Turkey Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027

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Published: September 29, 2023 Report Code: GDCN1228MR-ST

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Turkey Construction Market Report Overview

The Turkey construction market size was $103.9 billion in 2022. The market is projected to achieve an AAGR of more than 3% during 2024-2027. The market output in 2023 was supported by public and private sector investments in energy and residential building construction projects. The government is also making an effort to rebuild the housing and infrastructure that was damaged by the February 2023 earthquake. Market growth over the remainder of the forecast period will be supported by investments in transportation infrastructure and residential projects.

Turkey Construction Market Outlook, 2022-2027 ($ Billion)

Turkey Construction Market Outlook, 2022-2027 ($ Billion)

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The Turkey construction market research report provides detailed market analysis, information, and insights into the Turkey construction industry, including the 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 and an analysis of key risks and opportunities in the Turkish construction industry. It also analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report discusses the sectors in the construction market and provides an overview of each sector along with their driving factors.

Market Size (2022) $103.9 billion
AAGR (2024-2027) >3%
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 ·        Limak Holding Inc

·        Kalyon Insaat AS

·        State Atomic Energy Corporation Rosatom

·        Kolin Insaat Turizm San Ve Tic AS

·        Cengiz Holding AS

·        Tekfen Holding AS
Key Consultants ·        Yuksel Proje

·        Engie SA

·        Cinar Muhendislik Musavirlik AS

·        Prota Engineering Project and Consultancy Inc

·        AECOM

·        Tekfen Holding AS
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Turkey Construction Market Segmentation by Sectors

Residential construction was the leading sector in the Turkey construction market in 2022.

The key sectors in the Turkey 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. The commercial sector’s growth will be supported by an upturn in domestic demand, an improvement in business confidence, and a resurgence in retail and tourism activities.

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 growth during the forecast period will be supported by a gradual pick up in industrial, manufacturing, and export activities, coupled with investment in the country’s auto sector, in line with the rising demand for EVs.

Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The growth of the sector will be supported by the government’s commitment to infrastructure development. Over the long term, the 30-year Transport and Logistics Master Plan will drive the sector.

Energy and utility construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The growth of the sector will be supported by investments in the renewable energy sector, in line with the government’s target to reduce greenhouse gas emissions by 2030.

Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Forecast-period growth in the institutional construction sector will be supported by public and private sector investments in educational and healthcare facilities.

Residential construction: The project types in this sector include single-family housing and multi-family housing. Investments in rebuilding housing damaged by the earthquake in February 2023 and constructing new homes for displaced people drove the sector in 2023. However, underlying economic weakness, including high inflation and interest rates, will undermine the sector’s long-term growth outlook.

Turkey Construction Market Analysis by Sectors, 2022 (%)

Turkey Construction Market Analysis by Sectors, 2022 (%)

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Turkey Construction Market - Competitive Landscape

Limak Holding Inc was the leading contractor and Yuksel Proje was the leading consultant in the Turkey construction market in 2022.

Some of the leading contractors in the Turkey construction market are:

  • Limak Holding Inc
  • Kalyon Insaat AS
  • State Atomic Energy Corporation Rosatom
  • Kolin Insaat Turizm San Ve Tic AS
  • Cengiz Holding AS
  • Tekfen Holding AS

Domestic contractors account for a majority share of the project pipeline in the Turkey construction market.

Turkey Construction Market Analysis by Contractors, 2022 (%)

Turkey Construction Market Analysis by Contractors, 2022 (%)

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Some of the leading consultants in the Turkey construction market are:

  • Yuksel Proje
  • Engie SA
  • Cinar Muhendislik Musavirlik AS
  • Prota Engineering Project and Consultancy Inc
  • AECOM
  • Tekfen Holding AS

Consultants with headquarters outside Turkey are involved in most of the project pipeline by value.

Turkey Construction Market Analysis by Consultants, 2022 (%)

Turkey Construction Market Analysis by Consultants, 2022 (%)

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Turkey Construction Market – Latest Developments

  • The largest commercial projects currently in the pipeline include the Marmara University Mixed-Use Development project and the Hunutlu Coal-Fired Power Station: Front Area project.
  • The industrial construction pipeline includes the Adana Petrochemical Plant project at the execution stage. The project involves the construction of a purified terephthalic acid production plant and includes the construction of storage facilities, a laboratory, an administrative building, parking facilities, and associated facilities.

Segments Covered in the Report

Turkey 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 Turkey.

  • Historical and forecast valuations of the construction industry in Turkey, 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

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