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Written by Rahul Singh » Updated on: December 20th, 2024
Construction Market in GCC 2024:
How Big is the GCC Construction Industry?
The GCC construction market size 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.
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%
GCC Construction Market Trends and Drivers:
The GCC construction market is experiencing significant growth, fueled by large-scale infrastructure projects, rapid urbanization, and efforts to diversify regional economies. Key countries such as Saudi Arabia, the UAE, and Qatar are making substantial investments in non-oil sectors to reduce reliance on oil revenues, aligning with transformative initiatives like Saudi Vision 2030. These strategies are driving ambitious projects, including smart cities, world-class tourism destinations, and mixed-use developments, which are attracting regional and international investments. The demand for residential, commercial, and hospitality spaces is particularly robust in Saudi Arabia and the UAE, driven by expanding urban populations. Additionally, global events like Expo 2020 in Dubai and the 2022 FIFA World Cup in Qatar have accelerated investments in transportation, hospitality, and sports infrastructure.
The market is also embracing sustainable and technologically advanced construction practices. There is a growing emphasis on eco-friendly materials, energy-efficient designs, and smart building technologies that meet green building standards. Digital tools such as Building Information Modeling (BIM) and the Internet of Things (IoT) are revolutionizing project management, enabling real-time monitoring, enhanced operational efficiency, and streamlined workflows. Supportive government policies promoting sustainability and encouraging foreign investments are further strengthening the construction landscape. With ongoing modernization and economic diversification, the GCC construction market is set for sustained growth, driven by sustainability goals and cutting-edge technologies that enhance productivity and resilience for the future.
GCC Construction Industry Segmentation:
The report has segmented the market into the following categories:
Sector Insights:
Country Insights:
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Key highlights of the Report:
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.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: [email protected]
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
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