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The Construction industry is projected to grow from USD 41.63 Billion in 2023 to USD 82.96 Billion by 2032, exhibiting a CAGR of 9.00% during the forecast period (2024 – 2032).
Competitive Landscape
Major players in the Construction market are trying to increase the market demand by investing in research and development operations, including YTL Corporation Berhad, IJM Corporation Berhad, Gamuda Berhad, UEM Group Berhad, Malaysian Resources Corporation Berhad, WCT Holdings Berhad, WCE Holdings Berhad, Hock Seng Lee Berhad, Mudajaya Group Berhad, Muhibbah Engineering (M) Bhd.
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Market Dynamics
Construction activity due to large-scale infrastructure projects and rising local and foreign investment in Malaysia construction market CAGR. Market growth is expected to continue at 4.4% in 2024. Population expansion, urbanization, and rising disposable income have increased housing demand and residential construction projects. In response to increasing demand, major developers are building large-scale apartment, condominium, and landed property developments to meet housing needs. Construction activity boosts cement, steel, and brick demand and benefits engineering, architecture, and interior design. Construction also generates cash and jobs. The Malaysian construction sector relies on residential project investment, which drives market growth.
Market growth is also driven by government initiatives like building highways, bridges, airports, railways, and ports and expanding and reconstructing existing infrastructure to make Malaysia a high-income nation and regional economic powerhouse. Malaysia’s economy needs better infrastructure to promote industrial expansion, attract investment, and compete. Therefore, the government’s continuous investment in infrastructure development drives the construction sector, complementing expanding residential construction and driving income.
As infrastructure and green construction grow, the Malaysian construction market is expected to grow. Construction equipment would be needed for several transportation, telecommunications, and energy projects. Green construction uses fewer resources, produces less waste, and provides healthy living spaces.
Malaysia’s building industry suffered from COVID-19. Without important or required services, most construction work was halted during the Movement Control Order. Contractors still had to implement strict health and safety standards (“SOPs”) on construction sites after the MCO was withdrawn. Due to disturbance, they couldn’t complete their work.
Segmental Analysis
The Malaysia Construction market segmentation, based on sector, includes Infrastructure Construction, Residential Construction, Energy and Utilities Construction, Commercial Construction, And Industrial Construction.
The Malaysia Construction market segmentation, based on type, includes Additions, Demolition and Reconstruction, and New Construction.
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Key Players:
YTL Corporation Berhad
IJM Corporation Berhad
Gamuda Berhad
UEM Group Berhad
Malaysian Resources Corporation Berhad
WCT Holdings Berhad
WCE Holdings Berhad
Hock Seng Lee Berhad
Mudajaya Group Berhad
Muhibbah Engineering (M) Bhd
Regional Overview
Malaysia’s construction sector is an important segment that contributes to economic growth and development through a variety of projects, including commercial, residential, industrial, and infrastructure. With a rapidly urbanizing population and ongoing urban renewable projects, the construction sector continues to expand, attracting investment and driving innovation in construction techniques and materials. Furthermore, the government has enacted a variety of measures and policies to promote environmentally friendly construction, including required compliance with green building standards for certain types of constructions. The government has invested in infrastructure projects to boost transportation networks, communications, and public services. Malaysia’s construction industry is embracing digital technology and Building Information Modeling (BIM) solutions to improve project management, optimize building processes, and boost stakeholder participation.
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