Philippines Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028
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Philippines Construction Market Overview
The Philippines construction market size was $65.2 billion in 2023. The market will achieve an AAGR of more than 7% during 2025-2028. The government’s focus on infrastructure and energy development will support market expansion in real terms in 2024. Furthermore, the government’s focus on developing transport and energy infrastructure, along with investment to develop affordable housing and social infrastructure will drive the market growth during the forecast period.
Philippines Construction Market Outlook, 2023-2028 ($ Billion)
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The Philippines construction market research report gives a comprehensive understanding of project types and construction activities in the country. It analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report further discusses the key sectors in the construction market and their growth drivers. Along with reviewing the details of the construction projects, our analysts have elaborated on emerging trends and assessed key risks and opportunities that will influence the Philippine construction market growth in the coming years.
Market Size (2023) | $65.2 billion |
AAGR (2025-2028) | >7% |
Forecast Period | 2023-2028 |
Historical Period | 2019-2022 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
Key Contractors | · Yuchengco Group of Companies
· Ayala Corp · Citicore Holdings Investment Inc · Quanta Services Inc · Actividades de Construccion y Servicios SA |
Key Consultants | · Japan International Cooperation Agency
· Ramboll Group AS · Hamburg Port Consulting GmbH · Katahira & Engineers International · Oriental Consultants Holdings Company Limited |
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Philippines Construction Market Segmentation by Sectors
The residential construction sector accounted for the highest market share in the Philippines construction market in 2023
The key sectors in the Philippines construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. An expected improvement in tourism activity, coupled with robust retail and office investment will drive the commercial sector’s growth during the forecast period.
Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. An increase in manufacturing production and demand for new automobiles will drive the sector’s growth during the forecast period.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The government’s investment in road, rail, and airport projects will support the infrastructure sector’s output during the forecast period.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The government’s focus on the development of renewable energy, in line with its objective of increasing the share of renewable energy in the total power mix under the National Renewable Energy Program (2020-2040), will drive sector growth during 2025-2028.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Government investment in the development of education and healthcare infrastructure will fuel the growth of the institutional construction sector during the forecast period.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The Pambansang Pabahay para sa Pilipino Housing Program and projects associated with it will support the residential sector output over the forecast period.
Philippines Construction Market Analysis by Sectors, 2023 (%)
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Philippines Construction Market - Competitive Landscape
Yuchengco Group of Companies emerged as the leading contractor and Japan International Cooperation Agency as the leading consultant in the Philippines construction market in 2023
A few of the leading contractors in the Philippines construction market are:
- Yuchengco Group of Companies
- Ayala Corp
- Citicore Holdings Investment Inc
- Quanta Services Inc
- Actividades de Construccion y Servicios SA
Foreign contractors account for most of the project pipeline in the Philippine construction market.
Philippines Construction Market Analysis by Contractors, 2023 (%)
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A few of the leading consultants in the Philippines construction market are:
- Japan International Cooperation Agency
- Ramboll Group AS
- Hamburg Port Consulting GmbH
- Katahira & Engineers International
- Oriental Consultants Holdings Company Limited
Consultants with headquarters outside the Philippines are involved in most of the project pipeline by value.
Philippines Construction Market Analysis by Consultants, 2023 (%)
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Philippines Construction Market - Latest Developments
- Among the largest commercial projects currently in the pipeline is the SM Seaside City Arena project. The project involves the construction of a mixed-use community in Cebu City, including the construction of a convention center and office towers.
- In February 2024, the government allocated a certain budget for infrastructure projects under the ‘Build Better More’ program. These projects will improve the country’s water resources. Out of that budget, a certain amount will be used for the Central Luzon-Pampanga River Floodway Control Project, which involves the construction of a floodway channel.
Segments Covered in the Report
Philippines Construction Sectors Outlook (Value, $ Billion, 2019-2028)
- Commercial Construction
- Industrial Construction
- Infrastructure Construction
- Energy and Utilities Construction
- Institutional Construction
- Residential Construction
Scope
This report provides:
- A comprehensive analysis of the construction industry in the Philippines.
- Historical and forecast valuations of the construction industry in the Philippines, featuring details of key growth drivers.
- Segmentation by sector and by sub-sector.
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants.
Reasons to Buy
- Identify and evaluate market opportunities using GlobalData’s standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData’s critical and actionable insight.
- Assess business risks, including cost, regulatory, and competitive pressures.
- Evaluate competitive risk and success factors.
Table of Contents
Table
Figures
Frequently asked questions
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What was the construction market size in the Philippines in 2023?
The construction market size in the Philippines was $65.2 billion in 2023.
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What will the Philippines construction market growth rate be during the forecast period?
The construction market in the Philippines is projected to achieve an AAGR of more than 7% during 2025-2028.
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Which sector accounted for the highest share of the Philippines construction market in 2023?
The residential construction sector accounted for the highest market share in the Philippines construction market in 2023.
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Which are the leading contractors in the Philippines construction market?
A few of the leading contractors in the Philippines construction market are Yuchengco Group of Companies, Ayala Corp, Citicore Holdings Investment Inc., Quanta Services Inc., and Actividades de Construccion y Servicios SA, among others.
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Which are the leading consultants in the Philippines construction market?
A few of the leading consultants in the Philippines construction market are Japan International Cooperation Agency, Ramboll Group AS, Hamburg Port Consulting GmbH, Katahira & Engineers International, and Oriental Consultants Holdings Company Limited, among others.
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