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Construction In South Korea Growing Over the Forecast Period 2020
The report provides market analysis, information and insights into “Construction in south Korea”
About Construction in south Korea
In real terms, the South Korean construction industry's growth is expected to increase from a compound annual growth rate (CAGR) of -0.61% during the review period (2010-2014) to 2.50% over the forecast period (2015-2019). Over the forecast period, industry growth will be supported by residential, commercial and infrastructure projects. A rising number of tourists and country’s large population will support the growth in the retail industry. The increasing interest in property investment on Jeju Island will also support the industry. Works related to the hosting of the 2018 Winter Olympics Games in Pyeongchang, Gangwon province, will also provide support.
View more details @ http://www.bigmarketresearch.com/construction-in-south-korea-key-trends-and-opportunities-to-2019-market
KEY MARKET BENEFITS:
This report offers the following benefits:
This report provides a comprehensive analysis of the construction industry in South Korea. It provides:
• Historical (2010-2014) and forecast (2015-2019) valuations of the construction industry in South Korea using construction output and value-add methods
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by project type
• Breakdowns of values for each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
• Analysis of key construction industry issues, including regulation, cost management, funding and pricing
Due to eased travel restrictions, the growing number of inbound tourists in the country fuelled demand in the leisure and hospitality industry. According to the Korean Tourism Organization (KTO), the number of tourist arrivals in the country increased from 12.2 million in 2013 to 14.2 million in 2014, and the organization aims to attract 20 million tourists by 2020.
A surge in the number of tourist arrivals has triggered several tourism infrastructure development projects, such as the Ocean Marina City, Multi Tourist Complex in Jeju and Incheon Airport’s Tourism project. Efforts to develop the country’s tourism industry will boost the leisure and hospitality category in the commercial construction market over the forecast period.
The country’s aim is to double its nuclear power generation capacity, which will support the growth of the energy and utilities construction market, which accounted for 9.8% of the total industry value in 2014. In January 2014, the government approved the construction of two nuclear reactors worth KRW7.6 trillion (U$7.0 billion), each with a capacity of 1,400MW. This will also support the industry’s growth over the forecast period.
In December 2013, the government approved a ‘U-turn Company Support Law’, under which incentives and subsidies, such as income and corporate tax cuts, and subsidies to purchase land and equipment, will be offered to Korean companies to bring back their production facilities to South Korea from overseas. Government’s initiative to support the domestic manufacturing industry is expected to drive the growth of the manufacturing plants category over the forecast period.
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