Taiwan Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecasts, 2022-2026
Summary
The construction industry in Taiwan is expected to have recorded real growth of 2.5% in 2022, following the expansion of 6.5% registered in 2021. The industry’s growth in 2022 has been supported by an improvement in consumer and investor confidence, amid the relaxation of Coronavirus (COVID-19)-related business and travel restrictions. Construction industry growth has been further supported by rising foreign direct investment (FDI), the value of which soared by 152.2% year-on-year (YoY) in the first nine months of 2022, reaching TWD321.9 billion ($11.1 billion). However, the industry’s growth is expected to slow to 1.1% in 2023, as faltering demand for consumer goods in Taiwan’s largest export market - China, weighs on new construction demand. Taiwan, which has benefited from soaring consumer electronics demand over the past two years, is expected to witness a slowdown in export growth in 2023 due to rising global inflation and a softening of global economic growth. Rising inflation and the tightening of monetary policy in response are also expected to constrain housing demand in 2023, further weighing on construction industry growth in 2023. According to the Directorate General of Budget, Accounting and Statistics (DGBAS), the average Consumer Price Index (CPI) for housing rose by 2.2% YoY, while that for maintenance and repair of dwellings rose by 6% YoY in the first eleven months of 2022.
GlobalData expects the Taiwanese construction industry to rebound at an annual average growth of 3.4% from 2024 to 2026, supported by investments in the transport, electricity, and industrial sectors. The government is focusing on increasing the share of renewable energy in the total electricity mix to 20%, by 2025. According to the Ministry of Economic Affairs (MOEA), the share of renewables in Taiwan's electricity mix had increased to 6% at the end of 2021, and is expected to have reached 8% by the end of 2022. In mid-December 2022, the MOEA selected ten offshore wind projects in the first-round selection of the Phase III Zonal Development Phase. The projects have a combined capacity of 8.7GW, with the projects planned for commissioning in 2026 and 2027. Further driving renewable energy development is the government’s target to increase the country’s energy storage capacity to 1.5GW until 2025.
The report provides detailed market analysis, information, and insights into the Taiwanese construction industry, including -
- The Taiwanese construction industry's growth prospects by market, project type, and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Taiwanese construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Taiwan. It provides -
- Historical (2017-2021) and forecast (2022-2026) valuations of the construction industry in Taiwan, 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
- 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. Construction Outlook
- 2. Construction Industry: At-a-Glance
- 3. Latest News and Developments
- 4. Project Analytics
- 5. Construction Market Data
- 6. Risk Profile
- 7. About GlobalData
- 7.1 Definitions
- 7.2 CRI Methodology
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Taiwan, Top Construction Projects by Value
- Table 3: Taiwan, Construction Output Value (Real, $ Million)
- Table 4: Taiwan, Construction Output Value (Nominal, TWD Billion)
- Table 5: GlobalData Construction Market Definitions
- Table 6: Risk Dimensions
- Table 7: Ratings, Scores and Definitions
- List of Figures
- Figure 1: Taiwan, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2017-26
- Figure 2: Taiwan, Construction Output Value, by Sector (Real, $ Million), 2017-26
- Figure 3: North-East Asia, Construction Output (Real % Change), 2020-26
- Figure 4: Taiwan, Construction Output by Sector (Real % Change), 2020-22 and 2023-26
- Figure 5: Taiwan, Construction Value Add, In Chained 2016 Prices, In TWD Million
- Figure 6: Taiwan, Total Floor Area of Construction Commencement, In Thousand m2
- Figure 7: Taiwan, Total Floor Area of Construction Licenses, In Thousand m2
- Figure 8: Taiwan, Employment in the Construction Industry, In Thousands
- Figure 9: Taiwan, Visitor Arrivals, In Thousand
- Figure 10: Taiwan, Hotel Occupancy Rate
- Figure 11: Taiwan, Wholesale and Retail Trade Sales, % Change YoY
- Figure 12: Taiwan, Sales of Food and Beverage Services, In TWD Billion, % Change YoY
- Figure 13: Taiwan, Industrial and Manufacturing Production Indices, 2016=100, % Change YoY
- Figure 14: Taiwan, Total Floor Area of Residential Construction Commencement, In Thousand m2
- Figure 15: Taiwan, Total Floor Area of Residential Construction Licenses, In Thousand m2
- Figure 16: Taiwan, Exports, In $ Million
- Figure 17: Taiwan, Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 18: Taiwan, Risk Summary
- Figure 19: Taiwan, Risk Regional Comparison
Research Assistance
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook