Market Size of Singapore Transportation Infrastructure Construction Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.57 Billion |
| Market Size (2029) | USD 5.59 Billion |
| CAGR (2024 - 2029) | 4.07 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Transportation Infrastructure Construction Market Analysis
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.
