PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1469099
PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1469099
The Singapore construction equipment market is expected to grow at a CAGR of 5.84% from 2023-2029.
Increased Investment in Public Infrastructure Projects
KEY HIGHLIGHTS
MARKET TRENDS & DRIVERS
Singapore's Investment in Hydrogen Fuel to Promote the Nation's Target to Achieve Net Zero Emissions
Various Programs Under the Green Building Initiative to Encourage the Demand for Compact and Electric Construction Equipment
By 2030, the Building & Construction Authority (BCA) hopes to increase the percentage of green buildings to 80% with the help of the Green Building Innovation Cluster (GBIC) program. Further, BCA will increase financing for the GBIC Programme by USD 45 million to advance the limits of energy efficiency in buildings. Through industry partnerships, the improved initiative, GBIC 2.0, will focus on essential demand drivers, including building owners and developers and their value chains, to co-create and accelerate solutions and commercialization.
Surge in Infrastructure Projects in the Country to Boost the Singapore Construction Equipment Market
According to the Building & Construction Authority (BCA), the total value of construction projects in 2023 will be between USD 19.8 and USD 23.5 billion. The public sector attracts the highest demand, contributing nearly 60% of total construction demand in 2023. This is supported by pipeline public housing projects and the Housing Development Board's ramping up of Build-To-Order flats.
Private sector construction demand is projected to be between USD 8.0 and USD 9.5 billion in 2023. Residential and commercial construction projects are expected to grow in 2023. Due to the rescheduling of some major projects from 2022 to 2023, the redevelopment of old commercial premises is expected to increase, further supporting the growth of the Singapore construction equipment market.
Augmentation of the Manufacturing Sector Due to Surge in Demand for Semiconductors
Rise in Port Expansion Projects Drives the Singapore Construction Equipment Market
INDUSTRY RESTRAINTS
High Dependency on Foreign Labor and Construction Site Accidents Can Hamper Industrial Output
A surge in accidents at construction and manufacturing sites also impacts the country's labor. The local workforce does not want to join the labor force due to increased workplace accidents. According to the Ministry of Manpower report, 87 and 80 major accidents at manufacturing and construction sites occurred in the first half of 2023, respectively. The rise in accident cases is due to low safety measures and a lack of skilled training to operate the equipment at work sites. Further, a high dependency on foreign laborers will harm the productivity of the manufacturing and construction industries. According to government data, construction projects were delayed, and labor costs increased by 30% in 2022.
Surge in Building Material and Labor Cost Hampers Residential Sector
Construction Contractors Are Holding Back Projects Due to Low-Profit Margin
Rising raw material costs push up the overall construction project cost, reducing the profit margin for contractors. Few Singapore contractors suffer from insolvency due to losses sustained during the pandemic and lockdown. Further, the project tender cost also increased in 2022 and is expected to grow further in 2023 due to rising inflation in the Singapore market. Some contractors are holding out the more significant projects in the pipeline and are keen to explore joint ventures and partnerships to minimize the risk caused by uncertainty in the market.
VENDOR LANDSCAPE
Key Vendors
Other Prominent Vendors
Distributor Profiles
KEY QUESTIONS ANSWERED:
(Other Loaders, Bulldozers, Trenchers, etc.)
Graph 1 CONSTRUCTION EQUIPMENT MARKET VOLUME (UNITS)
Graph 2 CONSTRUCTION EQUIPMENT MARKET 2023 (%)
Graph 3 INCREMENTAL GROWTH BY EQUIPMENT TYPE 2023-2029 (VOLUME)
Graph 4 CONSTRUCTION EQUIPMENT MARKET BY END-USER INDUSTRIES. 2023 (% SHARE)
Graph 5 SINGAPORE CONSTRUCTION EQUIPMENT MARKET, VOLUME 2023-2029 (UNITS)
Graph 6 MAJOT PORTS IN SOUTHEAST ASIAN REGION IN 2022 TEU ($MN)
Graph 7 SINGAPORE EARTHMOVING CONSTRUCTION EQUIPMENT MARKET 2020-2029 (UNITS SALES)
Graph 8 SINGAPORE EARTHMOVING CONSTRUCTION EQUIPMENT MARKET 2020-2029 ($MN)
Graph 9 SINGAPORE EXCAVATOR CONSTRUCTION EQUIPMENT MARKET 2020-2029 (UNITS SALES)
Graph 10 SINGAPORE EXCAVATOR CONSTRUCTION EQUIPMENT MARKET 2020-2029 ($MN)
Graph 11 SINGAPORE BACKHOE LOADERS MARKET 2020-2029 (UNITS SALES)
Graph 12 SINGAPORE BACKHOE LOADERS MARKET 2020-2029 ($MN)
Graph 13 SINGAPORE WHEELED LOADERS MARKET 2020-2029 (UNITS SALES)
Graph 14 SINGAPORE WHEELED LOADERS MARKET 2020-2029 ($MN)
Graph 15 SINGAPORE OTHER EARTHMOVING EQUIPMENT MARKET, 2020-2029 (UNIT SALES)
Graph 16 SINGAPORE OTHER EARTHMOVING EQUIPMENT MARKET 2020-2029 ($MN)
Graph 17 SINGAPORE ROAD CONSTRUCTION EQUIPMENT MARKET 2020-2029 (UNIT SALES)
Graph 18 SINGAPORE ROAD CONSTRUCTION EQUIPMENT MARKET 2020-2029 ($ MN)
Graph 19 SINGAPORE ROAD ROLLERS MARKET, 2020-2029 (UNIT SALES)
Graph 20 SINGAPORE ROAD ROLLERS MARKET, 2020-2029 ($ MN)
Graph 21 SINGAPORE ASPHALT PAVERS MARKET 2020-2029 (UNIT SALES)
Graph 22 SINGAPORE ASPHALT PAVERS MARKET 2020-2029 ($ MN)
Graph 23 SINGAPORE MATERIAL HANDLING EQUIPMENT MARKET 2020-2029 (UNIT SALES)
Graph 24 SINGAPORE MATERIAL HANDLING EQUIPMENT MARKET 2020-2029 ($ MN)
Graph 25 SINGAPORE CRANES MARKET, 2020-2029 (UNIT SALES)
Graph 26 SINGAPORE CRANES MARKET 2020-2029 ($ MN)
Graph 27 SINGAPORE FORKLIFTS AND TELESCOPIC HANDLERS MARKET 2020-2029 (UNIT SALES)
Graph 28 SINGAPORE FORKLIFTS AND TELESCOPIC HANDLERS MARKET 2020-2029 ($ MN)
Graph 29 SINGAPORE AERIAL PLATFORMS MARKET 2020-2029 (UNIT SALES)
Graph 30 SINGAPORE AERIAL PLATFORMS MARKET 2020-2029 ($ MN)
Graph 31 SINGAPORE OTHERS CONSTRUCTION EQUIPMENT MARKET 2020-2029 (UNIT SALES)
Graph 32 SINGAPORE OTHER CONSTRUCTION EQUIPMENT MARKET 2020-2029 ($MN)
Graph 33 SINGAPORE DUMPERS MARKET 2020-2029 (UNIT SALES)
Graph 34 SINGAPORE DUMPERS MARKET 2020-2029 ($MN)
Graph 35 SINGAPORE TIPPERS MARKET 2020-2029 (UNIT SALES)
Graph 36 SINGAPORE TIPPERS MARKET 2020-2029 ($MN)
Graph 37 SINGAPORE CONCRETE MIXERS MARKET 2020-2029 (UNIT SALES)
Graph 38 SINGAPORE CONCRETE MIXERS MARKET 2020-2029 ($MN)
Graph 39 SINGAPORE CONCRETE PUMP TRUCKS 2020-2029 (UNIT SALES)
Graph 40 SINGAPORE CONCRETE PUMP TRUCKS 2020-2029 ($MN)
Graph 41 SINGAPORE CONSTRUCTION EQUIPMENT MARKET 2020-2029 (UNIT SALES)
Graph 42 SINGAPORE CONSTRUCTION EQUIPMENT MARKET 2020-2029 ($ MN)
Graph 43 SINGAPORE MANUFACTURING CONSTRUCTION EQUIPMENT MARKET IN, 2020-2029 (UNIT SALES)
Graph 44 SINGAPORE MANUFACTURING CONSTRUCTION EQUIPMENT MARKET 2020-2029 ($ MN)
Graph 45 SINGAPORE MINING CONSTRUCTION EQUIPMENT MARKET, 2020-2029 (UNIT SALES)
Graph 46 SINGAPORE MINING CONSTRUCTION EQUIPMENT MARKET 2020-2029 ($ MN)
Graph 47 SINGAPORE OTHERS CONSTRUCTION EQUIPMENT MARKET 2020-2029 (UNIT SALES)
Graph 48 SINGAPORE OTHERS CONSTRUCTION EQUIPMENT MARKET IN OTHERS 2020-2029 ($ MN)
Graph 49 MARKET SHARE OF LEADING VENDORS VS OTHERS (2022)
Graph 50 CATERPILLAR: SALES BY REGION 2022 (%)
Graph 51 CATERPILLAR: SALES BY BUSINESS SEGMENT 2022 (%)
Graph 52 HITACHI: SALES BY REGION 2022 (% SHARE)
Graph 53 HITACHI: SALES BY SEGMENT 2022 (% SHARE)
Graph 54 KOMATSU: SALES BY REGION IN 2022 (% SHARE)
Graph 55 KOMATSU: BREAKDOWN OF NET SALES BY BUSINESS SEGMENT 2022 (% SHARE)
Graph 56 LIEBHERR: SALES BY REGION 2022 (% SHARE)
Graph 57 LIEBHERR: SALES BY PRODUCT SEGMENT 2022 (% SHARE)
Graph 58 VOLVO: NET SALES BY REGION 2022 (% SHARE)
Graph 59 VOLVO: NET SALES BY SEGMENT 2022 (% SHARE)
LIST OF TABLES:
Table 1 KEY INFRASTRUCTURE PROJECTS
Table 2 VALUE OF CONSTRUCTION DEMAND, $BN (PUBLIC & PRIVATE SECTOR)
Table 3 CONSTRUCTION CONTRACT AWARDED IN 2022 ($BN)
Table 4 IMPORT DATA
Table 5 EXPORT DATA
Table 6 TOTAL INCREMENTAL OPPORTUNITY, 2022-2029
Table 7 MONTHLY CONSTRUCTION STARTS ($MN)
Table 8 TOTAL INCREMENTAL OPPORTUNITY, 2022-2029 (END-USER)