Hyderabad, July 06, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Saudi Arabia Construction Market Report (2023-2028)," the market is estimated at USD 65.58 billion in 2023. It is expected to register a CAGR of 2.75% during the forecast period.
The construction market refers to one that includes a multitude of activities like ongoing, upcoming, and growing construction projects in various sectors. These sectors include both superstructures and underground structures, both commercial and residential. They also include transmission and power generation-related infrastructure.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 65.58 billion |
| Market Size (2028) | USD 75.12 billion |
| CAGR (2023-2028) | 2.75% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | A drastic improvement in the state of the global economy. |
| Vision 2030, NTP 2020, boost in the private sector investments, and ongoing reforms. |
Who are the Top Companies in the Saudi Arabia Construction Market?
The Saudi construction market is highly competitive, with established players who have made substantial investments in products and manufacturing plants. The market is expected to create opportunities for substantial growth in the next five years.
The most notable players in the Saudi construction market are,
- Bechtel
- CB&I LLC
- China Energy Engineering Corp. Ltd
- China Railway Construction Corp. Ltd
- Fluor Corp.
- Tekfen Construction and Installation Co. Inc.
- Gilbane Building Co.
- Jacobs
- Jazirah Engineers & Consultants
- Al Latifa Trading and Contracting
- Afras For Trading and Contracting Company
- Al-Rashid Trading & Contracting Company
- Al Yamama For Business and Contracting
- Mohammed Al Mojil Group Co.
- Al-Jabreen Contracting Co.
Other Reports That Might Be of Your Interest:
- Qatar Residential Construction Market Report - The Qatari residential construction market value is estimated at USD 11.12 billion in 2023. It is expected to reach USD 19.13 billion by 2028, registering a CAGR of 11.45% during the forecast period (2023-2028).
- Indonesia Commercial Construction Market Report - The Indonesian commercial construction market size is estimated at USD 28.68 billion in 2023. It is expected to reach USD 42.24 billion by 2028, registering a CAGR of 8.05% during the forecast period (2023-2028).
Key Highlights from the Saudi Arabia Construction Market Report:
The Construction Market is Boosted Due to Giga Infrastructure Projects in Saudi Arabia
- The significance of the construction sector in Saudi Arabia is amplified because of the mobility schemes, social infrastructure developments, giga projects, and energy megaprojects.
- Two of the most significant Saudi Arabian urban construction projects are the Grand Mosque and the King Abdullah Security Compounds.
Increase in Residential Construction Due to a boost Housing Demand
- Apartment prices in Riyadh shot up by around 17% in the third quarter of 2021. This recorded rate of increase is the highest, at least, in the previous five years.
- The constant and substantial rise in urban population in Riyadh is a major cause of growing demand. The main reason for the increase in population is the relocation of Saudi nationals to Riyadh.
What are the Latest Developments in the Saudi Arabia Construction Market?
- In July 2022, Saudi Arabia announced a plan to build Mirror Line, intended as the largest structure in the northwest of the Kingdom.
- In January 2022, a contract worth 2.23 billion was awarded to Abu Dhabi’s National Petroleum Construction Company (NPCC), by Saudi Aramco, in exchange for two packages in the Zuluf Offshore Field.
Mordor Intelligence has Segmented the Saudi Arabia Construction Market Based on Construction Type:
- By Construction Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Commercial Construction
- Residential Construction
- Industrial Construction
- Infrastructure (Transportation) Construction
- Energy and Utilities Construction
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Saudi Arabia Construction Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Australia Transportation Infrastructure Construction Report - The Australian transportation infrastructure construction market size is estimated at USD 24.47 billion in 2023. It is expected to reach USD 31.91 billion by 2028, registering a CAGR of 5.45% during the forecast period (2023-2028).
- Saudi Arabia Transportation Infrastructure Construction Market Report - The Saudi transportation infrastructure construction market size is estimated at USD 9.63 billion in 2023. It is expected to reach USD 11.04 billion by 2028, registering a CAGR of 2.77% during the forecast period (2023-2028).
- Qatar Transportation Infrastructure Construction Market Report - The Qatari transportation infrastructure construction market size is estimated at USD 16.96 billion in 2023. It is expected to reach USD 27.07 billion by 2028, with a CAGR of 9.80% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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