Thailand Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028
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Thailand Construction Market Report Overview
The Thailand construction market size was $25.3 billion in 2023. The market will achieve an AAGR of more than 4% during 2025-2028. The government’s focus on the development of tourism infrastructure, energy generation and housing projects will fuel the market growth during the forecast period.
Thailand Construction Market Outlook, 2023-2028 ($ Billion)
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The Thailand construction market research report gives 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 growth 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 Thailand construction market growth in the coming years.
Market Size (2023) | $25.3 billion |
AAGR (2025-2028) | >4% |
Forecast Period | 2023-2028 |
Historical Period | 2019-2022 |
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 |
Key Consultants | · Asian Engineering Consultants Corp,Ltd (AEC)
· National Economic and Social Development Board (NESDB) · Chotichinda Mouchel Consultants Ltd · MHPM Co Ltd · WSP Global Inc |
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Thailand Construction Market Segmentation by Sectors
The residential construction sector accounted for the highest market share in the Thailand construction market in 2023
The key sectors in the Thailand construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.
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 and investment in the construction of office and retail buildings will aid the commercial construction sector growth during 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. An expected recovery in the manufacturing sector coupled with the government’s target of having electric vehicles (EVs) manufactured in the country by 2030 will drive the sector’s growth during the forecast period.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. Investment in road, rail, and airport infrastructure projects will support the infrastructure sector’s output 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 government’s investment in oil and gas projects and renewable energy projects will drive the sector growth between 2025 and 2028.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Investment in the healthcare, education, and research sectors will fuel the growth of the institutional construction sector during the forecast period.
Residential construction: The project types in this sector include single-family housing and multi-family housing. An improvement in housing demand and rise in the number of new residential development licenses issued will support the sector output over the forecast period.
Thailand Construction Market Analysis by Sectors, 2023 (%)
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Thailand Construction Market - Competitive Landscape
Italian-Thai Development PCL emerged as the leading contractor and Ramboll Group AS as the leading consultant in the Thailand construction market in 2023
A few of the leading contractors in the Thailand construction market are:
- Italian-Thai Development PCL
- Unique Engineering and Construction Public Co Ltd
- Sino-Thai Engineering & Construction Public Co Ltd
- Nawarat Patanakarn Public Co Ltd
- Karnchang Pcl
Domestic contractors account for most of the project pipeline in the Thailand construction market.
Thailand Construction Market Analysis by Contractors, 2023 (%)
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A few of the leading consultants in the Thailand construction market are:
- Asian Engineering Consultants Corp,Ltd (AEC)
- National Economic and Social Development Board (NESDB)
- Chotichinda Mouchel Consultants Ltd
- MHPM Co Ltd
- WSP Global Inc
Consultants with a headquarters within Thailand are involved in the overall project pipeline by value.
Thailand Construction Market Analysis by Consultants, 2023 (%)
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Thailand Construction Market - Latest Developments
- Thailand based property developer, Magnolia Quality Development Corporation is constructing the Cloud 11 office and 250-key hotel complex. With investment of construction works are expected to reach completion by the end of 2025.
- Sumitomo Forestry Singapore Limited and the Thai property developers Grande Asset (GA) and Property Perfect PCL (PP) are undertaking the construction of a 67-story residential tower comprising 581 units.
Segments Covered in the Report
Thailand 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 Thailand.
- Historical and forecast valuations of the construction industry in Thailand, 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
Table
Figures
Frequently asked questions
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What was the construction market size in Thailand in 2023?
The construction market size in Thailand was $25.3 billion in 2023.
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What will the Thailand construction market growth rate be during the forecast period?
The construction market in Thailand is projected to achieve an AAGR of more than 4% during 2025-2028.
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Which sector accounted for the highest share of the Thailand construction market in 2023?
The residential construction sector accounted for the highest market share in the Thailand construction market in 2023.
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Which are the leading contractors in the Thailand construction market?
A few of the leading contractors in the Thailand construction market are 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 among others.
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Which are the leading consultants in the Thailand construction market?
A few of the leading consultants in the Thailand construction market are Asian Engineering Consultants Corp,Ltd (AEC), National Economic and Social Development Board (NESDB), Chotichinda Mouchel Consultants Ltd, MHPM Co Ltd, WSP Global Inc among others.
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