Singapore Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2049

Singapore Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2049

The Singapore Construction Market size was valued at USD 31.18 billion in 2023, and is predicted to reach USD 43.22 billion by 2030, at a CAGR of 4.2% from 2024 to 2030.

The construction sector in the nation is experiencing a remarkable upswing, largely driven by a series of substantial projects initiated in 2023. Notable among these endeavors are the establishment of the Keppel Sakra Cogen Plant boasting a capacity of 600 MW, the expansion project at the GSK Tuas Vaccines Facility, the construction of the DSV Pearl Warehouse Facility, the development of the Changi Airframe MRO facility, and the creation of the Landmark Condominium Complex. These strategic projects serve as significant catalysts for the construction market's growth trajectory, contributing not only to its expansion but also to the enhancement of the country's infrastructure and renewable energy capabilities. Each initiative plays a pivotal role in bolstering the nation's economic development and strengthening its position in the global construction landscape.

The construction industry is confronted with significant obstacles stemming from the intricate network of government regulations and permitting procedures. These processes often entail obtaining multiple approvals from various levels of authority, ranging from local to national entities. The regulatory framework encompasses a broad spectrum of requirements, including zoning regulations, environmental assessments, adherence to building codes, and safety standards. Delays in securing permits, bureaucratic inefficiencies, and inconsistencies across jurisdictions can markedly prolong project timelines and inflate costs. Moreover, fluctuations in regulations or sudden policy changes can disrupt ongoing projects and deter potential investments. For example, the United States Environmental Protection Agency (EPA) oversees numerous facets of the construction sector, such as air quality, waste disposal, and water regulations, offering compliance assistance resources throughout different construction phases.

Conversely, the construction sector is experiencing a paradigm shift driven by digitalization and the adoption of Building Information Modeling (BIM). These advancements are transforming project management processes by integrating cutting-edge technologies to enhance efficiency, accuracy, and collaboration. BIM, an advanced 3D modeling tool, empowers stakeholders to create and manage digital representations of structures and infrastructure, fostering improved coordination and communication among project teams. For instance, the National Institute of Building Sciences (NIBS) launched the U.S. National Building Information Management (BIM) Program in September 2022. This initiative aims to modernize the construction industry and achieve unprecedented levels of industrial efficiency through digitalization. By addressing the digitalization gap in the U.S. construction sector, this program aims to optimize work processes, thereby enhancing efficiency, cost-effectiveness, resilience, and safety in construction and maintenance activities.

KEY BENEFITS

The Singapore construction industry is segmented based on type, and sector.
Based on type, the market is segmented renovation and new construction.
Based on sector, the market is divided into real estate, infrastructure, and industrial.

Key Market Players

Leading players operating in the Singapore construction industry include:
• China State Construction Engineering Corp. Ltd. (CSCEC)
• China Railway Group Ltd. (CREC)
• China Railway Construction Corp. Ltd. (CRCC)
• China Communications Construction Group Ltd. (CCCC)
• Metallurgical Corporation of China Ltd. (MCC)
• Power Construction Corp. of China
• Vinci SA
• China Energy Engineering Corp. (CEEC)
• Shanghai Construction Group (SCG)
• Bouygues Group

KEY BENEFITS
• The Singapore construction market report provides a quantitative analysis of the current market and estimations through 2024-2030 that assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.
• The competitive analysis of the market players along with their market share in the Singapore construction market.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.