DUBLIN–(BUSINESS WIRE)–The “South Korea Construction Market Size, Trends and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026” report has been added to ResearchAndMarkets.com’s offering.
The South Korean construction industry is expected to decline by 0.5% in 2022, following contractions of 2.6% in 2021 and 1.3% in 2020.
The industry’s downturn this year was primarily caused by a combination of rising construction costs, rising inflation, higher energy prices, and increased supply chain disruptions influenced by China’s zero-Covid policy. According to the Korean Statistical Information System (KOSIS), the construction industry’s value add declined marginally by 0.2% in first three quarters of 2022, decreasing from KRW61.2 trillion ($48.8 billion) during January-September 2021 to KRW61 trillion ($48.6 billion) during January-September 2022.
In addition, these disruptions have had a significant impact on infrastructure and energy development projects, with the infrastructure construction sector expected to contract by 4.9% and the energy and utilities construction sector by 4.2%, respectively. Despite these persistent headwinds, the construction industry is expected to record growth of 0.8% in 2023, aided by industrial project development.
In July 2022, the government committed to provide financial and regulatory support to pave the way for the semiconductor industry to invest KRW340 trillion ($271.1 billion) over the next five years.
The construction industry is expected to record an annual average growth of 4.1% between 2024 and 2026, supported by the development of transportation, energy, residential, and commercial projects. In 2021, the Korean government announced it plans to invest KRW114.7 trillion ($91.4 billion) in order to expand the railway network from its current 4,274 kilometers to 5,137 kilometers by 2030.
Furthermore, Hyundai Merchant Marine announced a five-year investment plan worth more than KRW15 trillion ($12 billion) in July 2022 to expand its South Korean logistical base
Scope
Reasons to Buy
Key Topics Covered:
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 COVID-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/4kzhq2-korea?w=4
Source: GlobalData
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