Saudi Arabia Construction Market is expected to grow at a robust CAGR 8.70%
Vision 2030 and economic
diversification, urbanization and population growth are the factor driving the
Saudi Arabia Construction Market during the forecast period 2024-2028
According
to TechSci Research report, “Saudi
Arabia Construction Market –
By Region, Competition, Forecast and Opportunities, 2017-2028”, The
Saudi Arabia Construction Market is in a transformative phase, driven by the
visionary goals outlined in the Vision 2030 initiative. This ambitious agenda
aims to diversify the nation's economy, reduce dependence on oil, and position
Saudi Arabia as a global economic powerhouse. The construction sector plays a
pivotal role in realizing these aspirations, with mega-projects such as NEOM,
Qiddiya, and the Riyadh Metro exemplifying the scale and innovation
characterizing the industry. These projects span smart cities, entertainment
hubs, and advanced transportation networks, showcasing a commitment to
technological advancement and sustainable urban development. The construction
market, while facing challenges such as regulatory complexities and a shortage
of skilled labor, is evolving rapidly. Technological advancements, including
the adoption of Building Information Modeling (BIM) and other digital tools,
are enhancing project efficiency and precision. Sustainability has become a
core focus, with green building practices, energy-efficient designs, and the
incorporation of sustainable materials shaping the industry's direction. The
modular construction trend is gaining momentum, offering efficiency,
cost-effectiveness, and sustainability benefits in response to the demand for
rapid urbanization and large-scale infrastructure projects.
Public-Private
Partnerships (PPPs) and privatization initiatives are integral components of
the market's evolution, promoting private sector involvement in infrastructure
development. This strategic shift aims to accelerate project delivery, increase
efficiency, and attract private investments. Despite challenges, the
construction market's adaptability is underscored by its willingness to embrace
innovative solutions and global partnerships. As Saudi Arabia progresses toward
a more diversified and technologically advanced economy, the construction
sector stands at the forefront, not only as a builder of infrastructure but as
a catalyst for innovation, sustainability, and economic growth. The industry's
role extends beyond construction to shaping the nation's future through the
realization of transformative projects that align with the goals of Vision
2030.
Browse
over 69 market data Figures spread through 159 Pages and an in-depth TOC on the
"Saudi Arabia Construction Market."
The
Saudi Arabia construction market is segmented into application, ownership and
region. Based on sector, the market is segmented into commercial, industrial,
residential and infrastructure. Based on end-user, the market is segmented into
Private, Public. Based on construction type, the market is segmented into New
Construction, Renovation, Repair & Maintenance. Based on region, the market
is segmented into Riyadh, Makkah, Madinah, Dammam, Jeddah, Tabuk, Eastern
Province.
Based on construction
type, New Construction segment dominated the Saudi Arabia Construction Market
and it accounted for a market share of 81.36% in 2022.
Infrastructure
construction is set to lead the market in the upcoming years, driven by
extensive road, rail, and airport projects taking place nationwide. Major
initiatives like NEOM, The Line, and Qiddiya are fueling substantial
investments in transport networks, utilities, and telecom infrastructure.
Collaborating with government health sector megaprojects to construct
specialized hospitals, clinics, medical universities, and research centers is
highly recommended.
Additionally,
delivering flagship hospitality and leisure projects such as hotels, resorts,
convention centers, and theme parks under initiatives like NEOM and the Red Sea
Project can be advantageous.
Employing
modern methods like prefabrication for efficient construction of mass housing
units and workers' accommodations at scale is also recommended. The commercial
building construction sector is expanding due to the increasing demand for
office spaces, retail complexes, hotels, and mixed-use real estate from both
small and large businesses.
Key
market players in the Saudi Arabia Construction Market are:-
- Kabbani Construction Group
- Almabani
General Contractors
- AlKifah Contracting Company
- Nesma & Partners Contracting Company
Ltd.
- AL-AYUNI Company
- Construction & Planning Co. Ltd.
- Contracting & Construction
Enterprises Ltd.
- Binladen Group Global Holding Company
- Al-Rashid Trading & Contracting Co.
- Umm Al Qura For Development &
Construction Company
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“The
Saudi Arabia Construction Market is undergoing a profound transformation as
part of the Vision 2030 initiative. This ambitious agenda seeks to diversify
the nation's economy and propel it into a technologically advanced future.
Mega-projects like NEOM and Qiddiya exemplify this vision, representing smart
cities and innovative urban planning. Despite challenges like regulatory
complexities and a shortage of skilled labor, the industry is advancing with
sustainable practices and digital technologies. The market's adaptability,
coupled with a focus on Public-Private Partnerships (PPPs), underscores its
crucial role in shaping a more diversified, efficient, and sustainable economic
landscape for Saudi Arabia.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Saudi Arabia
Construction Market Segmented By Sector (Commercial {By Commercial Sector
(Corporate Offices, Hospitality, Healthcare & Medical Facilities,
Educational Institutions, Others)}, Industrial { By Industrial Sector (Oil
& Gas, Chemical & Petrochemical, Food & Beverage, Pharmaceutical,
Others)}, Infrastructure { By Infrastructure Sector (Government Buildings,
Cultural and Entertainment Venues, Transportation Hubs, Others)}, Residential
{By Residential Sector (Apartments, Villas, Traditional Houses, Others)}), By
End-User (Private, Public),
By Construction Type (New Construction, Renovation,
Repair & Maintenance), By Region, and By Competition, 2018-2028,” has evaluated the future growth
potential of Saudi Arabia Construction Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Saudi Arabia Construction Market.
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