Dublin, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The "Construction Industry in Kenya 2023" report has been added to ResearchAndMarkets.com's offering.
A new comprehensive research publication sheds light on the dynamic and evolving landscape of Kenya's construction industry. The report provides in-depth insights into the sector's resilience, despite facing significant challenges such as pervasive corruption in tender awards, funding hurdles, and compliance issues. As an emerging logistics hub in East and Central Africa, Kenya continues to drive socio-economic development and job creation through its robust construction sector.
The report analyzes key developments, including the incremental growth of 4.1% in the construction output during 2022 and its notable 7.1% contribution to the gross domestic product. It highlights the significant infrastructure plans underway which seek to support sustainable economic advancement and deepen trade ties with bordering nations, as well as integrating remote communities into the broader economic fold.
Opportunities within the industry are given particular attention, focusing on high-growth sectors and progressive initiatives. These include:
- Sustainable sourcing of natural construction materials.
- Upcoming aviation infrastructure upgrades, including the anticipated procurement for Jomo Kenyatta International Airport's renovation.
- Expansion projects at Lamu Port in partnership with the private sector.
- Renewable energy projects aligning with Kenya’s goal of achieving 100% renewable energy by 2030.
- Promising spheres in affordable modular housing.
- Emergence of special economic zones offering attractive incentives to investors.
Diving deeper, the research underscores the influence of foreign companies, particularly Chinese firms with a historical strength in civil engineering projects, on the local construction industry. Unlike ever before, the landscape is seeing a gradual change with an incline towards multi-faceted international partnerships. Amidst the surging interest and strategic collaborations, local businesses, nevertheless, face stiff competition. The publication includes profiles of key players shaping the sector, from well-established Chinese contractors to burgeoning local firms.
In terms of trends, the report identifies a diversifying field with increased demand for resilient infrastructure and renewable energy solutions. It also acknowledges the integration of new technologies revolutionizing certain aspects of construction tasks and the expanding housing deficit propelled by demographic changes and urbanization. Sustainability, workforce diversity, and occupational safety are spotlighted as growing focuses within industry policies.
The outlook for Kenya’s construction industry is cautiously optimistic as it navigates the complex terrain of financial constraints and geopolitical risks. Yet, initiatives such as the enlistment of defence forces in public projects and an openness to private-sector partnership convey a strategic leverage poised to spur further development and resilience. The report marks an essential read for stakeholders aiming to understand the current state and potential trajectory of construction operations in this pivotal African market.
With detailed data on contractor numbers, project registrations, labor concerns, environmental impacts and input costs, this publication is a cornerstone resource for industry professionals, investors, and policy makers.
Companies Profiled
- 14Trees Ltd
- Associated Construction Co. (Kenya) Ltd
- Cementers Ltd
- China Communications Construction Company Ltd
- China Jiangxi Corporation Congo SARL
- China Jiangxi Corporation for International Economic and Technical Cooperation Co Ltd
- China Jiangxi International (Cambodia) Ltd
- China Jiangxi International (CR) SA
- China Jiangxi International (Malawi) Ltd
- China Jiangxi International (Nigeria) Company Ltd
- China Jiangxi International Kenya Ltd
- China Road and Bridge Corporation
- China Wu Yi Company Ltd
- China Zhongxing Construction Company Ltd
- CJIC (Laos) Sole Co Ltd
- Eco-Homes Ltd
- EPCO Builders Ltd
- Fubeco (China Fushun) Ltd
- Hayer Bishan Singh & Sons Ltd
- Intex Construction Ltd
- Jiangxi International (Madagascar) Ltd
- Kenya Railways Corporation
- KOTO Housing Kenya Ltd
- Landmark Holdings Ltd
- Laxmanbhai Construction Ltd
- Lee Construction Ltd
- National Housing Corporation
- Njuca Consolidated Company Ltd
- Oriental Construction Company Ltd
- TransCentury PLC
- Zhong Gan Engineering & Construction Corporation (Botswana) (Pty) Ltd
- Zutari Kenya Ltd
For more information about this report visit https://www.researchandmarkets.com/r/jd5uau
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