Saudi Arabia Construction Market Growth Opportunities | GlobalData Plc
GlobalData Plc, a leading data and analytics company, has released a comprehensive report titled “Saudi Arabia Construction Market“. The report provides a detailed analysis of the Saudi Arabia construction industry’s growth prospects by construction activity and project type. It also provides critical insights into the impact of industry trends and issues as well as an analysis of key risks and opportunities in the construction industry.
|Market Size (2022)
|AAGR (2024 – 2027)
|Commercial Construction, Industrial Construction, Infrastructure Construction, Energy & Utilities Construction, Institutional Construction, and Residential Construction
|Larsen & Toubro Ltd, Mofarreh M Al Harbi Est, Almabani General Contractors, Webuild SpA, Siemens AG, Vinci SA, AECOM, and National Marine Dredging Co
|SNC-Lavalin Group Inc, AECOM, Buro Happold Ltd, D G Jones & Partners, Khatib & Alami Holding, Worley Ltd, Dar Al-Handasah Consultants Shair and Partners Holdings Ltd, and Egis Group
Saudi Arabia Construction Market Dynamics
The Saudi Arabia construction market has witnessed significant growth in recent years, driven by various factors such as government initiatives, infrastructure development projects, and an expanding population. The country’s Vision 2030 plan, aimed at diversifying the economy and reducing its dependence on oil, has played a crucial role in driving investment in the construction sector.
According to GlobalData Plc’s report, the Saudi Arabia construction market is expected to experience robust growth over the next decade. The government’s commitment to investing in infrastructure projects, including the development of smart cities and the expansion of transportation networks, will create ample opportunities for both local and international construction companies.
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Saudi Arabia Construction Market Highlights:
- Infrastructure Development: The Saudi Arabian government’s focus on infrastructure development projects, such as the Riyadh Metro and NEOM, is expected to drive significant demand for construction activities. The ambitious projects aim to enhance connectivity and create sustainable urban environments, providing ample opportunities for construction companies to showcase their expertise.
- Urbanization and Population Growth: The rapid urbanization and growing population in Saudi Arabia are driving the demand for residential and commercial construction projects. The report highlights that the country’s urban population is projected to reach 87% by 2030, leading to increased construction activities in housing, healthcare, education, and retail sectors.
- Renewable Energy Sector: Saudi Arabia has set ambitious targets to increase its renewable energy capacity. The country aims to install 58.7 GW of renewable energy by 2030, creating significant opportunities for construction companies specializing in solar and wind power projects.
- Public-Private Partnerships (PPPs): The Saudi Arabian government has been actively promoting PPPs to attract private investment in the construction sector. These partnerships offer advantages such as risk sharing, access to financing, and expertise sharing, making it an attractive avenue for local and international construction companies to explore.
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Saudi Arabia Construction Market Scope
- Saudi Arabia Construction Market Sectors Outlook (Value, $ Billion, 2018-2027)
- Residential Construction: This sector accounted for the largest Saudi Arabia construction market share in 2022. The residential construction sector comprises of single-family housing and multi-family housing. The sector’s growth can be mainly attributed to the rising government investments in developing housing projects and the development of community villages for the NEOM City Project.
- Commercial Construction
- Industrial Construction
- Infrastructure Construction
- Energy & Utilities Construction
- Institutional Construction
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About GlobalData Plc
GlobalData is a leading provider of data, analytics, and insights on the world’s largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision-makers to predict and navigate the future. GlobalData’s mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on us for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.
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Media Contacts Mark Jephcott Head of PR EMEA Email – [email protected] Tel – +44 (0) 20 7947 2960