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South-East Asia Construction Market Size to Reach $571.6 Billion Growing at 4.9% CAGR By 2027 | GlobalData Plc

September 18, 2023
6 Min Read

The South-East Asia Construction market size is expected to reach $571.6 billion by 2030, according to a new report by GlobalData Plc. The rising focus towards expanding regional transport connectivity coupled with the increasing demand for affordable homes is expected to drive the market growth over the forecast period.

South-East Asia Construction Market Share By Sectors, 2018 – 2027 (%)

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South-East Asia Construction Market FAQs

  • What was the global South-East Asia construction market size in 2023?

The South-East Asia construction market size will be evaluated at $450.1 billion in 2023.

  • What is the South-East Asia construction market growth rate?

The construction market in the South-East Asia region is expected to grow at a CAGR of 4.9% during 2023-2027.

  • What are the key sectors in the South-East Asia construction market?

The key sectors in the South-East Asia construction market are commercial construction, energy and utilities construction, industrial construction, infrastructure construction, institutional construction, and residential construction.

  • Which are the key countries in the South-East Asia construction market?

The key countries in the South-East Asia construction market Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

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South-East Asia Construction Market Dynamics

Construction output in South-East Asia in 2023 has been revised down to 3.1%, due to a downward revision of construction industry growth in Malaysia. In 2024, the growth of the South-East Asian construction industry is expected to pick up to an expansion of 5.5%. Risks to the region’s construction outlook this year include the continued slowing of real estate activity in Vietnam and the impact of falling trade volumes on the export-driven economies of the region.

South-East Asia construction industry covers commercial construction, energy and utilities construction, industrial construction, infrastructure construction, institutional construction, and residential construction. The residential construction category is predicted to account for the largest regional share in terms of construction output value (Real) in 2023.

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South-East Asia Construction Report Highlights

  • The South-East Asia Construction market is expected to grow at a compound annual growth rate of 4.9% over the forecast period. The increasing efforts to develop and modernize the regional infrastructure network is anticipated to aid the market growth over the predicted timeline.
  • The infrastructure construction segment is projected to remain the largest category in the regional market space over the forecast period. The growth is supported by an increasing effort to develop regional transport connectivity.
  • The regional construction category is expected to capture the second-largest regional share in 2023. However, the regional segmental growth for the current year is predicted to remain marginally low owing to the deteriorating consumer confidence and affordability issues for potential buyers caused by rising inflation and higher borrowing costs.
  • The energy and utilities construction is expected to register the third-largest regional share in real terms in 2023. The segmental growth is predicted to remain steady over the forecast period primarily driven by the development of new renewable energy projects in the region.
  • The commercial construction category is projected to showcase a compound annual growth rate (CAGR) of 5.0% over the forecast period. The growth will be driven by an improvement in tourism, leisure, and hospitality projects, coupled with increased investment in data centres and logistics construction.
  • The Indonesian construction sector is estimated to capture the largest regional share in real terms in 2023. The government’s focus on reducing greenhouse gas emissions and transitioning from coal to clean energy will support the industry’s growth over the forecast period.
  • The construction sector of Vietnam is anticipated to capture second place in the regional ranking in real terms in 2023. The government’s focus on improving regional connectivity through the development of rail, road and air transport infrastructure, rising foreign direct investment (FDI), and investment to increase energy production is likely to drive the growth over the predicted timeline.
  • The construction industry of the Philippines is expected to account for the third-largest regional share in real terms in 2023. Growth will be supported by improving economic conditions and public and private sector investment in infrastructure, energy, educational and healthcare facilities, coupled with an improvement in tourism activity..
  • Myanmar’s construction sector is anticipated to register the smallest regional share in 2023. The weak investor and consumer confidence amid the ongoing political crisis, coupled with western sanctions, rising inflation, the depreciation of the domestic currency, and declining purchasing power is expected to restrain the launch of new projects in the country.

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South-East Asia Construction Segmentation Outlook

GlobalData Plc has segmented the South-East Asia construction market report by sectors and countries:

South-East Asia Construction Sectors Outlook (Value, $ Million, 2018-2027)

  • Commercial Construction
  • Energy and Utilities Construction
  • Industrial Construction
  • Infrastructure Construction
  • Institutional Construction
  • Residential Construction

South-East Asia Construction Countries Outlook (Value, $ Million, 2018-2027)

  • Cambodia
  • Indonesia
  • Malaysia
  • Myanmar
  • Philippines
  • Singapore
  • Thailand
  • Vietnam

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