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Turkey Construction Market Size
Turkey Construction Market size valued at USD 50.71 billion in 2022 and is projected to grow at a CAGR of over 5% between 2023 and 2032, influenced by the escalating urbanization and population growth. As more people migrate to urban areas, there is a substantial surge in the demand for housing and urban infrastructure. Various factors, such as better economic prospects, improved access to education and healthcare, and an enhanced quality of life, contribute to this trend. To meet the demands of urbanization and population expansion, the construction sector assumes a pivotal role in erecting essential residential, commercial, and public infrastructure.
The Turkish Government has fully embraced the idea of smart cities and has taken proactive steps to incorporate cutting-edge technologies into urban infrastructure. These initiatives center around the strategic planning and design of cities with an emphasis on digital connectivity, intelligent systems, and sustainable approaches. As a crucial participant in this transformation, the construction industry assumes a vital role in actualizing the physical infrastructure necessary for smart city projects. This involves tasks like installing sensors, establishing communication networks, and implementing smart grids to support and enable the smart city vision.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 50.71 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5% |
| 2032 Value Projection: | USD 81.26 Billion |
| Historical Data for: | 2005 - 2032 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 92 |
| Segments covered: | Type, end-use, contracting type and, scale |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The Turkey construction market in can be significantly influenced by alterations in government policies. Any changes in regulations, construction codes, taxation, or procurement processes can introduce uncertainties that impact project timelines, expenses, and profitability. In response to these evolving policies, construction companies must be flexible and adept at navigating the shifting landscape, which may present challenges and necessitate adjustments to their business strategies.
COVID-19 Impact
During the COVID-19 pandemic, construction activities were disrupted owing to lockdown measures, supply chain disruptions, and labor shortages. Construction sites were temporarily closed or operated at reduced capacity during the peak of the pandemic, leading to project delays, increased costs, and logistical challenges. Projects in the hospitality, retail, and commercial sectors experienced delays or cancellations due to decreased demand and uncertain market conditions. On the other hand, there was an increased focus on healthcare infrastructure, such as hospitals and medical facilities, to address the immediate needs brought about by the pandemic.
Turkey Construction Market Trends
Turkey has been investing heavily in infrastructure projects, including roads, bridges, airports, and railways. The government's focus on improving transportation networks and urban infrastructure is driving significant construction activity in the country. Moreover, Turkey's rapid urbanization has led to the development of smart cities and the implementation of innovative technologies in construction projects. Smart city initiatives aim to improve the quality of life, enhance sustainability, and optimize resource management through the integration of digital infrastructure and smart systems.
Turkey Construction Market Analysis
The residential construction segment held approximately 5% of the Turkey construction market share in 2022 and is anticipated to experience robust growth. According to the Turkish Statistical Institute (TÜ?K), in 2021, 137,401 houses were sold, up from 119,574 in 2020. This factor can give an edge over other construction types. Turkey is experiencing significant urbanization with the growing population moving to cities in search of better employment opportunities and improved living standards. This demographic trend creates a demand for residential properties including housing developments, apartment complexes, and residential infrastructure projects.
The private sector segment captured about 69.24% share of the Turkey construction industry in 2022 and is poised to observe gains at nearly 4.5% up to 2032. Turkey's growing economy and better employment opportunities have boosted disposable incomes, allowing more people to invest in private construction ventures like buying homes, property renovations, and constructing commercial establishments.
Turkey Construction Contracting Type Segmentation
The general contracting segment of Turkey construction market reached USD 25 billion in 2022. Turkey's growing population and urbanization are driving the demand for new infrastructure, residential properties, commercial buildings, and public facilities. General contractors are essential in meeting this demand as they oversee and manage construction projects of various sizes and complexities. Additionally, the Turkish government has been investing significantly in infrastructure development including transportation networks, energy projects, and public services.
Turkey Construction Market Share
Major companies operating in the Turkey construction market include :
- Alarko Holding
- Ant Yap?
- Astaldi
- Do?u? Construction Group
- Enka ?n?aat ve Sanayi A.? (ENKA)
- Gülsan Holding
- IC ?çta? Construction
- Limak Group
- Nurol Construction and Trading Co. Inc.
- Rönesans Holding
- SK ecoplant
- Taisei Corporation
- TAV Construction
- Tekfen Construction and Installation Co., Inc.
- Yap? Merkezi
Turkey Construction Industry News
- In 2021, residential property sales in Turkey increased by 15% year on year. According to the Turkish Statistical Institute (TÜ?K), in 2021, 137,401 houses were sold, up from 119,574 in 2020. This factor can give an edge over other construction types.
This market research report on Turkey construction includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:
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By Type
- Residential Construction
- Commercial Construction
- Sports Facilities Construction
- Hospitality Facilities Construction
- Retail Facilities Construction
- Office Buildings Construction
- Industrial Construction
- Infrastructure Construction & Heavy Civil Construction
- Institutional Construction
- Healthcare Facilities Construction
- Educational Facilities Construction
- Mixed-Use Construction
- Specialized Construction
- Renovation/Remodeling Construction
- Environmental Construction
By End-Use
- Private sector
- Public sector
By Contracting Type
- General contracting
- Design-build contracting
- Construction management
By Scale
- Mega project
- Major project
- Medium project
- Small project
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