Saudi Arabia Construction Market Demand, Insight, Report 2023-2030
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia Construction Market size at USD 70.67 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia Construction Market size to expand at a CAGR of 5.19% reaching a value of USD 96.21 billion by 2030. Favorable government investments and programs, such as the Kingdom's Vision 2030 National Development Program, as well as growing demand for residential complexes due to increased housing demand are major growth factors for the Saudi Arabia Construction Market. The growing adoption of automation solutions in the building sector is also projected to propel the Saudi Arabia Construction Market during the period in analysis.
Opportunity: Rising private investments in thriving construction industry
Building & construction is one of the most lucrative sectors in Saudi Arabia. As a result, it has been significantly attracting major investments from private players and international investors. For instance, Samsung Engineering and GS Engineering and Construction Corp. won a USD 7.2 billion contract for the gas plant project in Saudi Arabia. In another example, the design and build contract for two new complexes in King Abdullah Financial Sector (KAFD), Saudi Arabia's premier financial sector situated in the center of Riyadh, has been awarded to Taj Dhabi, a subsidiary of Trojan Construction Group.
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Impact of Escalating Geopolitical Tensions on Saudi Arabia Construction Market
The geopolitical tensions hinder the growth of the Saudi Arabia Construction Market. For instance, escalating geopolitical tensions in Israel and across the Middle East region have resulted in the disruptions of international shipping and supply chains of construction materials in Saudi Arabia as well. The hindrance to commercial shipping in the Red Sea and Gulf of Aden caused a significant spike in the cost of construction materials due to increased shipping costs which have disrupted the overall growth of the Saudi Arabia Construction Market.
Saudi Arabia Construction Market
Segmental Coverage
Saudi Arabia Construction Market – By Construction Type
Based on construction type, the Saudi Arabia Construction Market is segmented into building & construction, new, renovation, and repair & maintenance. The building & construction segment accounts for the highest market share in the Saudi Arabia Construction Market by construction type. The growth of the segment is mainly attributed to the increasing construction of residential and non-residential buildings. The increasing housing demand in the Kingdom owing to rising population and accessibility to housing loans is directly influencing the building and construction of residential buildings, which is propelling its market growth.
Competitive Landscape
Major players operating in the Saudi Arabia Construction Market include Bechtel, Fluor Corp., Tekfen Construction and Installation Co. Inc., Gilbane Building Co., Jacobs, Afras, BEC Arabia, Mofarreh M. Al Harbi Est, Nesma Holding Co. Ltd., and AL Jazirah Engineers & Consultants.
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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