Saudi Arabia Construction Market Size (2024 - 2029)

Saudi Arabia Construction Market Analysis

The Saudi Arabia Construction Market size is estimated at USD 70.33 billion in 2024, and is expected to reach USD 91.36 billion by 2029, growing at a CAGR of 5.37% during the forecast period (2024-2029).

• As Saudi Arabia grows, the construction market will continue to grow due to increasing government and private partnership investments. In addition, the development of Mecca, Medina, and projects in a pilgrimage city have gained momentum as part of Vision 2030, with large sums spent to expand the Great Masjid of Mecca.
• The construction sector plays a crucial role. Saudi Arabia is at the forefront of big city construction, with more than 5,200 projects with an estimated value of USD 819 billion.
• In response to emerging trends and ambitious initiatives, Saudi Arabia's construction landscape is transforming dynamically. The line, NEOM's intelligent city initiative launched in 2020 near Riyadh, is one of the most critical projects. It is said that urban life and sustainability will be redefined by the groundbreaking USD 500 billion linear town. This development, covering a total of 170 km, is intended to prioritize nature and human well-being and to commit to renewable energy and advanced transport systems in the future.
• A USD 1.5 billion contract for constructing a high-speed rail line in the NEOM region has been awarded to a joint venture between Italy's Webuild and Saudi Arabia's Sajco. The line will be connected to Oxagon, the industrial center of NEOM, by a 57 km high-speed connector train. The 70/30 split of the joint venture agreement for the railway line shall be between WeBuild.
• Automated solutions are becoming more and more common for contractors in the country. Robotics bricklayers and drones, with artificial intelligence assistance, are becoming more common, lowering costs, saving time, and ensuring that safety standards are respected.
• The Saudi National Industrial Strategy further emphasizes achieving global leadership in high-technology manufacturing and development, launched as part of the 2030 Vision. This includes a range of technologies, such as artificial intelligence, robotics, and 3D printing, which potentially change Saudi Arabia's construction industry and other parts of its economy.
• Saudi Arabia is shaping its future through the construction sector and transformative projects such as NEOM to diversify its economic landscape. This kind of venture plays a key role in catapulting it to the global stage, and there is no slowdown in the pipeline of ambitious construction projects.

Saudi Arabia Construction Industry Segmentation

The construction market includes upcoming, ongoing, and growing construction projects in different sectors. These include but are not limited to geotechnical (underground structures) and superstructures in residential, commercial, and industrial structures, as well as infrastructure construction (like roads, railways, and airports) and power generation and transmission-related infrastructure.

A complete background analysis of the Saudi Arabia Construction market, which includes an assessment of the sector and the contribution of the industry to the economy, market overview, market size estimation for critical segments, key regions, and emerging trends in the market segments, market dynamics, and essential production and consumption statistics are covered in the report.

The Saudi Arabian construction market is segmented into residential, commercial, industrial, infrastructure (transportation), and energy and utility construction. The report provides market size and forecasts for the Saudi Arabian construction industry regarding value (USD) for all the above-mentioned segments.