Construction in South Korea - Key Trends and Opportunities to 2020

Published: June 2016
No. of Pages: 91
    ReportsandReports

Synopsis

The South Korean construction industry's forecast-period (2016-2020) outlook is better than its review-period (2011-2015) performance, with average annual growth in real terms set to accelerate from 0.93% during the review period to 2.41% over the forecast period. This increase will be a result of increased government investment in public infrastructure, recovery in regional and global economic conditions, and improving consumer and investor confidence. Rises in construction permits for residential, industrial and institutional buildings will also support growth over the forecast period.

The industry is expected to be supported by works related to the hosting of the 2018 Winter Olympic Games in Pyeongchang, Gangwon province. The government is expected to invest KRW13.0 trillion (US$10.8 billion) to construct new stadiums and other related infrastructure.

According to the Korean Statistical Information Service (KOSIS), total construction permits, including industrial, commercial and residential, issued in the country grew by 12.1% from 236,804 units in 2014 to 265,445 in 2015. Moreover, the total area of construction grew by 34.3% from 141.3 million m2 in 2014 to 189.8 million m2 in 2015.

According to the KOSIS, foreign investment in the country's real estate increased from KRW243.5 billion (US$229.4 million) in 2014 to KRW3.0 trillion (US$2.8 billion) in 2015. Affordable housing projects, growing interest from foreign investors and liberal real estate laws will help the market to grow over the forecast period.

Summary

Timetric's Construction in South Korea - Key Trends and Opportunities to 2020 report provides detailed market analysis, information and insights into the South Korean construction industry including:

  • South Korean construction industry's growth prospects by market, project type and construction activity
  • Analysis of equipment, material and service costs for each project type in South Korea
  • Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the South Korean construction industry
  • Profiles of the leading operators in the South Korean construction industry
  • Data highlights of the largest construction projects in South Korea

Scope

This report provides a comprehensive analysis of the construction industry in South Korea It provides:

  • Historical (2011-2015) and forecast (2016-2020) valuations of the construction industry in South Korea using construction output and value-add methods
  • Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by project type
  • Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
  • Analysis of key construction industry issues, including regulation, cost management, funding and pricing
  • Detailed profiles of the leading construction companies in South Korea

Reasons To Buy

  • Identify and evaluate market opportunities using Timetric's standardized valuation and forecasting methodologies.
  • Assess market growth potential at a micro-level with over 600 time-series data forecasts.
  • Understand the latest industry and market trends.
  • Formulate and validate strategy using Timetric's critical and actionable insight.
  • Assess business risks, including cost, regulatory and competitive pressures.
  • Evaluate competitive risk and success factors.

Key Highlights

  • The government's focus on the tourism industry is expected to drive growth in the commercial construction market, in particular leisure and hospitality buildings, over the forecast period. The government promotes its cultural heritage across the world through the ?Visit Korea Years 2016-2018' program and the ?Friendly Korea' campaign. The government is also developing infrastructure to accommodate tourists, and plans to invest KRW2.1 trillion (US$2.0 billion) to develop tourism, education, healthcare, city planning, energy and traffic by 2019.
  • In June 2015, the government announced the Innovation in Manufacturing 3.0 initiative to address fundamental and structural issues in the manufacturing sector. The government plans to invest KRW200.0 billion (US$172.0 million) to construct 1,500 smart factories annually, and computerize all manufacturing plants by 2020.
  • The South Korean government aims to connect all major cities of the country with a high-speed rail system, enabling travel to any city within 90 minutes. Accordingly, the government announced plans to expand the High-Speed Railway (HSR) network from 368km in 2011 to 2,362km by 2020 under PPP model, with an investment of KRW88.0 trillion (US$81.9 billion).
  • In 2014, the government reduced its total target of producing energy from nuclear power from 41.0% of the total energy demand by 2030 to 29.0% by 2035, as a result of safety concerns. After the 2011 Fukushima Nuclear disaster in Japan, a scandal in South Korea over nuclear safety certificates, and public protests to reduce the use of nuclear energy, the government scaled back its nuclear power expansion plans. However, to achieve the target to produce 29.0% of total energy demand by nuclear, the government needs to double nuclear power-generation capacity by 2035.
  • With an aim to reduce greenhouse gas emissions, the government introduced a regulation in 2012 for energy companies to produce a portion of their energy from renewable sources. The government aims to increase renewable energy's share in the total energy mix from 3.6% in 2014 to 5.0% by 2020.

Published By: Timetric
Product Code: Timetric2632


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