment in the manufacturing industry, transport, and renewable energy infrastructure, and the government’s easing of housing redevelopment and reconstruction regulations will aid the growth of the market.
South Korea Construction Market Outlook, 2023-2028 ($ Billion)
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The South Korea construction market research report offers detailed market analysis, information, and insights into the South Korean construction industry. It includes the South Korean construction industry’s growth prospects by market, project type, and construction activity. The report additionally provides critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the industry. The report analyses the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Market Size (2023) | $231.3 billion |
AAGR (2025-2028) | >1% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
Key Contractors | · SK Holdings Co Ltd
· Hyundai Engineering & Construction Co Ltd · Samsung Group · Honeywell International Inc · Daewoo Engineering & Construction Co Ltd |
Key Consultants | · Korea Electric Power Corp
· Jacobs Engineering Group Inc · Kohn Pedersen Fox Associates · MVRDV Architects · Studio Libeskind |
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South Korea Construction Market Segmentation by Sectors
Residential construction was the leading sector in the South Korea construction market in 2023
The key sectors in the South Korea construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction. However, commercial construction and industrial construction also had a significant share in the South Korean construction market in 2023.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. Investment in road and rail infrastructure projects will support the growth of the sector.
Residential construction: The project types in this sector include single-family housing and multi-family housing. Government initiatives to ease redevelopment and reconstruction regulations will aid the growth of the sector during 2026-2028.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. Investment in renewable energy projects will drive the sector’s growth during 2025-2028.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. The commercial construction sector in the South Korea construction industry will expand during 2026-2028 owing to investment in the tourism industry, leisure and hospitality, retail, office, and data center buildings.
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 increase in investment in semiconductor manufacturing will aid the growth of the industrial construction sector during 2025-2028.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Public and private sector investment in education, healthcare, and research facility projects will support the growth of the market during 2025-2028.
South Korea Construction Market Analysis by Sectors, 2023 (%)
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South Korea Construction Market - Competitive Landscape
SK Holdings Co Ltd emerged as the leading contractor and Korea Electric Power Corp as the leading consultant in the South Korea construction market in 2023
A few of the leading contractors in the South Korea construction market are:
- SK Holdings Co Ltd
- Hyundai Engineering & Construction Co Ltd
- Samsung Group
- Honeywell International Inc
- Daewoo Engineering & Construction Co Ltd
South Korea Construction Market Analysis by Contractors, 2023 (%)
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A few of the leading consultants in the South Korea construction market are:
- Korea Electric Power Corp
- Jacobs Engineering Group Inc
- Kohn Pedersen Fox Associates
- MVRDV Architects
- Studio Libeskind
South Korea Construction Market Analysis by Consultants, 2023 (%)
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South Korea Construction Market - Latest Developments
- In February 2024, the government announced it plans to develop a 1GW data center cluster in Gangwon Province. The project will accommodate 50 data centers, each with a capacity of 20MW, and is expected to be completed by the end of 2037.
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Segments Covered in the Report
South Korea Construction Sectors Outlook (Value, $ Billion, 2019-2028)
- 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 South Korea.
- Historical and forecast valuations of the construction industry in South Korea, 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
Table
Figures
Frequently asked questions
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What was the South Korea construction market size in 2023?
The construction market size in South Korea was $231.3 billion in 2023.
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What will the South Korea construction market growth rate be during the forecast period?
The construction market in South Korea will grow at an AAGR of more than 1% during 2025-2028.
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Which was the leading sector in the South Korea construction market in 2023?
Residential construction was the leading sector in the South Korea construction market in 2023.
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Which are the leading contractors in the South Korea construction market?
A few of the leading contractors in the South Korea construction market are SK Holdings Co Ltd, Hyundai Engineering & Construction Co Ltd, Samsung Group, Honeywell International Inc, and Daewoo Engineering & Construction Co Ltd among others.
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Who are the leading consultants in the South Korea construction market?
A few of the leading consultants in the South Korea construction market are Korea Electric Power Corp, Jacobs Engineering Group Inc., Kohn Pedersen Fox Associates, MVRDV Architects, and Studio Libeskind among others.
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