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The South Korea construction market size is estimated to expand at a CAGR of 2.6% in the forecast period of 2024-2032. The construction market in South Korea is driven by increasing government investments in infrastructure development and growing smart city projects.
Construction refers to the act of building bridges, roads, residential units, and infrastructure, among others; the construction sector includes public and private infrastructure and civil engineering services. With a surge in population, the need for households is increasing, supporting the market expansion. The market is driven by supportive government initiatives, urbanisation, infrastructural development, and technological advancements, among others.
Based on construction type, the market is bifurcated into new constructions and renovation. On the basis of end use, the market is divided into commercial, residential, institutional, and industrial.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in South Korea construction market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
Commercial construction accounts for a significant South Korea construction market share. Commercial construction involves the construction of buildings and infrastructure that are used for business and commercial applications. Commercial property consists of malls, grocery stores, offices, industrial estates, and manufacturing shops, among others.
The market is witnessing rapid expansion due to increased commercial construction activities. Increasing ventures in South Korea, such as commercial offshore wind power project, Jeonnam Offshore Wind Power is further supporting the market expansion. The wind farm is expected to begin its operations in 2024. The project was founded in 2020 as a 51-49 joint venture between SK E&S (South Korea) and Copenhagen Infrastructure Partners (Denmark).
According to the South Korea construction market analysis, the demand for renovation is significantly increasing due to rising disposable incomes and changing consumer preferences in the region. In the contemporary world, people are making smart choices and thus, they need a house which is packed with numerous facilities including modular kitchens, electronic door locks, and wireless systems, among others. Furthermore, there is a growing emphasis on Corporate Social Responsibility (CSR), which is accelerating the shift towards green office spaces and the incorporation of environment friendly devices and equipment in buildings to reduce their carbon footprint. All these factors are resulting in an increased demand for renovation activities, boosting the South Korea construction market demand.
Samsung C&T Corporation is a South Korean construction and engineering company which was founded in 1938 as one of the business units of Samsung, initially involved in construction and overseas trading operations. In 1975, the company was designated by the Korean government as the nation’s “first general trading company” to forefront nonindigenous sales operations. Apart from construction, the Samsung Group also operates in areas like shipbuilding and engineering, wind power, and power and control systems within the machinery and heavy industries sector.
Hyundai Motor Group, founded in 1947, is a construction and engineering company. The company aims to create a better world and future through constant innovation. In 2023, the company entered a partnership with the largest energy company RWE in Europe to facilitate next-generation energy projects.
GS E&C Corp. was founded in 1969 and specialises in constructing and operating large scale privately funded infrastructure. It has a dedicated technical research institute, which allows the company to constantly work towards the development of new construction methods for projects such as marine suspension bridges and deep underground tunnels.
Other South Korea construction market players include Daewoo Engineering & Construction Co., Ltd., Posco Holdings, LOTTE Corp., Hoban Construction Ltd., and Hanwha Corporation, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Construction Type |
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Breakup by End Use |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The South Korea construction market size is estimated to grow at a CAGR of 2.6% between 2024 and 2032.
The market is being driven by supportive government initiatives in the field of construction, rapid urbanisation, infrastructural development, and technological advancements.
The key trends aiding the market expansion include the increasing initiatives for the development of smart cities and heavy investments in research activities to develop improved construction technologies.
On the basis of type, the market is bifurcated into new construction and renovation.
On the basis of end use, the market segmentation includes commercial, residential, institutional, and industrial.
The major players in the market are Samsung C&T Corporation, Hyundai Motor Group, Daewoo Engineering & Construction Co., Ltd., Posco Holdings, GS E&C Corp., LOTTE Corp., Hoban Construction Ltd., and Hanwha Corporation, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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