Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Singapore Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market France, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
Singapore's construction industry was forecast to grow by 7.4% in real terms in 2023, supported by government investment in transport and energy infrastructure. According to the latest data released by the Department of Statistics (DOS), the construction industry's value add grew by 6.3% year on year (YoY) in Q3 2023, preceded by Y-o-Y growth of 7.7% in Q2 and 7.9% in Q1 2023. The positive increase in the total value of progress payments issued and value of contracts awarded for construction, is also expected to support the industry's growth in the early part of the forecast period.
Over the remainder of the forecast period, between 2024 and 2027, Singapore's construction industry is forecast to register an annual average growth rate of 4%, supported by investment in transport, residential and renewable energy projects. The upcoming construction of the new Brickland MRT station on the North-South Line in 2024 and the Land Transport Master Plan 2040, under which the Land Transport Authority (LTA) plans to expand the rail network, bus network with new integrated transport hubs (ITHs) and cycling paths by 2040 will support construction output.
Further support for the construction industry's growth will be provided by works under the Singapore Green Plan 2030, as part of which the government aims to deploy at least 2GW-peak of solar energy by 2030, sufficient to meet the annual electricity needs of 350,000 households. Under the Singapore Green Plan 2030, the government aims to deploy at least 2GW-peak of solar energy by 2030, which will meet the annual electricity needs of 350,000 households. To accelerate the transition to net zero emissions and strengthen the country's energy security, the government launched its National Hydrogen Strategy in late 2022, with the government expecting low-carbon fuel to supply up to 50% of Singapore's power needs by 2050.
The report provides detailed market analysis, information and insights into Singapore's construction industry, including:
Singapore's construction industry's growth prospects by market, project type and construction activity
Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Singapore's construction industry
Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Historical (2018-2022) and forecast (2023-2027) 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
Key Report Benefits
Identify and evaluate market opportunities using the 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 the critical and actionable insight.
Assess business risks, including cost, regulatory and competitive pressures.
Evaluate competitive risk and success factors.
For more information about this report visit https://www.researchandmarkets.com/r/jmc3da
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