Construction in South Korea - Key Trends and Opportunities to 2023
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韓国の建設業の実質ベースの年平均成長率 (CAGR) は、2011～2015年には0.93%となりましたが、2016～2020年には2.41%にまで上昇する見通しです。住宅／商業／インフラ建設プロジェクトの拡大が、今後の市場成長の主な要因となっています。観光客の増加や巨大な人口ベースが小売業の成長を促すほか、2018年の平昌五輪に向けた建設作業も、建設業の発展に貢献しています。
当レポートでは、韓国の建設市場について調査分析し、市場全体の成長実績・見通し (過去・今後5年間分) や、部門/建設活動タイプ/費用タイプ別の詳細動向を提供するほか、産業動向と問題点の影響、競合分析、主要企業プロファイルも含めてお届けいたします。
South Korea's construction industry suffered a downturn in 2018, contracting by 4.2% in real terms that year, following an average annual growth of 5.9% during the preceding four years. Consequently, the industry's output value (measured at constant 2017 US dollar exchange rates) declined from US$222 billion in 2017 to US$212.8 billion in 2018. This decline can be attributed to a reduction in the government spending on infrastructure, a fall in the country's total exports and a decline in the total construction permits issued.
In other signs of weakness, the total investment in construction declined by 4% in 2018, according to the Bank of Korea, going from KRW230.8 trillion (US$204.1 billion) in 2017 to KRW240 trillion (US$213 billion) that year. The country's annual average construction production index at 2015 base prices also fell in 2018, contracting by 5.3%, according to KOSIS. It further declined by 8.3% in the first quarter of 2019 (the latest data available at the time of writing), compared to the same period of the previous year.
The country's construction industry is expected to contract further in real terms - by 5% in 2019 and 1.7% in 2020 - before regaining growth momentum. This decline can be attributed to reduced infrastructure spending, an increase in minimum wages, tighter housing regulations and government policies. However, the industry is expected to be supported by the government's efforts to revitalize the economy, as well as subsequent improvements in investor and consumer confidence.
In January 2019, the government approved KRW24.1 trillion (US$21.5 billion) to develop 23 projects in the area of road, rail, manufacturing plant and hospitals in the country. The industry's output value in real terms is expected to rise at a CAGR of 1.08% over the forecast period. The industry is consequently expected to rise from a value of US$212.8 billion in 2018 to US$224.5 billion in 2023, measured at constant 2017 US dollar exchange rates.
Accounting for 42.2% of the industry's total value in 2018, residential construction was the largest market in the South Korean construction industry during the review period. The market is expected to remain the largest market over the forecast period, accounting for 41.5% of the industry's total value in 2023. Commercial construction accounted for 18.9% of the industry's total output in 2018, followed by industrial construction with 15.3%, infrastructure construction with 13.7%, institutional construction with 6.4% and energy and utilities construction with 3.6%.
The total construction project pipeline in South Korea including all mega projects with a value above US$25 million - stands at KRW454.2 trillion (US$412.7 billion). The pipeline, which includes all projects from pre-planning to execution, is well balanced, with 50.1% of the pipeline value being in projects in the pre-planning and planning stages as of July 2019.
The report "Construction in South Korea - Key Trends and Opportunities to 2023", provides detailed market analysis, information and insights into the South Korean construction industry, including -
This report provides a comprehensive analysis of the construction industry in South Korea. It provides -