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Turkey Construction Market Size

Report ID: GMI6253
Published Date: Jul 2023
Report Format: PDF

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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.

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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.

Turkey Construction Market Report Attributes
Report Attribute	Details
Base Year:	2022
Turkey Construction 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:	Government initiatives for smart city infrastructure development Proliferation of sustainable construction across Turkey Government support for the energy & renewable sector
Pitfalls & Challenges:	Political and geopolitical risks Emerging safety and labor issues

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for construction in Turkey reached USD 50.71 billion in 2022 and will witness over 5% CAGR from 2023 to 2032, led by escalating urbanization and population growth.

Turkey residential construction industry size recorded about 15% of the overall revenue share in 2022, due to the growing population moving to cities in search of better employment opportunities and improved living standards.

The private end-use segment recorded 69.24% of the Turkey construction market share in 2022 and will observe nearly 4.5% CAGR from 2023 to 2032, owing to the rising disposable incomes along with increasing investments for buying homes and property renovations.

Rönesans Holding, Enka ?n?aat ve Sanayi A.? (ENKA), Yap? Merkezi, Limak Group, Do?u? Construction Group, Nurol Construction and Trading Co. Inc., Ant Yap?, Taisei Corporation, and SK ecoplant are some of the key industry players.