Thailand Construction Market Size, Trends and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026

Pages: 50 Published: July 26, 2022 Report Code: GDCN0951MR

The construction market in Thailand was valued at $26.2 billion in 2021. The market is projected to grow at an AAGR of more than 3% during the period 2023-2026 and will be supported by higher public spending on infrastructure, renewable and residential construction. The construction market growth in Thailand over the forecast period will also be supported by investments in transport infrastructure projects.

The Thailand construction market report provides a detailed analysis of the Thai construction industry’s growth prospects by market, project type, and construction activity. It also provides critical insights into the impact of industry trends and issues as well as an analysis of key risks and opportunities in the construction industry. Moreover, it provides an analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Thailand construction market overview

Thailand construction market overview

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What are the key sectors in the Thailand construction market?

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

Commercial construction market in Thailand

The commercial sector is expected to expand in real terms this year and is expected to grow during the remainder of the forecast period, supported by the government’s efforts to revive the domestic tourism sector, coupled with growth in the office and retail sector.

Industrial construction market in Thailand

The industrial sector is expected to grow during the forecast period and will be supported by an improvement in industrial and export activities. In August 2021, Thailand, and the European Union (EU) agreed to resume negotiations on a Free Trade Agreement (FTA), after a seven-year intermission following Thailand’s military coup. It is hoped that the FTA will increase Thailand’s attractiveness as a destination for investment and enhance the capacity of the logistics sector to support the manufacturing of advanced technology products.

Infrastructure construction market in Thailand

The sector’s output over the forecast period will be supported by the government’s focus on improving regional connectivity through the development of the country’s transport infrastructure. Growth in the sector is also expected to be supported by the investment plan to improve land, water, and air transportation by the Ministry of Transport, which was announced in January 2022.

Energy & utilities construction market in Thailand

The government’s plan to reach its non-hydroelectric renewables target of 18.7GW capacity by 2037 will drive the energy and utilities construction sector’s output over the forecast period.

Institutional construction market in Thailand

The institutional construction sector is expected to grow in real terms in 2022 before it stabilizes over the remainder of the forecast period between 2023 and 2026. Over the forecast period, the sector’s expansion will be supported by investments in health, education, and research projects.

Residential construction market in Thailand

The residential construction sector is expected to grow in 2022 before it stabilizes at an annual average growth during the remainder of the forecast period between 2023 and 2026. Over the forecast period, the sector’s expansion will be supported by the rising population and increasing urbanization, coupled with government investment in affordable housing schemes.

Thailand construction market, by sectors

Thailand construction market, by sectors

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Who are the key contractors in the Thailand construction market?

The key contractors in the Thailand construction market are Sino-Thai Engineering & Construction Public Co. Ltd, Italian-Thai Development PCL, China Railway Construction Corporation Group, China Railway Engineering Group Company Ltd, CH Karnchang Pcl, BTS Group Holdings Public Co. Ltd, Unique Engineering and Construction Public Co. Ltd, Bangkok Aviation Fuel Services PCL, RATCH Group, and Hyundai Corp.

Thailand construction market, by contractors

Thailand construction market, by contractors

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Who are the key consultants in the Thailand construction market?

The key consultants in the Thailand construction market are Asian Engineering Consultants Corp. Ltd (AEC), National Economic and Social Development Board (NESDB), MHPM Co. Ltd, Team Consulting Engineering and Management Public Co. Ltd, Southeast Asia Technology Co. Ltd, East Japan Railway Co., WSP Global Inc., Chotichinda Mouchel Consultants Ltd, Daoreuk Communications Co. Ltd, and PSK Consultants Co. Ltd.

Thailand construction market, by consultants

Thailand construction market, by consultants

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Market report scope

Market size (Year – 2021) $26.2 billion
Growth rate – AAGR (2023 – 2026)  >3%
Forecast period 2022-2026
Key sectors Commercial Construction, Industrial Construction, Infrastructure Construction, Energy & Utilities Construction, Institutional Construction, and Residential Construction
Key contractors Sino-Thai Engineering & Construction Public Co. Ltd, Italian-Thai Development PCL, China Railway Construction Corporation Group, China Railway Engineering Group Company Ltd, CH Karnchang Pcl, BTS Group Holdings Public Co. Ltd, Unique Engineering and Construction Public Co. Ltd, Bangkok Aviation Fuel Services PCL, RATCH Group, and Hyundai Corp.
Key consultants Asian Engineering Consultants Corp. Ltd (AEC), National Economic and Social Development Board (NESDB), MHPM Co. Ltd, Team Consulting Engineering and Management Public Co. Ltd, Southeast Asia Technology Co. Ltd, East Japan Railway Co., WSP Global Inc., Chotichinda Mouchel Consultants Ltd, Daoreuk Communications Co. Ltd, and PSK Consultants Co. Ltd.

Scope

This report provides a comprehensive analysis of the construction industry in Thailand. It provides –

  • Historical (2017-2021) and forecast (2022-2026) valuations of the construction industry in – Thailand, 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 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 COVID-19 Status

3.5 Risk Profile

4 Construction Outlook

4.1 All Construction

– Outlook

– Latest news and developments

– Construction Projects Momentum Index

4.2 Commercial Construction

– Outlook

– Project analytics

– Latest news and developments

4.3 Industrial Construction

– Outlook

– Project analytics

– Latest news and developments

4.4 Infrastructure Construction

– Outlook

– Project analytics

– Latest news and developments

4.5 Energy and Utilities Construction

– Outlook

– Project analytics

– Latest news and developments

4.6 Institutional Construction

– Outlook

– Project analytics

– Latest news and developments

4.7 Residential Construction

– Outlook

– Project analytics

– 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

7.4 GlobalData Construction

Contact Us

List of Tables

List of Tables

Table 1: Construction Industry Key Data

Table 2: Thailand, Key Economic Indicators

Table 3: Thailand, Commercial Construction Output by Project Type (Real % Change), 2017-26

Table 4: Thailand, Top Commercial Construction Projects by Value

Table 5: Thailand, Industrial Construction Output by Project Type (Real % Change), 2017-26

Table 6: Thailand, Top Industrial Construction Projects by Value

Table 7: Thailand, Infrastructure Construction Output by Project Type (Real % Change), 2017-26

Table 8: Thailand, Top Infrastructure Construction Projects by Value

Table 9: Thailand, Energy and Utilities Construction Output by Project Type (Real % Change), 2017-26

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

Table 11: Thailand, Institutional Construction Output by Project Type (Real % Change), 2017-26

Table 12: Thailand, Top Institutional Construction Projects by Value

Table 13: Thailand, Residential Construction Output by Project Type (Real % Change), 2017-26

Table 14: Thailand, Top Residential Construction Projects by Value

Table 15: Thailand, Key Contractors

Table 16: Thailand, Key Consultants

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

Table 18: Thailand, Construction Output Value (Nominal, THB Billion)

Table 19: GlobalData Construction Market Definitions

Table 20: Risk Dimensions

Table 21: Ratings, Scores and Definitions

List of Figures

List of Figures

Figure 1: South and South-East Asia, Construction Output (Real % Change), 2020-26

Figure 2: Thailand, Construction Output by Sector (Real % Change), 2020-22 and 2023-26

Figure 3: Thailand, COVID-19 Confirmed Cases

Figure 4: Thailand, Risk Summary

Figure 5: Thailand, Risk Regional Comparison

Figure 6: Thailand, Construction Output Value (Real, $ Billion, 2017 Prices and Exchange Rate), 2017-26

Figure 7: Thailand, Construction Output Value, by Sector (Real, $ Million), 2017-26

Figure 8: Thailand, Construction Value Add (THB Million, 2002 Constant Prices)

Figure 9: Thailand, Gross Fixed Capital Formation in Construction (THB Million, 2002 Constant Prices)

Figure 10: Thailand, Construction Projects Momentum Index

Figure 11: Region, Construction Projects Momentum Index

Figure 12: Thailand, Commercial Construction Output by Project Type (Real, $ Million), 2017-26

Figure 13: Thailand, Commercial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 14: Thailand, Foreign Tourist Arrivals (Number, Thousand), Y-o-Y % Change

Figure 15: Thailand, Average Retail Sales Index (2002=100)

Figure 16: Thailand, Wholesale and Retail Trade Value Add (THB Million, 2002 Constant Prices)

Figure 17: Thailand, Accommodation and Food Service Value Add (THB Million, 2002 Constant Prices)

Figure 18: Thailand, Industrial Construction Output by Project Type (Real, $ Million), 2017-26

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

Figure 20: Thailand, Industrial Value Add at Constant Market Prices (THB Million)

Figure 21: Thailand, Total Exports at Constant Market Prices (THB Million)

Figure 22: Thailand, Infrastructure Construction Output by Project Type (Real, $ Million), 2017-26

Figure 23: Thailand, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 24: Thailand, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2017-26

Figure 25: Thailand, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 26: Thailand, Value Add of Electricity, Gas, Steam and Air Conditioning Supply (THB Million, 2002 Constant Prices)

Figure 27: Thailand, Value Add of Water Supply, Sewerage, Waste Management, and Remediation Activity (THB Million, 2002 Constant Prices)

Figure 28: Thailand, Institutional Construction Output by Project Type (Real, $ Million), 2017-26

Figure 29: Thailand, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 30: Thailand, Health Value Add (THB Million, 2002 Constant Prices)

Figure 31: Thailand, Education Value Add (THB Million, 2002 Constant Prices)

Figure 32: Thailand, Residential Construction Output by Project Type (Real, $ Million), 2017-26

Figure 33: Thailand, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 34: Thailand, Land Development Licenses (Number)

Figure 35: Thailand, Real Estate Value Add (THB Million, 2002 Constant Prices)

Figure 36: Thailand, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 37: Thailand, Headquarters of Key Consultants (% of Total Project Pipeline)

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