Construction in Turkey - Key Trends and Opportunities to 2023 | Expected to rise at a CAGR of 4.48%

Construction activity in Turkey was weak in 2018, following the liquidity crisis and devaluation of the currency, which resulted in a deteriorating business environment. Moreover, political turmoil, terror attacks and fraying relations with Western countries also undermined investors' confidence.

The industry's value is expected to pick up over the forecast period (2019-2023), with investments in residential property, transport infrastructure, energy, commercial and industrial projects, and improvement in consumer and investor confidence. Under the 11th five-year development plan 2019-2023, the government aims to transform the country into a top 10 global economy by 2023 and increase its manufacturing capacity and exports - for this, the government is developing road, airports and port infrastructure.

The industry's output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 4.48% over the forecast period, according to Publisher.

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Key Highlights

- Publisher expects the residential construction market to account for 62.2% of the industry's total value in 2023 driven by ongoing urbanization, population growth and positive developments in regional economic conditions. Under Vision 2023, the Housing Development Administration of Turkey (TOK?) plans to build 425,000 houses by 2023. Moreover, the government plans to demolish and renovate 6.7 million houses across the country by 2037.

- Energy and utilities construction market's growth in the forecast-period will be driven by the National Broadband Strategy and Action Plan for 2017-2020 through which the government aims to improve fiber connections and increase the capacity of internet connection across the country by 2020. Accordingly, the government is taking help from foreign companies to expand the broadband network in the country.

- Publisher expects the infrastructure construction market to register a forecast-period CAGR of 8.18% in nominal terms driven by the government's focus to develop the country's transport infrastructure. The government plans to increase the total length of road from 23,522km in 2018 to 37,000km by 2023. Under this, the government plans to build 5,748km of highways across the country during 2018-2023. Furthermore, the government plans to build 600km of bridges, comprising 9,000 bridges across the country by 2023.

- Forecast-period expansion in the commercial construction market will be driven by improvements in consumer and investor confidence, an increase in public and private sector investments in the construction of new commercial buildings, growth in disposable income and an increase in the country's retail turnover. Rising tourist arrivals in the country are expected to drive market growth over the forecast period. The government plans to attract 50 million tourists and raise foreign exchange earnings to TRY136.0 billion (US$50.0 billion) by 2023.

- The total construction project pipeline in Turkey - as tracked by Publisher, and including all mega projects with a value above US$25 million - stands at TRY2.3 trillion (US$468.2 billion). The pipeline, which includes all projects from pre-planning to execution, is relatively skewed towards early-stage projects, with 53.4% of the pipeline value being in projects in the pre-planning and planning stages as of January 2019.

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Fundamentals of Table of Content:

1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered

2 Global Growth Trends
2.1 Construction in Turkey Market Size
2.2 Construction in Turkey Growth Trends by Regions
2.3 Industry Trends

3 Market Share by Key Players
3.1 Construction in Turkey Market Size by Manufacturers
3.2 Construction in Turkey Key Players Head office and Area Served
3.3 Key Players Construction in Turkey Product/Solution/Service
3.4 Date of Enter into Construction in Turkey Market
3.5 Mergers & Acquisitions, Expansion Plans

4 Breakdown Data by Product
4.1 Global Construction in Turkey Sales by Product
4.2 Global Construction in Turkey Revenue by Product
4.3 Construction in Turkey Price by Product

5 Breakdown Data by End User
5.1 Overview
5.2 Global Construction in Turkey Breakdown Data by End User

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This release was published on openPR.