South Korea Construction Market Outlook
According to the report by Expert Market Research EMR, the South Korea construction market size is estimated to expand at a CAGR of 2.6% in the forecast period of 2024-2032. Aided by the increasing government investments in infrastructure development and increasing smart city projects, the growth of the market is expected to surge during the forecast period.
Construction is the process of designing, planning, and building structures, buildings, and infrastructure. It involves the assembly of materials and components to create physical structures such as homes, office buildings, roads, bridges, and dams. The construction process typically includes various stages, from conceptualisation and design to site preparation, building, and finishing. It requires the collaboration of architects, engineers, contractors, and other professionals to ensure that the final product is safe, functional, and meets the intended purpose and regulatory standards.
The South Korea construction market has shown resilience and growth in recent years, driven by government initiatives, technological advancements, and a focus on sustainability.
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The South Korea construction market serves as a pivotal pillar of its economy, with its broad spectrum encompassing residential and commercial constructions, alongside infrastructure and civil engineering projects. The government’s strategic focus on enhancing public infrastructure is a critical catalyst propelling the market forward. Initiatives aimed at expanding transportation networks and fostering urban development are not only improving the quality of life for citizens but also creating a conducive environment for economic growth.
The evolution of the construction market in South Korea is significantly characterised by the integration of smart and green technologies. The adoption of Building Information Modeling (BIM) systems, Internet of Things (IoT) applications, and the utilisation of energy-efficient materials are becoming hallmark features of construction projects across the nation.
These innovations offer dual benefits and elevate the efficiency and sustainability of building projects while also dovetailing with the government’s ambitions to foster an innovative and environmentally conscious construction market. This emphasis on smart building technologies and sustainable practices is a reflection of a global shift towards minimising the environmental footprint of construction activities, propelling the South Korea construction market.
The residential construction sector, in particular, has significantly surged the South Korea construction market, driven by urbanisation trends and the burgeoning need for modern, sustainable housing solutions. Government policies aimed at enhancing housing affordability and increasing housing stock have been instrumental in stimulating the residential segment of the market. Initiatives including housing subsidies and the implementation of favourable policy frameworks have alleviated some of the barriers to housing accessibility, thereby invigorating the residential construction sector.
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Infrastructure development remains a cornerstone of the South Korea construction market growth strategy, with significant investments directed towards the expansion and modernisation of the country’s transportation infrastructure. The development of highways, railways, and airports is critical in enhancing national mobility and supporting economic activities. Furthermore, South Korea’s vision for smart cities and urban centres that leverage digital technology for more efficient management of resources and services underscores the country’s forward-thinking approach to infrastructure. The successful hosting of international events, such as the 2018 Winter Olympics, has not only showcased South Korea’s infrastructural capabilities but has also acted as a catalyst for further investments in the South Korea construction market.
South Korea Construction Market Segmentation
The South Korea construction market can be divided based on construction type and end use.
Market Breakup by Construction Type
- New Constructions
- Renovation
Market Breakup by End Use
- Commercial
- Residential
- Institutional
- Industrial
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea construction market. Some of the major players explored in the report by Expert Market Research are as follows:
- Samsung C&T Corporation
- Hyundai Motor Group
- Daewoo Engineering & Construction Co., Ltd.
- Posco Holdings
- GS E&C Corp.
- LOTTE Corp.
- Hoban Construction Ltd.
- Hanwha Corporation
- Others
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