The Singapore compact construction equipment market was valued at 2,292 units in 2022 and is expected to reach 3,322 units by 2029, growing at a CAGR of 5.45% during the forecast period. Various ongoing infrastructure projects, such as the expansion of airports, railway lines, and construction cycle pathways, are in progress in 2023. The government is also investing in various housing projects, especially in the Central region of the country, in 2023. The increasing investment in public infrastructure and a surge in semiconductor manufacturing are projected to drive the Singapore compact construction equipment market.
MARKET TRENDS & DRIVERS
Surge in Infrastructure Projects in Public & Private Sectors in 2023
- According to the Building & Construction Authority (BCA), the total value of construction projects in 2023 is in the range between USD 19.8 and USD 23.5 billion.
- The public sector attracts the highest demand, which contributes to nearly 60% of total construction demand in 2023. This is supported by pipeline projects of public housing and the Housing Development Board’s ramping up of Build-To-Order flats.
- Construction projects of Industrial and Institutional buildings are under progress, construction of water treatment plants, educational buildings, and community clubs. Civil engineering demand is expected to stay firm with ongoing MRT line construction & other infrastructure works.
- Private sector construction demand is projected to be between USD 8.0 and USD 9.5 billion in 2023. The residential and commercial construction projects are expected to grow in 2023.
The Rise in Port Expansion Projects Drives the Singapore Compact Construction Equipment Market
The ports of Singapore provide free trade service, which attracts imports from other nationals. Singapore’s port is strategically located at the crossroads of East-West trade channels and is connected to 600 ports in over 120 countries. Moreover, Singapore Port is one of the world’s busiest ports and also handles more than 625 million tons of cargo annually. In addition, the government is looking to expand this further when the Tuas Mega Port is completed in 2040. In 2022, the government planned to invest USD 14 billion to build the world’s largest automated port by 2040, having double the existing space, features of drones, and driverless vehicles.
Surge in Demand for Automation in Construction Equipment
Singapore depends on foreign laborers for construction and manufacturing industries. The pandemic disrupted the labor supply, and the government minimum pay guideline is adding more problems due to the rise in the overall cost of construction projects. This situation triggers the demand for automation in construction jobs, which will reduce labor dependency and enhance work safety and efficiency. Moreover, the demand for self-driving construction machinery that can perform repetitive tasks such as welding, pouring concrete, and demolition has surged in the Singapore construction industry in recent times. Thereby automated excavators are being used to carry out excavation and prep work with great precision in the Singapore market in 2023.
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