Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- The "Singapore Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering.
Construction industry in Singapore to expand by 3.3% in real terms in 2024, supported by an increase in the total value of contracts awarded for construction, coupled with investment in electricity, transport and housing projects.
According to the latest data released by the Department of Statistics (DOS), the total value of contracts awarded for construction rose by 13.5% in 2023, following a marginal decline of 0.5% in 2022. Moreover, the Building and Construction Authority (BCA), an agency of the Ministry of National Development in Singapore, estimates that the value of the construction contracts that will be awarded in Singapore could range from SGD32-38 billion ($23.4-27.7 billion) in nominal terms in 2024.
The industry is expected to record an annual average growth rate of 4.2% from 2025 and 2028, driven by investment in clean energy projects to achieve a goal of 2GW-peak of solar energy by 2030, coupled with investment in transport and public housing projects. In February 2024, the Deputy Prime Minister reported that Singapore's government will establish a 'Future Energy Fund', with an initial investment of SGD5 billion ($3.7 billion), to support the country's transition towards cleaner fuels.
The fund aims to provide confidence for strategic investment and critical infrastructure development in the clean energy sector. Further support for the construction industry's growth will be generated by works on public infrastructure projects such as the Cross Island MRT Line, improvements to road and drainage systems and the development of Housing.
Scope
- This report provides a comprehensive analysis of the construction industry in Singapore. It provides -
- Historical (2019-2023) and forecast (2024-2028) 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
Reasons to Buy
- Understand the latest industry and market trends.
- Formulate and validate strategy using the publisher's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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 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
For more information about this report visit https://www.researchandmarkets.com/r/3e154r
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