From 2015 to 2019, the specialized construction activities in South Korea experienced consistent growth with notable year-on-year variations, peaking in 2019 to 22.232 trillion KRW. However, 2020 saw a substantial decline of 16.67% due to potential economic disruptions. The industry rebounded strongly in 2021 with an impressive 22.2% increase, stabilizing around a value of 22.949 trillion KRW in 2022, before achieving 23.255 trillion KRW in 2023 with a 1.33% year-on-year growth. Over the last five years, the CAGR was marked at 1.13% until 2023.
Forecasting forward from 2024 to 2028, the specialized construction activities sector is expected to maintain steady growth, averaging an annual forecasted growth rate of 1.05% CAGR, culminating in a value of 24.849 trillion KRW by 2028. This represents a cumulative growth of 5.34% over the five-year forecast period.
Future trends to watch include technological advancements in construction methodologies, governmental infrastructure projects, economic fluctuations, and environmental regulations which could impact the pace and nature of specialized construction activities in South Korea. Additionally, the adoption of sustainable and green construction practices may present both challenges and opportunities for growth.
