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

Pages: 47 Published: August 11, 2023 Report Code: GDCN1190MR

Report Overview
Table of Contents
Tables
Figures
FAQ

Thailand Construction Market Report Overview

The Thailand construction market size was valued at $23.7 billion in 2022 and is expected to achieve an AAGR of more than 3% from 2024 to 2027. The forecast-period growth in the industry is supported by stronger private consumption, a recovery in the tourism sector, and strong pent-up demand following China’s reopening. Furthermore, WHO expects foreign tourist arrivals to Thailand to increase, before surpassing its pre-pandemic levels by the second half of 2024.

Thailand Construction Market Overview, 2022-2027 ($ Billion)

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

Market Size (2022)	$23.7 billion
AAGR (2024 – 2027)	>3%
Forecast Period	2024-2027
Historical Period	2018-2022
Key Sectors	· Commercial Construction · Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction
Key Contractors	· Italian-Thai Development PCL · Unique Engineering and Construction Public Co Ltd · Sino-Thai Engineering & Construction Public Co Ltd · Nawarat Patanakarn Public Co Ltd · CH. Karnchang Pcl · China Railway Construction Corporation Group
Key Consultants	· MHPM Co Ltd · WSP Global Inc · Southeast Asia Technology Co Ltd · AECOM · Chotichinda Mouchel Consultants Ltd · PSK Consultants Co Ltd
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Thailand Construction Market Segmentation by Sectors

The key sectors in the Thailand construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction. In 2022, residential construction accounted for the highest construction output value.

Commercial construction: Forecast-period growth in the commercial construction sector’s output will be supported by investments in office and data center projects and a rebound in tourism activities.

Industrial construction: Forecast-period growth in the industrial construction sector’s output will be supported by a gradual rebound in manufacturing and export activities coupled with investment in the country’s auto sector.

Infrastructure construction: Forecast-period growth in the infrastructure construction sector’s output will be supported by investment in road, rail, airport, and cross-border infrastructure projects.

Energy and utilities construction: The sector’s growth over the forecast period will be supported by the government’s focus on accelerating its shift to renewable energy.

Institutional construction: Forecast-period growth in the institutional construction sector’s output will be supported by investments in health, education, and research projects. The government’s focus on boosting medical tourism in the country will also attract investments towards healthcare buildings in the coming quarters.

Residential construction: Forecast-period growth in the residential construction sector’s output will be supported by the growth in new residential development licenses issued, coupled with the government’s focus on boosting homeownership among low-income earners.

Thailand Construction Market Analysis, by Sectors, 2022 (%)

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Thailand Construction Market - Competitive Landscape

Some of the key contractors in the Thailand construction market Italian-Thai Development PCL, Unique Engineering and Construction Public Co Ltd, Sino-Thai Engineering & Construction Public Co Ltd, Nawarat Patanakarn Public Co Ltd, CH. Karnchang Pcl, and China Railway Construction Corporation Group. Italian-Thai Development PCL was the leading contractor in the Thailand construction market.

Thailand Construction Market by Contractors, 2022 (%)

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Some of the key consultants in the Thailand construction market are MHPM Co Ltd, WSP Global Inc, Southeast Asia Technology Co Ltd, AECOM, Chotichinda Mouchel Consultants Ltd, and Asian Engineering Consultants Corp,Ltd (AEC). Asian Engineering Consultants Corp, Ltd (AEC) was the leading consultant in the Thailand construction market.

Thailand Construction Market by Consultants, 2022 (%)

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Thailand Construction Sectors Outlook (Value, $ Billion, 2018-2027)

Commercial Construction
- Leisure and Hospitality Buildings
- Office Buildings
- Outdoor Leisure Facilities
- Retail Buildings
- Other Commercial Construction
Industrial Construction
- Chemical and Pharmaceutical Plants
- Manufacturing Plants
- Metal and Material Production and Processing plants
- Waste Processing Plants
Infrastructure Construction
- Rail Infrastructure
- Road Infrastructure
- Other Infrastructure Projects
Energy and Utilities Construction
- Electricity and Power
- Oil and Gas
- Telecommunications
- Sewage Infrastructure
- Water Infrastructure
Institutional Construction
- Educational Buildings
- Healthcare Buildings
- Institutional Buildings
- Research Facilities
- Religious Buildings
Residential Construction
- Single-Family Housing
- Multi-Family Housing

Scope

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

Historical and forecast 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.

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.

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

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), 2018-27

Table 4: Thailand, Top Commercial Construction Projects by Value

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

Table 6: Thailand, Top Industrial Construction Projects by Value

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

Table 8: Thailand, Top Infrastructure Construction Projects by Value

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

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

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

Table 12: Thailand, Top Institutional Construction Projects by Value

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

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

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

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

Figure 3: Thailand, Risk Summary

Figure 4: Thailand, Risk Regional Comparison

Figure 5: Thailand, Construction Output Value (Real, $ Billion, 2017 Prices and Exchange Rate), 2018-27

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

Figure 7: Thailand, Construction Value Add (THB Million, 2002 Constant Prices)

Figure 8: Thailand, Gross Fixed Capital Formation in Construction (THB Million, 2002 Constant Prices)

Figure 9: Thailand, Construction Projects Momentum Index

Figure 10: South-East Asia, Construction Projects Momentum Index

Figure 11: Thailand, Commercial Construction Output by Project Type (Real, $ Million), 2018-27

Figure 12: Thailand, Commercial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 13: Thailand, Foreign Tourist Arrivals, In Thousands

Figure 14: Thailand, Average Retail Sales Index (2002=100)

Figure 15: Thailand, Wholesale and Retail Trade Value Add (THB Million, 2002 Constant Prices)

Figure 16: Thailand, Accommodation and Food Service Value Add (THB Million, 2002 Constant Prices)

Figure 17: Thailand, Industrial Construction Output by Project Type (Real, $ Million), 2018-27

Figure 18: Thailand, Industrial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 19: Thailand, Industrial Value Add (THB Million, 2002 Constant Prices)

Figure 20: Thailand, Exports of Goods at Constant Market Prices, In THB Million, Seasonally Adjusted

Figure 21: Thailand, Infrastructure Construction Output by Project Type (Real, $ Million), 2018-27

Figure 22: Thailand, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 23: Thailand, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018-27

Figure 24: Thailand, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 25: Thailand, Value Add of Electricity, Gas, Steam and Air Conditioning Supply (THB Million, 2002 Constant Prices)

Figure 26: Thailand, Value Add of Water Supply, Sewerage, Waste Management, and Remediation Activity (THB Million, 2002 Constant Prices)

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

Figure 28: Thailand, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 29: Thailand, Health Value Add (THB Million, 2002 Constant Prices)

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

Figure 31: Thailand, Residential Construction Output by Project Type (Real, $ Million), 2018-27

Figure 32: Thailand, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 33: Thailand, Residential Land Development Licenses (Number)

Figure 34: Thailand, Real Estate Value Add (THB Million, 2002 Constant Prices)

Figure 35: Thailand, Headquarters of Key Contractors (% of Total Project Pipeline)

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

Frequently Asked Questions

The Thailand construction market size was $23.7 billion in 2022.

The construction market in Thailand is expected to achieve an AAGR of more than 3% during 2024-2027.

The residential construction sector led the Thailand construction market in 2022.

The leading consultants in the Thailand construction market are MHPM Co Ltd, WSP Global Inc, Southeast Asia Technology Co Ltd, AECOM, Chotichinda Mouchel Consultants Ltd, and Asian Engineering Consultants Corp,Ltd (AEC)

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