Construction & Manufacturing

Construction in South Korea - Key Trends and Opportunities to 2021

  • TIM2208254
  • 92 Pages
  • November 2017
  • Construction & Manufacturing
Synopsis
Growth in South Koreas construction industry continued to accelerate in 2016, with output growth in real terms of 10.5%, measured at a constant 2010 US dollar exchange rate. This follows annual growth of 3.0% in 2013, 0.8% in 2014 and 5.7% in 2015. Growth during the review period (2012-2016) has been supported by a recovery in economic conditions and government investment in major transport infrastructure, residential buildings and energy and utilities projects. According to the Ministry of Strategy and Finance, the government invested KRW124.0 trillion (US$108.6 billion) on 167 transport infrastructure projects during 2013-2015.

Over the forecast period (2017-2021), the industry is expected to continue to grow, driven by investments in public infrastructure, energy, commercial and industrial projects, and improvements in consumer and investor confidence. Moreover, a rise in building permits for the construction of residential and non-residential buildings in the country is expected to support the industrys growth over the forecast period.

The governments focus on developing transport infrastructure, as well as efforts to boost energy production, particularly renewables, is expected to drive funding towards the construction industry over the forecast period. In June 2017, the government announced plans to invest KRW42.0 trillion (US$36.6 billion) on the renewable energy infrastructure, with an aim to eliminate coal power plants by 2020.

The industrys output value in real terms increased at a compound annual growth rate (CAGR) of 4.93% during the review period, and is expected to post a CAGR of 3.99% over the forecast period.

Scope
This report provides a comprehensive analysis of the construction industry in South Korea. It provides:

Historical (2012-2016) and forecast (2017-2021) valuations of the construction industry in South Korea using construction output and value-add methods

Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector

Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)

Detailed profiles of the leading construction companies in South Korea

Summary
Timetrics Construction in South Korea - Key Trends and Opportunities to 2021 report provides detailed market analysis, information and insights into the South Korean construction industry, including:

The South Korean construction industry's growth prospects by market, project type and construction activity

Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the South Korean construction industry

Profiles of the leading operators in the South Korean construction industry

ReasonsToBuy
Identify and evaluate market opportunities using Timetric'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 Timetric's critical and actionable insight.

Assess business risks, including cost, regulatory and competitive pressures.

Evaluate competitive risk and success factors.
Key highlights
Timetric expects the residential construction market to remain the largest segment, accounting for 39.4% of the industrys total value in 2021. Growth over the forecast period is expected to be supported by rising residential buildings permits in the country. In 2016 the total number of building permits issued in the country grew by 3.8%, increasing from 265,445 dwelling units to 275,572.

The government is focusing on the expansion of railway lines across the country, with an aim to increase trade activities in the country, as well as provide a convenient transport system to the population. Accordingly, the government plans to invest KRW88.0 trillion (US$79.4 billion) to increase the railway network by 39.0%, going from 3,549.6km in 2016 to 4,934km by 2025.

The energy and utility construction market is expected to be supported by the governments plan to provide high speed internet connection to all citizens. To support economic development and growth, the government plans to provide a 5G connection to 90.0% of the population by 2025.

In July 2017, the government announced plans to increase natural gas share in electricity production from 19.0% in 2016 to 27.0% by 2030. Consequently, it plans to build a new exploration well and other related infrastructure under the public-private partnership (PPP) model by 2030. Additionally, the government aims to generate 7.0% of the countrys total energy needs through renewable sources by 2020.

The government increased the industrial building permits by 4.8%, going from 21,229 units in 2015 to 22,258 in 2016. Moreover, it increased by 3.9% during the first half of 2017, rising from 11,108 units in January-June 2016 to 11,538 units in January-June 2017. This is expected to drive the growth of industrial construction market over the forecast period.
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