
Singapore Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027
Description
Singapore Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027
Summary
The construction industry in Singapore is expected to expand by 5.4% in real terms in 2023, following an annual growth of 6.7% in 2022. This deceleration in growth is due to rising inflation and interest rates, coupled with a sharp rise in construction material prices. According to the Department of Statistics (DOS), the average construction material market price of concreting sand rose by 20.6% year-on-year (YoY) in the first five months of 2023, while that of cement and ready-mixed concrete rose by 7.1% and 5.1%, in Y-o-Y terms, respectively, over the same period. The industry’s growth in 2023 will however be supported by the government’s continued focus on infrastructure development. In January 2023, the Building and Construction Authority (BCA) reported that it estimates the total value of construction contracts to be awarded in Singapore to range between SGD27-32 billion ($19.6-23.3 billion) in 2023.
The industry is expected to register an average annual growth rate of 4.2% from 2024 to 2027, supported by investment in renewable energy, transport, housing, and industrial projects. Singapore aims to achieve net zero emissions by 2050. In October 2022, Singapore’s government announced that it will lower its carbon emissions target for 2030 to 60 metric tons of carbon dioxide equivalent (MtCO2eq) - down from its previous target of 65 MtCO2eq in that year. In February 2023, the minister of Trade and Industry reported that Singapore will call competitive tenders for the construction of new power plants; if these tenders do not attract sufficient interest from private investors, the government will itself build the required new capacity.
This report provides detailed market analysis, information and insights into Singapore’s construction industry, including -
- Singapore’s 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 Singapore’s 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 Singapore. It provides -
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Singapore, 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.
Table of Contents
50 Pages
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 7.4 GlobalData Construction
- Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Singapore, Key Economic Indicators
- Table 3: Singapore, Commercial Construction Output by Project Type (Real % Change), 2018-27
- Table 4: Singapore, Top Commercial Construction Projects by Value
- Table 5: Singapore, Industrial Construction Output by Project Type (Real % Change), 2018-27
- Table 6: Singapore, Top Industrial Construction Projects by Value
- Table 7: Singapore, Infrastructure Construction Output by Project Type (Real % Change), 2018-27
- Table 8: Singapore, Top Infrastructure Construction Projects by Value
- Table 9: Singapore, Energy and Utilities Construction Output by Project Type (Real % Change), 2018-27
- Table 10: Singapore, Top Energy and Utilities Construction Projects by Value
- Table 11: Singapore, Institutional Construction Output by Project Type (Real % Change), 2018-27
- Table 12: Singapore, Top Institutional Construction Projects by Value
- Table 13: Singapore, Residential Construction Output by Project Type (Real % Change), 2018-27
- Table 14: Singapore, Top Residential Construction Projects by Value
- Table 15: Singapore, Key Contractors
- Table 16: Singapore, Key Consultants
- Table 17: Singapore, Construction Output Value (Real, $ Million)
- Table 18: Singapore, Construction Output Value (Nominal, SGD Million)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: South and South-East Asia, Construction Output (Real % Change), 2021-27
- Figure 2: Singapore, Construction Output by Sector (Real % Change), 2021-23 and 2024-27
- Figure 3: Singapore, Risk Summary
- Figure 4: Singapore, Risk Regional Comparison
- Figure 5: Singapore, Construction Output Value (Real, $ Billion, 2017 Prices and Exchange Rate), 2018-27
- Figure 6: Singapore, Construction Output Value, by Sector (Real, $ Million), 2018-27
- Figure 7: Singapore, Progress Payments Certified for Construction (in SGD Million)
- Figure 8: Singapore, Construction Contracts Awarded (SGD Million)
- Figure 9: Singapore, Construction Value Add (in SGD Million, 2015 Chained Prices)
- Figure 10: Singapore, Construction Material Market Prices, % Change YoY
- Figure 11: Singapore, Construction Projects Momentum Index
- Figure 12: South-East Asia, Construction Projects Momentum Index
- Figure 13: Singapore, Progress Payment Issued for Commercial Construction, In SGD Million
- Figure 14: Singapore, Commercial Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 15: Singapore, Progress Payment Issued for Commercial Construction, In SGD Million
- Figure 16: Singapore, Contracts Issued for Commercial Construction (SGD Million)
- Figure 17: Singapore, Retail sales index, Chained Volume Terms, 2017=100
- Figure 18: Singapore, Office Price and Rental Index, 1998=100
- Figure 19: Singapore, Supply of Retail Space in the Pipeline, GFA, In Thousand m2
- Figure 20: Singapore, Supply of Office Space in the Pipeline, GFA, In Thousand m2
- Figure 21: Singapore, Hotel Room Supply
- Figure 22: Singapore, International Visitor Arrivals (In Thousands)
- Figure 23: Singapore, Industrial Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 24: Singapore, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 25: Singapore, Contracts Issued for Industrial Construction (SGD Million)
- Figure 26: Singapore, Industrial Production Index, 2019=100
- Figure 27: Singapore, Purchasing Managers' Index (PMI)
- Figure 28: Singapore, Total Merchandise Exports, in SGD Billion
- Figure 29: Singapore, Progress Payment Issued for Industrial Construction (SGD Million)
- Figure 30: Singapore, Infrastructure Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 31: Singapore, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 32: Singapore, Progress Payments Issued for Civil Engineering Works, in SGD Million
- Figure 33: Singapore, Contracts Issued for Civil Engineering, in SGD Million
- Figure 34: Singapore, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 35: Singapore, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 36: Singapore, Electricity Generated, in GWh
- Figure 37: Singapore, Institutional Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 38: Singapore, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 39: Singapore, Progress Payments for Institutional Construction (SGD Million)
- Figure 40: Singapore, Contracts Issued for Institutional Construction, in SGD Million
- Figure 41: Singapore, Residential Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 42: Singapore, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 43: Singapore, Progress Payments Issued for Residential Construction (SGD Million)
- Figure 44: Singapore, Hedonic Property Price Index
- Figure 45: Singapore, Contracts Issued for Residential Construction (SGD Million)
- Figure 46: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 47: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)
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