South Korea Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027

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South Korea Construction Market Report Overview

The South Korea construction market size was $220.7 billion in 2022. The market is projected to attain an AAGR of less than 1% from 2024 to 2027. Investments will aid the industry’s growth over the forecast period in the transport, energy, housing, and industrial sectors. Tourism activities will also support the South Korean construction market growth.

South Korea Construction Market Outlook, 2022-2027 ($ Billion)

South Korea Construction Market Outlook, 2022-2027 ($ Billion)

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The South Korea 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 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 the France construction market growth in the coming years.

Market Size (2022) $220.7 billion
AAGR (2024-2027) <1%
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 ·        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

·        DONG IL Architects & Engineers Co

·        Heerim Architects & Planners Co Ltd

·        Kohn Pedersen Fox Associates

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South Korea Construction Market Segmentation by Sectors

Residential was the leading sector in the South Korea construction market in 2022

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. In 2022, the residential construction sector accounted for the highest market share, followed by the commercial construction.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The government has plans to provide 2.7 million new homes by 2027 along with easing regulations for redevelopment and reconstruction, which will drive the residential construction industry’s growth during the forecast period.

Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. An improvement in tourism activity, coupled with investment in leisure and hospitality, retail, office, and data center buildings will drive the commercial sector’s growth over the forecast period.

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 sector’s growth is attributed to the rising investment in the manufacturing sector.

Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The government’s commitment to invest KRW114.7 trillion ($86.2 billion) in expanding the existing railway network from 4,274km in 2020 to 5,137km by 2030.

Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. The government’s plan to allocate KRW10 trillion ($7.6 billion) until 2027 for the expansion of R&D activities in the medical device industry will provide substantial support to the sector. Furthermore, in November 2022, eight university hospitals announced their plan to open ten branches in greater Seoul, which is poised to drive the institutional construction sector growth in the coming years.

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 renewable energy sector are fueling the sector’s growth.

South Korea Construction Market Analysis by Sectors, 2022 (%)

South Korea Construction Market Analysis by Sectors, 2022 (%)

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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 2022

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

Domestic contractors account for most of the project pipeline in the South Korea construction market. Firms based in the US are the dominant foreign contractors.

South Korea Construction Market Analysis by Contractors, 2022 (%)

South Korea Construction Market Analysis by Contractors, 2022 (%)

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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
  • DONG IL Architects & Engineers Co
  • Heerim Architects & Planners Co Ltd
  • Kohn Pedersen Fox Associates

Consultants with headquarters outside South Korea are involved in most of the project pipeline by value. Among foreign-based consultants, firms based in the US are involved in majority of the projects in the pipeline.

South Korea Construction Market Analysis by Consultants, 2022 (%)

South Korea Construction Market Analysis by Consultants, 2022 (%)

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South Korea Construction Market - Latest Developments

  • In September 2023, the Ministry of Economy and Finance of South Korea announced allocation of approximately KRW2.2 trillion ($1.65 billion) by the year 2028 to construct industrial clusters dedicated to technologies in the field of semiconductor, battery, and other industrial equipment manufacturing.
  • As part of the 2023-2027 Tourism Promotion Plan, the South Korean government aims to attract 30 million foreign tourists and generate KRW39.9 trillion ($30 billion) in tourism revenue by 2027. To support this target, the government plans to allocate KRW500 billion ($382.9 million) towards tourism-related initiatives until 2027.

Segments Covered in the Report

South Korea 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 South Korea.
  • Historical and forecast valuations of the construction industry in South Korea, 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

Table

Table 1: Construction Industry Key Data

Table 2: South Korea, Key Economic Indicators

Table 3: South Korea, Commercial Construction Output by Project Type (Real % Change), 2018-27

Table 4: South Korea, Top Commercial Construction Projects by Value

Table 5: South Korea, Industrial Construction Output by Project Type (Real % Change), 2018-27

Table 6: South Korea, Top Industrial Construction Projects by Value

Table 7: South Korea, Infrastructure Construction Output by Project Type (Real % Change), 2018-27

Table 8: South Korea, Top Infrastructure Construction Projects by Value

Table 9: South Korea, Energy and Utilities Construction Output by Project Type (Real % Change), 2018-27

Table 10: South Korea, Top Energy and Utilities Construction Projects by Value

Table 11: South Korea, Institutional Construction Output by Project Type (Real % Change), 2018-27

Table 12: South Korea, Top Institutional Construction Projects by Value

Table 13: South Korea, Residential Construction Output by Project Type (Real % Change), 2018-27

Table 14: South Korea, Top Residential Construction Projects by Value

Table 15: South Korea, Key Contractors

Table 16: South Korea, Key Consultants

Table 17: South Korea, Construction Output Value (Real, $ Million)

Table 18: South Korea, Construction Output Value (Nominal, KRW Billion)

Table 19: GlobalData Construction Market Definitions

Table 20: Risk Dimensions

Table 21: Ratings, Scores and Definitions

Figures

Figure 1: North-East Asia, Construction Output (Real % Change), 2021-27

Figure 2: South Korea, Construction Output by Sector (Real % Change), 2021-23 and 2024-27

Figure 3: South Korea, Risk Summary

Figure 4: South Korea, Risk Regional Comparison

Figure 5: South Korea, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2018-27

Figure 6: South Korea, Construction Output Value, by Sector (Real, $ Million), 2018-27

Figure 7: South Korea, Construction Value Add (KRW Trillion, 2015 Chained Prices, Unadjusted)

Figure 8: South Korea, Construction Production Index (2015=100)

Figure 9: South Korea, South Korea, Construction Production Index (2015=100)

Figure 10: South Korea, Total Value of Construction Orders Received (Current Prices, KRW Billion)

Figure 11: South Korea, Total Number of Building Construction Permits

Figure 12: South Korea, Construction Projects Momentum Index

Figure 13: North-East Asia, Construction Projects Momentum Index

Figure 14: South Korea, Commercial Construction Output by Project Type (Real, $ Million), 2018-27

Figure 15: South Korea, Commercial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 16: South Korea, Gross Floor Area of Commercial Construction Permits, In Thousand m2

Figure 17: South Korea, Retail Sales Value and Volume Index, (2015=100)

Figure 18: South Korea, Industrial Construction Output by Project Type (Real, $ Million), 2018-27

Figure 19: South Korea, Industrial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 20: South Korea, Gross Floor Area of Industrial Construction Permits, In Thousand m2

Figure 21: South Korea, Manufacturing Value Add (KRW Billion, 2015 Chained Prices, Unadjusted)

Figure 22: South Korea, Industrial Production Index (2015=100)

Figure 23: South Korea, Total exports (in US$ Billion)

Figure 24: South Korea, Total Value of Construction Contracts Received for Industrial Plants, (KRW Billion), In Current Prices

Figure 25: South Korea, Infrastructure Construction Output by Project Type (Real, $ Million), 2018-27

Figure 26: South Korea, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 27: South Korea, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018-27

Figure 28: South Korea, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 29: South Korea, Institutional Construction Output by Project Type (Real, $ Million), 2018-27

Figure 30: South Korea, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 31: South Korea, Gross Floor Area of Permits Issued for Educational and Social Use, In Thousand m2

Figure 32: South Korea, Education Sector Value Add (KRW Billion, 2015 Chained Prices, Unadjusted)

Figure 33: South Korea, Human Health and Social Work Activities Value Add (KRW Billion, 2015 Chained Prices, Unadjusted)

Figure 34: South Korea, Residential Construction Output by Project Type (Real, $ Million), 2018-27

Figure 35: South Korea, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 36: South Korea, Residential Construction Permits (Total Number)

Figure 37: South Korea, Real Estate Value Add (KRW Trillion, 2015 Chained Prices)

Figure 38: South Korea, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 39: South Korea, Headquarters of Key Consultants (% of Total Project Pipeline)

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