South Korea Engineering Contracting Market was valued at USD 80 Billion in 2022 and is projected to reach USD 120 Billion by 2030, growing at a CAGR of 5.6% from 2024 to 2030.
South Korea's Engineering Contracting Market: Navigating Legal Frameworks and Industry Demands
South Korea's engineering contracting market has experienced significant growth, driven by the nation's robust infrastructure development and technological advancements. As of 2023, the market generated revenues of approximately USD 1,510.6 million and is projected to reach USD 4,949.4 million by 2030, reflecting a compound annual growth rate (CAGR) of 18.5%.
Key players such as Samsung C&T, Hyundai E&C, Daelim Industrial, GS E&C, and Daewoo E&C dominate the market, leveraging advanced technologies to maintain competitiveness. The industry's expansion is further bolstered by South Korea's strong focus on innovation and technology, promoting economic growth and driving the market forward.
However, the engineering contracting market operates within a complex legal framework that emphasizes fairness and good faith. The Framework Act on the Construction Industry (FACI) and the Fair Transactions in Subcontracting Act (FTSA) are pivotal in regulating construction contracts. FACI mandates fair contract negotiations and conscientious performance, while FTSA ensures the protection and fair treatment of subcontractors, preventing contractors from imposing unjust terms that could jeopardize subcontractors' welfare.
For foreign investors and project owners, adapting international standard contracts, such as FIDIC contracts, to align with Korean law is essential. This adaptation requires a nuanced understanding of the underlying legal principles seamlessly woven into concrete provisions, creating a robust foundation for projects and navigating Korea's dynamic and continuously evolving construction industry.
In recent developments, South Korean shipyards have played a crucial role in global defense strategies. Hanwha Ocean's completion of repairs on the USNS Wally Schirra marked the first time a South Korean shipyard handled such repairs for the US Navy. This collaboration exemplifies the U.S.'s growing reliance on Asian allies' shipbuilding expertise to counter naval expansions from nations like China. South Korean shipyards' efficient operations, in-house worker training, and effective design and construction processes have positioned them as valuable partners in addressing global shipbuilding challenges.
In conclusion, South Korea's engineering contracting market is characterized by rapid growth, a stringent legal framework emphasizing fairness, and a strong emphasis on technological innovation. Industry stakeholders must navigate these complexities to capitalize on the burgeoning opportunities within this dynamic market.
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ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
HOCHTIEF AKTIENGESELLSCHAFT
CHINA COMMUNICATIONS CONSTRUCTION GROUP LTD.
VINCI
STRABAG
BOUYGUES
POWER CONSTRUCTION CORP. OF CHINA
Skanska AB
CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD.
Ferrovial
TECHNIPFMC
Fluor Corp.
BECHTEL
CHINA RAILWAY CONSTRUCTION CORP. LTD.
Hyundai Engineering & Construction Co. Ltd.
SALINI IMPREGILO SPA
CONSOLIDATED CONTRACTORS GROUP
CHINA RAILWAY GROUP LTD.
CHINA NATIONAL MACHINERY INDUSTRY CORP.
ROYAL BAM GROUP NV
Petrofac Ltd.
TECNICAS REUNIDAS
CHINA ENERGY ENGINEERING CORP.
GS ENGINEERING & CONSTRUCTION
LARSEN & TOUBRO LTD.
EIFFAGE
Samsung C&T
LENDLEASE CORP. LTD.
CHINA NATIONAL CHEMICAL ENGINEERING GROUP CORP.
OBAYASHI CORP.
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Engineering Contracting Market
Residential Projects
Commercial Projects
Industrial Projects
Infrastructure Projects
Institutional Projects
Design and Engineering Services
Construction Services
Maintenance and Repair Services
Consultation Services
Project Management Services
Private Sector Clients
Public Sector Clients
Non-Governmental Organizations (NGOs)
Real Estate Developers
Utility Companies
Traditional Construction Methods
Building Information Modeling (BIM)
Prefabrication and Modular Construction
Green Building Technologies
Smart Construction Technologies
Fixed-Price Contracts
Cost-Plus Contracts
Time and Materials Contracts
Lump-Sum Contracts
Joint Venture Contracts
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Engineering Contracting Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Engineering Contracting Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Engineering Contracting Market, By Type
6. South Korea Engineering Contracting Market, By Application
7. South Korea Engineering Contracting Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Engineering Contracting Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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