Israel Construction Market Size, Share, Report 2023-2030
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Israel Construction Market size at USD 64.21 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Israel Construction Market size to expand at a CAGR of 4.36% reaching a value of USD 72.19 billion by 2030. The country's growing population and growing housing demand are two key drivers of the Israel Construction Market. As a result, the government has been making large investments in the building of apartments. Furthermore, throughout the projected period, rapid industrialization and the growing commercial sector are expected to offer the Israel construction market significant growth opportunities.
Opportunity - Technological advancements in construction sector
The Construction Market in Israel has been significantly leveraging advanced technologies, including artificial intelligence, the Internet of Things (IoT), AR/VR, and digital twins, to automate and digitize its operations. These technologies help the market keep up with the rapidly changing environment and make their operations more efficient and safer for the workers. For instance, as-builts and digital twins provide on-site labor and material forecasting. Companies may make quicker decisions regarding operating and maintenance expenses by gathering design and construction information using digital twins and as-builts. These technologies will make the construction industry more sustainable and drive overall market growth in the country.
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Impact of Escalating Geopolitical Tensions on Israel Construction Market
The escalating geopolitical tensions are negatively impacting the growth of the Israel construction market. For instance, Israel’s continuous bombardment of Palestine resulted in a shortage of labor in the sector since Palestinian workers were the major workforce of the Israel Construction Market. The tensions between Israel and its neighboring countries threatened the safety of workers in the construction sector, especially those working in or visiting border areas in north and south Israel. Furthermore, the international call for divestment against Israel is also gaining traction, which could affect foreign investments in the country, consequently limiting the growth of the Israel Construction Market.
Israel Construction Market
Segmental Coverage
Israel Construction Market – By Type of Contractor
Based on the type of contractor, the Israel Construction Market is segmented into large contractors and small contractors. The large contractor segment accounts for a higher market share. Large contractors have the material and financial resources as well as specialized knowledge in the field, which allows them to efficiently handle big construction projects. However, the small contractor segment is projected to register a significant growth rate during the forecast period. Contractors on a small scale engage the local workforce, suppliers, and support professionals, which drives the segment’s market growth.
Competitive Landscape
Major players operating in the Israel Construction Market include Danya Cebus Ltd, Shikun & Binui Ltd, Electra Construction Ltd, Solel Boneh Infrastructure Ltd, Mansfeld-Kehat Architects, Systran SA, WSP Global Inc., Yenon Research and Design Ltd, D.E.L. Group, Parsons Corp., and Dov Koren Architects.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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