Kuwait Construction Market Size By Sector (Commercial, Residential, Industrial, Transportation, Energy And Utilities Construction) And Forecast

Kuwait Construction Market Size And Forecast

Kuwait Construction Market size was valued at USD 5.66 Billion in 2020 and is projected to reach USD 9.19 Billion by the end of 2028, growing at a CAGR of 6.23% from 2021 to 2028.

The major factor driving the Kuwait Construction Market will be Kuwait’s tax reforms that are encouraging foreign investors to invest in the country. They are giving benefits like income tax holidays and customs-free equipment importation, the country is hoping to attract more foreign investment. The Kuwait Construction Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Kuwait Construction Market Definition

Kuwait Vision 2035 follows His Highness the Emir’s hopes of remodeling Kuwait into a world-class financial and commercial center. The country aims to realize this, with the private sector leading economic activities, fostering competitiveness, and increasing productivity, supported by viable public institutions, while maintaining deep-rooted morals and therefore the national identity. For achieving this, Kuwait is focusing on its infrastructure and hence, the Kuwait Construction Market is anticipated to boom in the forecasted period.

Kuwait Construction Market Overview

Kuwait has executed projects worth over USD 60 billion toward its Vision Kuwait 2035 strategy, and as per senior officials, an extra USD 100 billion has to be invested. Kuwait is focusing on development and construction activities, like constructing the most important port within the Middle East- the Mubarak Al-Kabeer Port, building a brand-new passenger terminal at the Kuwait International Airport, a petrochemical complex, oil refineries, and renewable energy complexes. Kuwait thus aspires to possess a low dependence on oil, replacing it with human creativity and innovation, adding that over USD 100 billion are going to be invested by 2035.

The Kuwait Development Plan (KDP) will specialize in over 500 projects to make core infrastructure, utilities, and housing across Kuwait, and to expand the country’s oil and gas sector. one of the most important projects under the new development plan is USD 20 billion metro rail network. The three-line system would come with 61 stations and cover the complete capital. Another key infrastructure project is the proposed KD 8 billion (USD 27.56 billion) rail network which will link Kuwait with its GCC partners through the GCC rail network. Mubarak Al Kabeer Port on Boubyan Island is another major infrastructure project which will be financed and built under the KDP.

Other key projects include the development of Madinat Al Harper, commonly referred to as Silk City the creation of tourist attractions at Failaka Island, which is found 20 km from the coast; and therefore, the expansion of sewage and solid waste treatment facilities throughout the country. With around 80% of revenue coming from oil and gas, the high vulnerability of oil prices affects all sectors including construction. Land prices in Kuwait have escalated thanks to greater demand and low availability of resources, resulting in higher construction costs, thereby acting as a restraint for the market. Moreover, corruption and political instability threaten the investment environment, making foreign investors look to other GCC countries.

Kuwait Construction MarketSegmentation Analysis

The Kuwait Construction market is segmented on the basis of Sector.

Kuwait Construction Market, By Sector

• Commercial Construction
• Residential Construction
• Industrial Construction
• Transportation Construction
• Energy and Utilities Construction

On the basis of Sector, The market is divided into categories such as Commercial Construction, Residential Construction, Industrial Construction, Transportation Construction, and Energy and Utilities Construction. Out of these, the transportation construction sector will see the most growth in the forecasted period as Kuwait is planning to construct its largest ports and airports, as well as they, are improving its connectivity to other GCC countries via rail and road networks.

Key Players

The “Kuwait Construction Market” study report will provide valuable insight with an emphasis on the market. The major players in the market are JGC Corporation, SNC-Lavalin, Van Oord Dredging & Marine Contractors BV, Fluor Corp., Hyundai Engineering & Construction Co. Ltd., UGCC, and Al-Hani. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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