Sri Lanka Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027
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Sri Lanka Construction Market Report Overview
The Sri Lanka construction market size was valued at $12.8 billion in 2022. The market is projected to achieve an AAGR of more than 5% during 2024-2027. The industry’s output over the forecast period will be supported by the easing of foreign exchange liquidity pressures, strong remittances, improved tourism earnings, and rising private investment. Additionally, rising investments in transport, housing, mining, industrial, and tourism projects are other factors contributing to the Sri Lanka construction market growth.
Sri Lanka Construction Market Outlook, 2022-2027 ($ Billion)
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The Sri Lanka construction market report has compiled data on various project types and construction activities across sectors. While discussing the construction projects, our analysts have elucidated the factors responsible for the developments. The report further analyzes the top construction projects in Sri Lanka from pre-planning to execution, along with the emerging market trends. In addition, the report gives an overview of the latest developments in the Sri Lanka construction market.
Market Size (2022) | $12.8 Billion |
AAGR (2024-2027) | >5% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
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Sri Lanka Construction Market Segmentation by Sectors
In 2022, residential construction accounted for the highest share of the Sri Lanka construction
The key sectors in the Sri Lanka 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 infrastructure construction.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. Factors such as the resumption of road construction projects, coupled with public and private investments in road and rail transport infrastructure projects, will drive the sector output over the forecast period.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The rising urbanization and growing population, coupled with the government’s focus on investing in housing projects to provide homes for low-income and middle-income families will drive the sector’s growth over the forecast period.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The sector’s growth over the forecast period is attributed to public and private investment in the development of renewable energy infrastructure, in line with the government’s focus on reducing carbon emissions in the country.
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 rising investment in leisure, hospitality, retail, data center, and logistic building projects will drive the 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 gradual recovery in manufacturing and export activities, coupled with investment in manufacturing plants and industrial zones will boost the sector’s growth during the forecast period.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. The rising investment in the healthcare, education, and research infrastructure sectors will facilitate market growth during the forecast period.
Sri Lanka Construction Market Analysis by Sectors, 2022 (%)
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Sri Lanka Construction Market – Latest Developments
- In November 2023, the US government announced that it would provide a loan to the Indian multinational conglomerate company Adani Group for the construction of the Colombo West International Terminal in Colombo.
- In September 2023, the Sri Lankan cabinet approved United Solar Energy Sri Lanka’s construction of a more than 133MW solar power plant. It is a subsidiary of the renewable energy conglomerate Global United Solar Group.
Segments Covered in the Report
Sri Lanka 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 Sri Lanka.
- Historical and forecast valuations of the construction industry in Sri Lanka, 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 Sri Lanka construction market size in 2022?
The construction market size in Sri Lanka was $12.8 billion in 2022.
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What will the Sri Lanka construction market growth rate be during the forecast period?
The construction market in Sri Lanka is projected to achieve an AAGR of more than 5% during 2024-2027.
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Which are the key sectors in the Sri Lanka construction market?
The key sectors in the Sri Lanka construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.
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Which was the leading sector in the Sri Lanka construction market in 2022?
Residential construction was the leading sector in the Sri Lanka construction market in 2022.
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