Dublin, March 11, 2021 (GLOBE NEWSWIRE) -- The "Asia Pacific Construction Industry Databook Series - Market Size & Forecast (2016 - 2025) by Value and Volume (Area and Units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction - Q1 2021 Update" report has been added to ResearchAndMarkets.com's offering.
The growth of the construction industry in Asia Pacific was impacted in 2020 due to COVID-19 restrictions. Despite the crisis, the long term growth story remains intact. In APAC, the construction industry in Vietnam has been the best performing one. Despite the coronavirus outbreak, the sector continued to grow strongly in 2020. In China, the construction output is expected to record a sharp bounce back in 2021. Moreover, China is on its way to becoming the largest construction industry over the next decade.
Though growth in residential construction remained subdued in 2020, the sector is expected to grow from 2021. Across developing markets in the region there is a strong government focus on affordable housing. For instance, the Indian government recently announced the Affordable Rental Housing Scheme (AHRC) scheme to provide affordable rental accommodation to migrant workers. This along with the Maha Awas Yojana - a new rural housing project - launched by Maharashtra Chief Minister, is expected to drive the growth of the residential construction sector in India.
Similarly, to increase homeownership in Malaysia, the government announced several incentives in budget 2021. For instance, the Malaysian government announced the full stamp duty exemption for first time home buyers in the country until 2025. This waiver of stamp duty will benefit several Malaysians who are looking to own a house in the country. Additionally, the government has also extended the stamp duty exemption for buyers of abandoned housing projects in the country. The discount on stamp duty will push new developers to take on half-completed projects and potentially accelerate the completion of abandoned housing projects. Therefore, driving the growth of the residential construction sector in the country.
Most of the governments in APAC are focusing on infrastructure development to help economic recovery. In China for instance, over the next fifteen years, the Chinese state railway operator also plans to double the size of its high-speed railway network. Thus, supporting the growth of its infrastructure construction sector.
Also, growth of the infrastructure construction sector in Japan will be predominantly driven by the expansion of the railway network in Japan. The construction activities of US$19 billion Chuo Shinkansen Maglev Rail Line is already underway, with Phase I construction from Nagoya to Tokyo expected to be operational in 2027. Construction activities of Hokuriku Shinkansen from Kanazawa to Tsuruga have also started in Japan. Moreover, the extension of Hokkaido Shinkansen from Shin-Hakodate-Kokuto to Sapporo is also underway. Both of these lines are expected to be operational by 2022 to 2030 respectively. Therefore, it will keep supporting the growth of the infrastructure market in the country in 2021.
Similarly, in Australia, around US$14 billion will be invested in hard infrastructure projects including road and rail projects (US$7.5 billion), road safety upgrades (US$2 billion), and upgrading local roads and footpaths (US$1 billion). Moreover, the government is also offering funding for accelerating the implementation of the 5G network in the country. Such investments are expected to positively impact the overall construction industry in APAC.
This report provides data and trend analyses on the Asian construction industry, with over 100 KPIs. This is a data-centric report and it provides trend analyses with over 1,500+ charts and 1,200+ tables. It details market size & forecast, emerging trends, market opportunities, and investment risks in over 40 segments in residential, commercial, industrial, institutional, and infrastructure construction sectors.
It provides a comprehensive understanding of construction industry sectors in both value and volume (both by activity and units) terms. The report focuses on combining industry dynamics with macro-economic scenario and changing consumer behavior to offer a 360-degree view of the opportunities and risks.
Each country report covers the following:
Market Data and Insights: This report provides market size and forecast across 40+ construction segments for a period of 10 years from 2016-2025.
Residential Building Construction Coverage
Residential Green Building Construction Coverage
Commercial Building Construction Coverage
Commercial Green Building Construction Coverage
Institutional Building Construction Coverage
Institutional Green Building Construction Coverage
Infrastructure Construction Sectors
For more information about this report visit https://www.researchandmarkets.com/r/8e85gk
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