Construction in South Korea-Key Trends, Supplier, Manufacture, Outlook, Overview and Opportunities to 2023

The purpose of this MRH research study titled Construction in South Korea-Key Trends and Opportunities to 2023 is to enlighten the readers about the Construction in South Korea with a stern focus on the development trends and opportunities projected for future years. In short, this assessment drops light on the market size and revenue share which are motivated by numerous market drivers, together with a clear insight about challenges that might create a blockage for the development of Construction in South Korea.

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Construction in South Korea - Key Trends and Opportunities to 2023

Summary

South Koreas construction industry suffered a downturn in 2018, contracting by 4.2% in real terms that year, following an average annual growth of 5.9% during the preceding four years. This decline can be attributed to a reduction in the government spending on infrastructure, a fall in the countrys total exports and a decline in the total construction permits issued.

The countrys construction industry is expected to contract further in real terms - by 5% in 2019 and 1.7% in 2020 - before regaining growth momentum. This decline can be attributed to reduced infrastructure spending, an increase in minimum wages, tighter housing regulations and government policies. Over the remaining part of the forecast period (2019-2023), however, the industry is expected to be supported by the governments efforts to revitalize the economy, as well as subsequent improvements in investor and consumer confidence.

The governments investments in the Renewable Energy Plan 2030, 5G infrastructures development, affordable housing and research and development (R&D) will support the industrys growth over the forecast period. In January 2019, the government approved KRW24.1 trillion (US$21.5 billion) to develop 23 projects in the area of road, rail, manufacturing plant and hospitals in the country.

The industrys output value in real terms is expected to rise at a CAGR of 1.08% over the forecast period.

GlobalDatas "Construction in South Korea - Key Trends and Opportunities to 2023", report provides detailed market analysis, information and insights into the South Korean construction industry, including -
- The South Korean 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 South Korean construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Key Highlights

- GlobalData expects the residential construction market to remain the largest market over the forecast period and account for 41.5% of the industrys total value in 2023, supported by the governments plan to stabilize the housing market by building affordable public housing and increase the supply of rental public housing in the country. In September 2018, the government outlined its plan to build 300,000 housing units, which will be delivered to the public from 2021 onwards, with plans to build 35,000 housing units in the first phase.
- Energy and utilities construction markets forecast-period growth will be driven by the governments aims to increase the share of renewable energy contribution in the countrys total energy mix under the Renewable Energy Plan 2030; it aims to increase the electricity consumption from renewable sources from 7% in 2018 to 20% by 2030. Accordingly, it plans to add 48.7GW of new renewable capacity with an investment of KRW123.5 trillion (US$110 billion) by 2030.
- GlobalData expects the infrastructure construction market to record a forecast-period CAGR of 4.66% in nominal terms in 2023, driven by public and private sector investments in the development of the countrys road and rail network. In order to develop the Saemangeum region and enhance its connectivity, the government plans to build a new airport in the region which will be able to handle 670,000 passengers per year by 2025.
- The governments commitment to providing a quality service in healthcare and increased expenditure on the healthcare and education sectors are expected to support the institutional construction market over the forecast period. The government increased its 2019 budget spending towards health, welfare and jobs creation by 12.1%, going from KRW144.7 trillion (US$131.5 billion) in 2018 to KRW162.2 trillion (US$146.2 billion) in 2019.
- The total construction project pipeline in South Korea - as tracked by GlobalData, and including all mega projects with a value above US$25 million - stands at KRW454.2 trillion (US$412.7 billion). The pipeline, which includes all projects from pre-planning to execution, is well balanced, with 50.1% of the pipeline value being in projects in the pre-planning and planning stages as of July 2019.

Scope

This report provides a comprehensive analysis of the construction industry in South Korea. It provides -
- Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in South Korea, 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

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Table of Contents

1 Executive Summary
2 Construction Outlook: At-a-glance
3 Latest News and Indicators
4 Key Drivers and Risks
4.1. Economic Performance
4.2. Political Environment
4.3. Demographics
4.4. Risk Profile
5 Construction Outlook
5.1. All Construction
5.1.1. Outlook
5.1.2. Project analytics
5.2. Commercial Construction
5.2.1. Outlook
5.2.2. Project analytics
5.3. Industrial Construction
5.3.1. Outlook
5.3.2. Project analytics
5.4. Infrastructure Construction
5.4.1. Outlook
5.4.2. Project analytics
5.5. Energy and Utilities Construction
5.5.1. Outlook
5.5.2. Project analytics
5.6. Institutional Construction
5.6.1. Outlook
5.6.2. Project analytics
5.7. Residential Construction
5.7.1. Outlook
5.7.2. Project analytics
6 Key Industry Participants
6.1. Contractors
6.2. Consultants
7 Appendix
7.1. What is this Report About?
7.2. Definitions
8 About GlobalData
8.1. GlobalData at a Glance
8.2. GlobalData Construction
8.3. Disclaimer
8.4. Contact Us

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