Construction Market - GCC
Market Statistics
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Size in 2023: USD 140 Billion
Market Size in 2032: USD 219 Billion
Market Growth Rate (CAGR) 2024-2032: 5.1%
According to IMARC Group's report titled "GCC Construction Market Report and Forecast 2024-2032," the market reached USD 140 billion in 2023. Looking forward, IMARC Group expects the market to reach USD 219 billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032.
Download sample copy of the Report: https://www.imarcgroup.com/gcc-construction-market/requestsample
GCC Construction Market Trends and Drivers:
- Significant Investments: Driven by large-scale infrastructure projects and government initiatives aimed at economic diversification.
- Visionary Programs: Initiatives like Vision 2030 and Centennial 2071 catalyze investments in mega-projects, including smart cities, tourism hubs, and transportation networks.
- Reducing Oil Dependency: Aims to enhance global standing and decrease reliance on oil by expanding sectors such as tourism, logistics, and real estate.
- High-Profile Developments: Projects like NEOM, Dubai Creek Tower, and FIFA World Cup stadiums increase demand for advanced construction services, materials, and technologies.
- Sustainability Focus: Heightened emphasis on sustainable practices and smart infrastructure, aligning with global sustainability objectives.
- Green Building Standards: GCC countries adopting these standards and integrating renewable energy as part of long-term strategies.
- Innovative Building Technologies: Increased use of innovative materials, energy-efficient systems, and smart technologies in construction to minimize carbon footprints.
- Advancements in Construction Tech: Modular construction, 3D printing, and Building Information Modeling (BIM) are transforming the industry by improving timelines and reducing costs.
- Future Growth: The push for sustainable developments and ambitious infrastructure plans is expected to drive ongoing growth in the GCC construction market, positioning it for long-term expansion.
GCC Construction Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest GCC construction market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
Sector Insights:
- Commercial Construction
- Residential Construction
- Industrial Construction
- Infrastructure (Transportation) Construction
- Energy and Utilities Construction
Country Insights:
- Saudi Arabia
- United Arab Emirates
- Qatar
- Kuwait
- Oman
- Bahrain
Request for customization: https://www.imarcgroup.com/request?type=report&id=21169&flag=C
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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