Singapore Construction Market is Expected to Reach USD 43.22 Billion by 2030

A series of substantial projects initiated in the region is driving the Singapore construction market growth during the forecast period.

The Singapore Construction Market size was valued at USD 33.78 billion in 2024, and is projected to grow to USD 35.93 billion by 2025. Additionally, the industry is expected to continue its growth trajectory, reaching USD 43.22 billion by 2030, with a CAGR of 3.8% from 2025 to 2030, according to new research by Next Move Strategy Consulting.

The construction market in the country is witnessing a significant surge, driven by major infrastructure developments across key sectors. Notable projects launched in 2024 include the Keppel Sakra Cogen Plant with a 600 MW capacity, the expansion of the GSK Tuas Vaccines Facility, the DSV Pearl Warehouse Facility infrastructure, the Changi Airframe MRO facility, and the Landmark Condominium Complex. These high-impact initiatives are not only accelerating market growth but also strengthening the nation’s infrastructure and renewable energy capabilities, reinforcing its strategic position in regional development.

However, overcoming regulatory complexities remains a considerable challenge in the construction sector. Infrastructure projects frequently face delays due to a complex web of governmental regulations and permitting requirements. Approvals must be secured from multiple agencies at the local, regional, and national levels, covering aspects such as zoning compliance, environmental assessments, building codes, and safety regulations. These lengthy and inconsistent approval processes contribute to project delays, cost overruns, and reduced investor confidence. Additionally, sudden regulatory shifts or policy changes further disrupt project continuity and hinder long-term planning.

On the other hand, the construction sector is undergoing a profound digital transformation, opening new avenues for efficiency and growth. The increasing adoption of Building Information Modeling (BIM) is revolutionizing the way infrastructure is designed, managed, and executed. BIM improves design precision, enhances collaboration among stakeholders, and optimizes resource utilization. 

Reflecting this shift, ALLPLAN launched Allplan 2024 in April 2024, offering enhanced BIM features and more streamlined cloud-based workflows, supporting the industry's transition toward fully digital project delivery. Moreover, the convergence of AI, IoT, and cloud computing is facilitating real-time data sharing, predictive maintenance, and intelligent facility management, positioning digitalization as a key enabler of the sector’s future resilience and competitiveness.

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Several market players operating in the Singapore construction industry include KTC Group, Paramount Eco Hub Pte Ltd, Lum Chang Building Contractors Pte Ltd, McConnell Dowell South East Asia Pte Ltd, Hwa Seng Builder Pte Ltd (HSB), Koon Holdings Limited, Sim Lian Construction Co (Pte) Ltd, ABLE Construction Pte. Ltd, K. A Building Construction Pte Ltd, Keppel Land, Kimly Construction, Soilbuild Construction Group, CPC Construction PTE Ltd, Wan Chung Construction (Singapore) Pte. Ltd., CHC Construction Pte. Ltd., and others.

Key Insights from the Singapore Construction Market Report:

•    The information related to key drivers, restraints, and opportunities and their impact on the Singapore construction market trends is provided in the report.

•    The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

•    The report provides the Singapore construction market share of key players, along with a detailed competitive analysis.