Construction in Turkey-Key Trends and Opportunities to 2022

Construction in Turkey-Key Trends and Opportunities to 2022


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Executive Summary

Synopsis

The construction industry in Turkey grew at a compound annual growth rate (CAGR) of 5.83% in real terms during the review period (2013-2017). This was driven by government investments in transport, residential and energy infrastructure. Additionally, investments under the Tenth Development Plan (2014-2018) supported this growth.

The industry is expected to continue to grow over the forecast period (2018-2022), supported by the government's focus on developing transport, residential and energy infrastructure. The focus on the development of renewable energy infrastructure is also expected to drive industry growth. The government aims to increase the share of renewable sources in the country's total energy mix from 10% in 2016 to 30% by 2023. Additionally, in July 2017, the government revealed the 11th Five-Year Development Plan for 2019-2023, under which it aims to increase the country's manufacturing capacity and exports.

The industry's output value in real terms is expected to rise at a CAGR of 5.45% over the forecast period, according to Timetric's Construction Intelligence Center (CIC).

Summary

Timetric's Construction in Turkey-Key Trends and Opportunities to 2022 report provides detailed market analysis, information and insights into the Turkish construction industry, including:

The Turkish construction industry's growth prospects by market, project type and construction activity

Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Turkish construction industry

Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline

Scope

This report provides a comprehensive analysis of the construction industry in Turkey. It provides:

Historical (2013-2017) and forecast (2018-2022) valuations of the construction industry in Turkey, featuring details of key growth drivers.

Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector

Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.

Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

Identify and evaluate market opportunities using Timetric's standardized valuation and forecasting methodologies.

Assess market growth potential at a micro-level with over 600 time-series data forecasts.

Understand the latest industry and market trends.

Formulate and validate strategy using Timetric's critical and actionable insight.

Assess business risks, including cost, regulatory and competitive pressures.

Evaluate competitive risk and success factors.

Key Highlights

Timetric expects the residential construction market to retain its leading position over the forecast period, with a share of 55.7% of the industry's total value in 2022. The house sales in the country grew by 8.2% in the first ten months of 2017, rising from 1.1 million units in January-October 2016 to 1.2 million units in January-October 2017. This was preceded by growth of 4.0% in 2016, with the volume of sales increasing from 1.28 million units in 2015 to 1.34 million in 2016

Timetric expects infrastructure construction to grow at a forecast-period CAGR of 12.19% in nominal terms, driven by government's focus on transport infrastructure under the Vision 2023. Under this, the government plans to invest TRY1.5 trillion (USD400 billion) on transport infrastructure across the country by 2023.

In order to reduce carbon emissions and meet rising electricity demand, the government is focusing on the development of renewable energy infrastructure. Accordingly, under its National Renewable Energy Action Plan, the government plans to invest TRY169.0 billion (USD46.0 billion) on the construction of various renewable energy infrastructure, with an aim to increase the total installed capacity of renewable energy infrastructure from 33.5GW in 2017 to 61.0GW by 2023.

Over the forecast period, growth in commercial construction is expected to be driven by the government's plan to develop the tourism sector. The government plans to transform the country into one of the top five countries in the world by 2023 in terms of tourist visitors and revenue. Accordingly, the government aims to attract 50 million tourists and raise foreign exchange earnings to TRY136.0 billion (USD50 billion) by 2023.

Industrial construction market is expected to register a forecast-period CAGR of 10.64% in nominal terms, driven by rising exports in the country. The country's total export value grew by 7.5% in the first ten months of 2017,. Continued growth will help to drive investment in manufacturing facilities over the forecast period.

The construction mega-project pipeline in Turkey, as tracked by the CIC, has a value of TRY1.34 trillion (USD361 billion), of which 58% comprises projects currently in the execution phase.



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1 Executive Summary

2 Construction Outlook: At-a-glance

3 Latest News and Indicators

4 Key Drivers and Risks

4.1 Economic Performance

4.2 Political Environment

4.3 Demographics

4.4 Risk Profile

5 Construction Outlook

5.1 Commercial Construction

5.1.1 Outlook

5.1.2 Project analytics

5.2 Industrial Construction

5.2.1 Outlook

5.2.2 Project analytics

5.3 Infrastructure Construction

5.3.1 Outlook

5.3.2 Project analytics

5.4 Energy and Utilities Construction

5.4.1 Outlook

5.4.2 Project analytics

5.5 Institutional Construction

5.5.1 Outlook

5.5.2 Project analytics

5.6 Residential Construction

5.6.1 Outlook

5.6.2 Project analytics

6 Key Industry Participants

6.1 Contractors

6.2 Consultants

7 Appendix

7.1 What is this Report About?

7.2 Definitions

7.3 About Timetric

7.4 Disclaimer

Figure 1: Key Markets, Construction Output Growth Matrix

Figure 2: Turkey, Construction Projects Pipeline by Sector (TRY Million)

Figure 3: Turkey, House Sales (Units Thousand )

Figure 4: Turkey, Building Permits (Units Thousand)

Figure 5: Turkey, House Prices Index

Figure 6: Turkey, Risk Comparison, Q2 2017

Figure 7: Turkey, Risk Comparison Review

Figure 8: Turkey, Construction Output Value (Real, USD billion, 2010 prices and exchange rate)

Figure 9: Turkey, Construction Output Value, Growth Matrix

Figure 10: Turkey, Construction Output Value, by Sector (TRY Million), 2013-2022

Figure 11: Turkey, Construction Projects Pipeline, Projected Annual Spending by Stage (TRY Million), 2017-2022

Figure 12: Turkey, Construction Projects Pipeline, Value by Stage (TRY Million)

Figure 13: Turkey, Commercial Construction Output by Project Type (TRY Million), 2013-2022

Figure 14: Turkey, Commercial Construction Projects Pipeline, Value by Stage (TRY Million)

Figure 15: Turkey, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (TRY Million)

Figure 16: Turkey, Industrial Construction Output by Project Type (TRY Million), 2013-2022

Figure 17: Turkey, Industrial Construction Projects Pipeline, Value by Stage (TRY Million)

Figure 18: Turkey, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (TRY Million)

Figure 19: Turkey, Infrastructure Construction Output by Project Type (TRY Million), 2013-2022

Figure 20: Turkey, Infrastructure Construction Projects Pipeline, Value by Stage (TRY Million)

Figure 21: Turkey, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (TRY Million)

Figure 22: Turkey, Energy and Utilities Construction Output by Project Type (TRY Million), 2013-2022

Figure 23: Turkey, Energy and Utilities Construction Projects Pipeline, Value by Stage (TRY Million)

Figure 24: Turkey, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (TRY Million)

Figure 25: Turkey, Institutional Construction Output by Project Type (TRY Million), 2013-2022

Figure 26: Turkey, Institutional Construction Projects Pipeline, Value by Stage (TRY Million)

Figure 27: Turkey, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (TRY Million)

Figure 28: Turkey, Residential Construction Output by Project Type (TRY Million), 2013-2022

Figure 29: Turkey, Residential Construction Projects Pipeline, Value by Stage (TRY Million)

Figure 30: Turkey, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (TRY Million)

Figure 31: Turkey, Headquarters of Key Contractors (% of Project Pipeline)

Figure 32: Turkey, Headquarters of Key Consultants (% of Project Pipeline)

Table 1: Turkey, Key Economic Indicators

Table 2: Turkey, Construction Output Value (nominal, TRY Million)

Table 3: Turkey, Construction Output Value (nominal, USD Million)

Table 4: Turkey, Top Commercial Construction Projects by Value

Table 5: Turkey, Top Industrial Construction Projects by Value

Table 6: Turkey, Top Infrastructure Construction Projects by Value

Table 7: Turkey, Top Energy and Utilities Construction Projects by Value

Table 8: Turkey, Top Institutional Construction Projects by Value

Table 9: Turkey, Top Residential and Mixed-Use Construction Projects by Value

Table 10: Turkey, Key Contractors

Table 11: Turkey, Key Consultants

Table 12: Timetric Construction Market Definitions

Table 13: Construction Risk Index Ratings and Scores

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