NEW YORK, Nov. 11, 2022 /PRNewswire/ -- The "Construction Market In South Korea by End-user (Residential, Non-residential, and Civil works) and Type (Private and Public) - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the construction market in South Korea between 2021 and 2026 is USD 38.84 billion. To get the exact yearly growth variance and the Y-O-Y growth rate. Download a Free PDF Sample Report
Key Market Dynamics:
- Market Driver: The market is driven by the growing demand for modular houses. The popularity of modular houses has been increasing steadily over the last few years. This is because of rising housing rents and the high cost of building new houses. The use of automation in the construction processes has eased the assembling of modular houses. Manufacturers use robots to achieve quicker delivery times and higher accuracy. The relatively low cost of these houses has increased their demand among students and single-parent families, which is expected to support the growth of the market during the forecast period.
- Market Challenges: The shortage of workers in the construction industry will challenge the growth of the market. According to the Ministry of Land, Infrastructure, and Transport, the lack of skilled workers is one of the significant issues hindering the growth of industries in South Korea. The issue of lack of skilled workers is high in other Asian countries, implying that the migration of workers from other countries is also difficult. Thus, a few companies are investing in vocational training courses for migrants to upskill them. These factors are expected to reduce the growth potential in the market. Learn about additional key drivers, trends, and challenges available with Technavio. Request a Free Sample Report
Segmentation Analysis:
By end-user, the market is analyzed across segments such as residential, non-residential, and civil works. The market growth will be significant in the residential segment over the forecast period. The growth of the segment can be attributed to the significant increase in the demand for housing in South Korea, particularly in key cities such as Seoul, Busan, Daegu, and Incheon owing to the increase in the population of the country.
Key Vendors and their Offerings:
- Daewoo E and C: The company offers construction services for roads and buildings.
- DL Group: The company offers services for the construction of plants, civil, buildings, and housing.
- GS E and C Corp: The company offers construction services for roads, railways, water reservoirs, ports, industrial parks, and underground structures.
- Hanwha Engineering and Construction Corp.: The company offers construction services for commercial, residential, and plants.
- Hyundai Development Co.: The company offers construction services for future city platforms.
- Hyundai Motor Group
- KCCEC Engineering and Contracting Co.
- LOTTE Engineering and Construction Co. Ltd
- Posco Engineering and Construction Ltd.
- Samsung Electronics Co. Ltd.
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Related Reports:
- The Construction Market Share in Spain is expected to increase to USD 14.54 billion from 2021 to 2026, at a CAGR of 3.5%. The growing demand for modular houses is notably driving the construction market growth in Spain, although factors such as a lack of workforce in the construction industry may impede the market growth.
- The Construction Market Share in Turkey is expected to increase to USD 51.64 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.08%. The augmented demand for Turkish real estate properties is notably driving the construction market growth in Turkey, although factors such as the rising cost of construction materials may impede the market growth.
Construction Market In South Korea Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 4.15% |
Market growth 2022-2026 |
USD 38.84 billion |
Market structure |
Concentrated |
YoY growth (%) |
4.52 |
Regional analysis |
South Korea (Republic of Korea) |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Daewoo E and C, DL Group, GS E and C Corp, Hanwha Engineering and Construction Corp., Hyundai Development Co., Hyundai Motor Group, KCCEC Engineering and Contracting Co., LOTTE Engineering and Construction Co. Ltd , Posco Engineering and Construction Ltd., and Samsung Electronics Co. Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents:
1. Executive Summary
1.1 Market Overview
Exhibit 01: Key Finding 1
Exhibit 02: Key Finding 2
Exhibit 03: Key Finding 6
Exhibit 04: Key Finding 5
Exhibit 05: Key Finding 7
2. Market Landscape
2.1 Market ecosystem
Exhibit 06: Parent market
Exhibit 07: Market Characteristics
2.2 Value chain analysis
Exhibit 08: Value chain analysis : Construction and Engineering
2.2.1 Inputs
2.2.2 Inbound logistics
2.2.3 Operations
2.2.5 Marketing and sales
2.2.5 Support activities
2.2.6 Innovation
3. Market Sizing
3.1 Market definition
Exhibit 09: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 10: Market segments
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021 - 2026
3.4.1 Estimating growth rates for emerging and high-growth markets
3.4.2 Estimating growth rates for mature markets
Exhibit 11: South Korea - Market size and forecast 2021 - 2026 ($ billion)
Exhibit 12: South Korea market: Year-over-year growth 2021 - 2026 (%)
4. Five Forces Analysis
4.1 Five Forces Summary
Exhibit 13: Five forces analysis 2021 & 2026
4.2 Bargaining power of buyers
Exhibit 14: Bargaining power of buyers
4.3 Bargaining power of suppliers
Exhibit 15: Bargaining power of suppliers
4.4 Threat of new entrants
Exhibit 16: Threat of new entrants
4.5 Threat of substitutes
Exhibit 17: Threat of substitutes
4.6 Threat of rivalry
Exhibit 18: Threat of rivalry
4.7 Market condition
Exhibit 19: Market condition - Five forces 2021
5. Market Segmentation by End-user
5.1 Market segments
The segments covered in this chapter are:
- Residential
- Non-residential
- Civil works
Exhibit 20: End-user - Market share 2021-2026 (%)
5.2 Comparison by End-user
Exhibit 21: Comparison by End-user
5.3 Residential - Market size and forecast 2021-2026
Exhibit 22: Residential - Market size and forecast 2021-2026 ($ billion)
Exhibit 23: Residential - Year-over-year growth 2021-2026 (%)
5.4 Non-residential - Market size and forecast 2021-2026
Exhibit 24: Non-residential - Market size and forecast 2021-2026 ($ billion)
Exhibit 25: Non-residential - Year-over-year growth 2021-2026 (%)
5.5 Civil works - Market size and forecast 2021-2026
Exhibit 26: Civil works - Market size and forecast 2021-2026 ($ billion)
Exhibit 27: Civil works - Year-over-year growth 2021-2026 (%)
5.6 Market opportunity by End-user
Exhibit 28: Market opportunity by End-user
6. Market Segmentation by Type
6.1 Market segments
The segments covered in this chapter are:The segments covered in this chapter are:
- Private
- Public
- Hospitals
- Ambulatory surgery centers and clinics
- Others
Exhibit 29: Type - Market share 2021-2026 (%)
6.2 Comparison by Type
Exhibit 30: Comparison by Type
6.3 Private - Market size and forecast 2021-2026
Exhibit 31: Private - Market size and forecast 2021-2026 ($ billion)
Exhibit 32: Private - Year-over-year growth 2021-2026 (%)
6.4 Public - Market size and forecast 2021-2026
Exhibit 33: Public - Market size and forecast 2021-2026 ($ billion)
Exhibit 34: Public - Year-over-year growth 2021-2026 (%)
6.5 Market opportunity by Type
Exhibit 35: Market opportunity by Type
7. Customer Landscape
7.1 Overview
Exhibit 36: Customer landscape
8. Drivers, Challenges, and Trends
8.1 Market drivers
8.1.1 Growing demand for modular houses
8.1.2 Ongoing use of digital technologies
8.1.3 Increasing awareness of custom-built facilities with minimum budgets
8.2 Market challenges
8.2.1 Shortage of workers in the construction industry
8.2.2 Challenges in integrating building automation software coupled with interoperability issues
8.2.3 Rise in cost of construction
Exhibit 37: Impact of drivers and challenges
8.3 Market trends
8.3.1 Increase in public infrastructure spending by the government
8.3.2 Rising regulatory efforts to increase consumer spending on housing
8.3.3 Rapid urbanization
9. Vendor Landscape
9.1 Overview
Exhibit 38: Vendor landscape
9.2 Landscape disruption
Exhibit 39: Landscape disruption
Exhibit 40: Industry risks
9.3 Competitive Scenario
10. Vendor Analysis
10.1 Vendors covered
Exhibit 41: Vendors covered
10.2 Market positioning of vendors
Exhibit 42: Market positioning of vendors
10.3 Daewoo E and C
Exhibit 43: Daewoo E and C - Overview
Exhibit 44: Daewoo E and C - Product and service
Exhibit 45: Daewoo E and C - Key offerings
10.4 DL Group
Exhibit 46: DL Group - Overview
Exhibit 47: DL Group - Product and service
Exhibit 48: DL Group - Key offerings
10.5 GS E and C Corp
Exhibit 49: GS E and C Corp - Overview
Exhibit 50: GS E and C Corp - Business segments
Exhibit 51: GS E and C Corp - Key offerings
Exhibit 52: GS E and C Corp - Segment focus
10.6 Hanwha Engineering and Construction Corp.
Exhibit 53: Hanwha Engineering and Construction Corp. - Overview
Exhibit 54: Hanwha Engineering and Construction Corp. - Product and service
Exhibit 55: Hanwha Engineering and Construction Corp. - Key offerings
10.7 Hyundai Development Co.
Exhibit 56: Hyundai Development Co. - Overview
Exhibit 57: Hyundai Development Co. - Product and service
Exhibit 58: Hyundai Development Co. - Key offerings
10.8 Hyundai Motor Group
Exhibit 59: Hyundai Motor Group - Overview
Exhibit 60: Hyundai Motor Group - Business segments
Exhibit 61: Hyundai Motor Group - Key offerings
Exhibit 62: Hyundai Motor Group - Segment focus
10.9 KCCEC Engineering and Contracting Co.
Exhibit 63: KCCEC Engineering and Contracting Co. - Overview
Exhibit 64: KCCEC Engineering and Contracting Co. - Product and service
Exhibit 65: KCCEC Engineering and Contracting Co. - Key offerings
10.10 LOTTE Engineering and Construction Co. Ltd
Exhibit 66: LOTTE Engineering and Construction Co. Ltd - Overview
Exhibit 67: LOTTE Engineering and Construction Co. Ltd - Product and service
Exhibit 68: LOTTE Engineering and Construction Co. Ltd - Key offerings
10.11 Posco Engineering and Construction Ltd.
Exhibit 69: Posco Engineering and Construction Ltd. - Overview
Exhibit 70: Posco Engineering and Construction Ltd. – Business Segments
Exhibit 71: Posco Engineering and Construction Ltd. - Key offerings
10.12 Samsung Electronics Co. Ltd.
Exhibit 72: Samsung Electronics Co. Ltd. - Overview
Exhibit 73: Samsung Electronics Co. Ltd. - Business segments
Exhibit 74: Samsung Electronics Co. Ltd. - Key offerings
Exhibit 75: Samsung Electronics Co. Ltd. - Segment focus
11. Appendix
11.1 Scope of the report
11.1.1 ????Market definition
11.1.2 Objective
11.1.3 Notes and caveats
11.2 Currency conversion rates for US$
Exhibit 76: Currency conversion rates for US$
11.3 Research Methodology
Exhibit 77: Research Methodology
Exhibit 78: Validation techniques employed for market sizing
Exhibit 79: Information sources
11.4 List of abbreviations
Exhibit 80: List of abbreviations
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