Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The "Bangladesh Construction Industry Databook Series - Market Size & Forecast by Value and Volume (area and units), Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The construction industry in Bangladesh is expected to grow by 10.4% to reach BDT 4.58 trillion in 2024.
Despite near-term challenges in certain construction sectors, Bangladesh's construction industry is poised for significant growth. The industry is expected to grow steadily over the next four quarters, with the growth momentum continuing over the forecast period. A CAGR of 9.2% is projected during 2024-2028, with the country's construction output expected to reach BDT 6.50 trillion by 2028, indicating substantial growth potential.
This market intelligence report offers a comprehensive view of market opportunities in the building and infrastructure construction industry at the country level. With over 100+ KPIs covering growth dynamics in building and infrastructure construction, construction cost structure analysis, and analysis by key cities in Bangladesh, this databook provides a wealth of data-centric analysis with charts and tables, ensuring stakeholders are fully informed.
The construction industry in Bangladesh is at a pivotal moment, characterized by robust growth potential across residential, commercial, institutional, industrial, and infrastructure segments. With government support, urbanization, and foreign investments driving demand, the industry is well-positioned to meet the challenges and opportunities ahead. Senior executives should align strategies with these trends to capitalize on the evolving market landscape.
Reasons to buy
- Comprehensive Insight into Construction Market Dynamics: Gain a deep understanding of the construction market, including opportunities, industry trends, and key drivers across over 40+ market segments and sub-segments.
- Detailed Analysis of Construction Costs: Explore construction costs broken down by type, including material and labor costs. The report provides detailed information on costs by construction type and worker.
- Top Ten Cities Construction Value: Access valuable data on the construction market size for major cities, focusing on key city-level sectors.
- In-Depth Volume and Value Data: Obtain a thorough understanding of the market from both value and volume perspectives, covering historical data and forecasts by activity and units.
- Strategic Market-Specific Insights: Formulate targeted strategies by identifying growth segments and opportunities and assessing key trends, drivers, and risks within the construction industry.
- City-Level Trend Analysis: Get detailed trend analyses for tier-1, tier-2, and tier-3 cities, offering actionable insights for urban-focused strategies.
Bangladesh's construction industry is on a growth trajectory, supported by government initiatives, urbanization, and a burgeoning economy.
- Infrastructure as a Catalyst: The government is increasing investments in infrastructure, particularly in the transportation and power sectors, to enhance economic growth. An estimated USD 70 billion will be invested in power infrastructure by 2035 to meet the projected electricity demand of 40 GW by 2030.
- Urbanization Impact: Rapid urbanization increases demand for residential and commercial buildings as more people migrate to urban areas. This trend is expected to continue, driving the need for improved construction facilities and infrastructure.
- Government Initiatives: Significant government allocations, such as BDT 225,324 crore (USD 26.28 billion) for the Annual Development Program (ADP) in fiscal year 2022, reflect a commitment to large-scale projects like the Padma Bridge and Rooppur Nuclear Power Plant.
Driving Growth in Residential Construction
- Market Dominance: Residential construction accounted for the largest share of the construction market in 2023, driven by rising personal income levels and increased demand for housing.
- Affordable Housing Initiatives: The government focuses on affordable housing projects to cater to the growing urban population, supporting the sector's growth in the coming years.
- Luxury Segment Growth: Alongside affordable housing, there is a rising demand for luxury apartments, particularly in urban centers, indicating a diverse market landscape.
Expanding Commercial Construction Opportunities
- Rebounding Tourism and Investment: The commercial construction sector is expected to grow due to a rebound in tourism and investments in office and retail spaces. Projects in leisure and hospitality are particularly promising as travel restrictions ease.
- Public-Private Partnerships (PPPs): The government's promotion of PPPs is anticipated to drive commercial construction, facilitating the development of office buildings and logistics facilities.
Institutional Construction: Building for the Future
- Investment in Education and Healthcare: Institutional construction is gaining momentum with increased public and private sector investments in educational and healthcare facilities. This focus aligns with the government's goal of improving access to quality services.
- Research and Development Facilities: The demand for research facilities is also rising, particularly in the science and technology sectors, reflecting a broader commitment to innovation and development.
Industrial Construction: Supporting Economic Diversification
- Focus on Special Economic Zones (SEZs): The establishment of SEZs is expected to drive industrial construction, particularly in manufacturing and processing facilities. The government plans to create 100 SEZs by 2030, enhancing the industrial landscape.
- Investment in Ready-Made Garment Sector: Significant investments in the RMG sector will further bolster industrial construction, which remains a cornerstone of Bangladesh's economy.
Infrastructure Construction: Laying the Foundation for Growth
- Major Infrastructure Projects: The infrastructure sector is set to benefit from significant projects like the Padma Bridge and various power plants. The government's commitment to enhancing transportation infrastructure through PPPs will support this growth.
- Rail and Road Development: Rail and road infrastructure investments, including new railway links funded by India, are critical for improving connectivity and supporting economic activities.
- Sustainable Infrastructure Initiatives: Environmental regulations and market demand for green buildings are driving a growing emphasis on sustainable construction practices, which is shaping the future of infrastructure development in Bangladesh.
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