The construction industry is one of the key pillars of the Philippines’ economic growth. In 2020, the industry is valued at USD 20.05 billion and is expected to reach USD 54.12 billion by 2026. The expected CAGR of the industry is 18.2%.
An in-depth analysis by a Philippines construction consulting company can help you understand the market and formulate an effective market entry strategy.
Philippines Construction Consulting: Market Overview
The Philippines is one of the fastest-growing nations with an emerging market in the world. The market size of the country’s industry is valued at USD 20.05 billion in 2020, a significant increase from USD 16.99 billion in 2019.
The value of the market is projected to grow at a CAGR of 18.2% in 2021 – 2026. By the end of 2021, the Philippines’ construction market value is expected to reach USD 23.65 billion. By the end of 2026, the value is expected to be worth more than twice the value in 2021 at USD 54.12 billion.
At the moment, building construction is the leading segment in the construction industry. The segment has nearly 37.2% of the total market size of the industry. The building construction is valued at USD 7.45 billion in 2020 and is projected to reach USD 20.13 billion by 2026.
There are two main drivers in the Philippines construction industry market. The first driver is the implementation of different governmental projects. The Philippines government is planning and implementing various projects that drive the growth and development of the construction industry.
For example, the Build Build Build program includes nearly 75 infrastructure, 5 flood control, 4 energy facilities, and 3 social infrastructure projects.
The second driver is the growing population and the increasing rate of urbanization. The Philippines’ population growth rate is approx. 1.39%. The urban population of the country has reached 47.41%, an increase from 45.33% in 2010.
EEI Corporation, one of the leading construction companies in the country specializing in large-scale light and heavy industrial projects, property development, and infrastructure projects.
- Megawide Construction Corporation, one of the top engineering companies in the Philippines. The company specializes in engineering, construction, procurement, as well as transport-oriented development.
- DDT Konstract, one of the leading corporations with specializations in building design, pre-construction, general construction, and construction management.
- SMCC Philippines, a Japan-based construction company with expertise in civil and building works.
The Philippines’ construction industry is growing rapidly. In 2020, the value of the industry is USD 20.05. By 2026, the value is expected to reach USD 54.12 billion. A Philippines construction consulting company can help you understand the industry better and gain actionable insights.