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Report
Singapore Transportation Infrastructure Construction - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029
Market Report I 2024-02-17 I 120 Pages I Mordor Intelligence
The Singapore Transportation Infrastructure Construction Market size is estimated at USD 4.57 billion in 2024, and is expected to reach USD 5.59 billion by 2029, growing at a CAGR of 4.07% during the forecast period (2024-2029).
Building and Construction Authority (BCA) predicts total construction demand for 2023 to be in the range of SGD 27 billion (USD 20.08 bn) to SGD 32 billion (USD 23.80 bn). Public sector demand is expected to account for about 60% of the total demand, ranging from SGD 16 billion (USD 11.90 bn) to SGD 19 billion (USD 14.13 bn). This is underpinned by a continuing strong public housing pipeline amid HDB's expansion of BTO flats supply.
Industrial and institutional building demand is expected to continue to grow at a healthy pace, underpinned by more projects for water treatment plants and educational buildings, as well as community clubs. Civil engineering construction demand should remain stable, underpinned by MRT line and other infrastructure construction.
Singapore's construction industry was expected to return to pre-COVID-19 activity levels in 2022 as the country's infrastructure spending increased. According to the latest data from the Ministry of Commerce and Industry, the construction industry grew by 3.3 percent in the second quarter of 2022 compared to the 2.4 percent recorded in the first quarter of 2022.
However, the construction industry may be affected by the labor shortage, which has been partially alleviated by the government's worker retention scheme, which was implemented between September 2021 and February 2022.
The construction sector has also been impacted by increasing oil prices and disruptions to global supply chains. This has led to an increase in material prices, machinery, and transportation costs. However, with continued construction demand driven by public sector projects, the construction sector is expected to grow in 2024.
Singapore Transportation Infrastructure Construction Market Trends
Metro Expansion in the Country
The ambitious expansion of Singapore's metro system continues to provide choice contracts for domestic firms and foreign ones with track records in the city-state.
In January 2022, the country's Land Transport Authority (LTA) awarded two civil contracts for the design and construction of Cross Island Line Phase 1 (CRL1) stations and tunnels at a combined contract value of USD 110.5 million. The contracts went to a Singaporean firm and a Japanese one.
Twenty-nine kilometers in length and with 12 stations, the Cross Island Line is Singapore's eighth. It will serve existing and future developments in the eastern, northeastern, and western corridors, linking hubs such as Jurong Lake District, Punggol Digital District, and Changi region. Nearly half of its stations will connect with other rail lines, increasing connectivity for commuters.
The first contract for the design and construction of Serangoon North station and tunnels has been won by Singaporean firm Hock Lian Seng Infrastructure at a contract value of USD 58.3 million.
Hock Lian Seng built the Kim Chuan Depot and Marina Bay station for the Circle Line and is currently involved in building Maxwell station along the Thomson-East Coast Line (TEL).
The second contract, for the design and construction of Tavistock station and tunnels, has been awarded to Japanese infrastructure company Sato Kogyo at a contract value of USD 407 million.
With long experience in Singapore, the company built Bencoolen and Mattar stations on the Downtown Line as well as Upper Thomson station on the TEL.
Resumption of work at T-5 of Changi Airport
After a gap of two years due to the pandemic, the construction of Changi Airport Terminal 5 (T5) in Singapore is back on track - this time with a new modular design and improved resilience and sustainability measures. The first phase of construction is expected to start around 2024, with T5 set to open in the mid-2020s. The new terminal will be built in the same land area as the existing Changi Airport (1,080ha) in Changi East. Designed to accommodate around 50 million passengers annually, T5 has the flexibility to build in two phases as traffic volumes increase. The additional capacity provided by T5 is expected to bolster Changi Airport's position as a regional and global hub.
The Changi Airport infrastructure comprises the passenger terminals, the runways, the taxiways, the maintenance buildings and services, and the ground support equipment. Changi Airport's four existing passenger terminals can accommodate 82 million passengers annually. Terminal 5 is expected to accommodate 50 million passengers annually upon completion.
Singapore Transportation Infrastructure Construction Industry Overview
The transport infrastructure construction market in Singapore is highly diversified, with several domestic and foreign players operating in the market. The market is expected to remain stable over the next few years due to the growing trend of government investment in the sector. Due to the large number of projects in the pipeline, there is always scope for new entrants into the market. Some of the key players in the market include Samsung C&T, Hyundai E&C, Daaelim Industrial, GS E&C, and Daewoo E&C, among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of Study
2 RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.1.1 Increase In Tourism Industry
4.2.1.2 Sustainability and Environmental Concerns
4.2.2 Restraints
4.2.2.1 Financial Constraints
4.2.2.2 High Maintenance and Keep Up
4.2.3 Opportunities
4.2.3.1 Technological Advancements
4.3 Value Chain / Supply Chain Analysis
4.4 Industry Policies and Regulations
4.5 Technological Developments in the Sector
4.6 Industry Attaractiveness - Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Consumers/Buyers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Mode
5.1.1 Roadways
5.1.2 Railways
5.1.3 Airways
5.1.4 Ports and Inland Waterways
6 COMPETITIVE LANDSCAPE
6.1 Overview (Overall Market Share, Market Concentration and Major Players, and Companies' Comparison Analysis)
6.2 Company Profiles
6.2.1 Woh Hup Holdings Pte Ltd
6.2.2 Shimizu Corporation
6.2.3 Jurong Engineering Limited
6.2.4 Hyundai Engineering & Construction Co. Ltd.
6.2.5 Obayashi Singapore Private Limited
6.2.6 Koh Brothers Building & Civil Engineering Contractor Pte Ltd
6.2.7 Tiong Seng Group
6.2.8 Lum Chang Holdings Limited
6.2.9 Daelim Industrial Co Ltd
6.2.10 CSC Holdings Limited*
6.3 Other Companies (Overview/Key Information)
7 FUTURE OF SINGAPORE TRANSPORTATION INFRASTRUCTURE CONSTRUCTION MARKET
8 APPENDIX
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