Thailand Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2051

Thailand Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2051

The Thailand Construction Market size was valued at USD 94.04 billion in 2023, and is predicted to reach USD 182.41 billion by 2030, at a CAGR of 9.3% from 2024 to 2030.

The construction market in Thailand is currently undergoing remarkable growth, largely propelled by a surge in large-scale industrial projects across the nation. In 2023, several noteworthy projects that emerged, each contributing significantly to this expansion. The Laem Chabang Port Expansion project stands out as a crucial endeavor aimed at enhancing Thailand's maritime infrastructure, facilitating increased trade and commerce. Additionally, the Rayong Electric Vehicle Production Facility signifies the country's commitment to sustainable development and the adoption of green technologies in the automotive sector. The Jomtien Beach Resort project caters to the growing tourism industry, offering upscale accommodations and amenities for both domestic and international visitors. Meanwhile, the Bangkok Semiconductor Manufacturing Factory underscores Thailand's efforts to establish itself as a regional hub for high-tech manufacturing, attracting investment and creating employment opportunities. Furthermore, the Mahasawat Bridge Development project addresses critical infrastructure needs, improving connectivity and transportation networks within the country. Collectively, these significant undertakings highlight the pivotal role of large-scale industrial projects in driving Thailand's construction market expansion and fostering economic growth.

However, the construction sector grapples with significant hurdles arising from the intricate network of government regulations and permitting procedures. These processes often demand multiple approvals from diverse levels of authority, ranging from local municipalities to federal agencies. The regulatory framework encompasses a broad spectrum of prerequisites, including zoning regulations, environmental assessments, adherence to building codes, and safety standards. Delays in securing permits, bureaucratic inefficiencies, and disparities across jurisdictions can considerably prolong project timelines and escalate costs. Furthermore, 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 various facets of the construction sector, such as air quality, waste disposal, and water regulations, offering compliance assistance resources throughout different phases of construction.

Conversely, the construction industry is experiencing a paradigm shift driven by digitalization and the widespread adoption of Building Information Modeling (BIM). These advancements are fundamentally reshaping project management practices by seamlessly integrating cutting-edge technologies to enhance efficiency, precision, and collaboration. BIM, a sophisticated 3D modeling tool, empowers stakeholders to create and manage digital representations of structures and infrastructure, thereby facilitating improved coordination and communication among project teams. For instance, the National Institute of Building Sciences (NIBS) introduced the U.S. National Building Information Management (BIM) Program in September 2022. This initiative is geared towards modernizing the construction industry and achieving unparalleled levels of industrial efficiency through digitalization. By bridging the digitalization gap in the U.S. construction sector, this program aims to streamline work processes, ultimately enhancing efficiency, cost-effectiveness, resilience, and safety in both construction and maintenance activities.

KEY BENEFITS

The Thailand 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 Thailand 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 Thailand 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 Thailand 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.