[ad_1]
DUBLIN-(BUSINESS WIRE)–Japan Construction Industry Data Book Series – Market Size and Forecast by Value and Volume (Area and Units) in Over 40 Market Segments in Residential, Commercial, Industrial, Institutional, Infrastructure and City-level Construction by Value, Update for 4th quarter 2022 ” Report added ResearchAndMarkets.com’s offering.
Japan’s construction industry is expected to grow by 5.0% to reach ¥33.946 billion in 2022.
Despite short-term challenges in certain construction sectors, Japan’s medium- and long-term growth story remains intact. The construction industry in Japan is expected to grow steadily over the next four quarters. The growth momentum is expected to continue during the forecast period, registering a CAGR of 4.1% during 2022-2026. The country’s construction output is expected to reach ¥39,927.0 billion by 2026.
Globally, rising material costs and inflation rates have put pressure on the construction sector, and Japan is no different. Furthermore, the country is also facing increasing concerns about the availability of skilled labor, similar to the global trend. As the country faces a shrinking workforce, foreign workers are expected to play a significant role in the next three to four years in driving construction activity and market growth in Japan.
As mega infrastructure projects are expected to continue to come up on the government’s agenda in the short to medium term, government spending coupled with subsidies for the country’s housing program will support market growth. Overall, PaiNKST360 maintains a stable growth outlook for the construction industry from a medium to long-term perspective in Japan, while expecting the sector to bear the brunt of rising material prices and inflation in the short term.
Foreign workers are expected to become a key driving force for the growth of Japan’s construction industry
A shortage of foreign workers due to strict border controls imposed by the government following the outbreak of Covid-19 has led to delays in construction projects. In particular, in Japan’s construction industry, which is plagued by a shortage of skilled labor – a consequence of Japan’s aging population – foreign workers play a key role.
According to Kajima Group, every day around 150,000 to 160,000 construction workers work across the country, of which 1% are foreign workers. As the country undertakes new mega construction projects over the next three to four years, foreign workers will become even more important. As a result of this, the Japanese government is working to establish a more effective legal framework for the admission of skilled foreign workers into the country.
The publisher expects construction workers from Vietnam and other ASEAN countries to become the driving force behind Japan’s construction industry in the next three to four years.
Government subsidies to stimulate the growth of the housing construction market in Japan
Over the past few years, the Japanese government has offered financial assistance to families raising children to get housing. This trend is expected to continue in 2022.
After introducing a series of policies and steps, such as tax credits for those taking out mortgages to help buy a home, the land ministry plans to expand a series of measures to further ease the financial burden of buying a home in Japan. In 2021, the government took steps to help families who are raising children to buy houses through subsidies for new homes.
Namely, within the program, the ministry provided subsidies ranging from 600,000 yen to 1 million yen per unit. The program, which began in November 2021 after securing ¥54.2 billion in funding under the fiscal year 2021 supplementary budget, the government has committed another ¥60 billion in 2022. Notably, the government anticipates a total of 120,000 subsidy requests and extended the deadline from the end of October 2022 to the end of March 2023.
The publisher expects these government programs to boost housing market growth by easing demand among Japanese home buyers over the next three to four years.
Spending on infrastructure projects to continue supporting the growth of Japan’s construction industry
With the Japanese government expected to launch a number of key infrastructure construction projects over the next three to four years, investment in the sector is expected to increase. In 2022, the government has already launched some key projects.
In August 2022, the Japanese government ordered the construction of a new nuclear power plant. In particular, the construction and development of a new nuclear power plant will help the country reduce its reliance on energy imports amid the global energy crisis.
Spending on the development and construction of these key infrastructure projects is expected to continue to support industry growth over the next three to four years in the country.
Volume
Market Data and Insights: This report provides market size and forecast for 40+ construction segments for the 10-year period from 2016-2025 in Japan.
KPIs covered include the following:
-
Market size by value
-
Market size by volume of construction
-
Number of units
Data on the construction of the best cities in Japan
Residential Construction Coverage in Japan: 10-Year Market Size and Forecast in Value and Volume (Area and Units) by
-
Housing type (multi-family, single family)
-
Key cities (Tier – 1, Tier – 2, Tier – 3 segmentation)
-
Price/income level (luxury, mid-range, affordable)
-
Construction phase (new construction, reconstruction and maintenance)
Coverage of green residential building construction in Japan: 10-year market size and forecast in value and volume (area and units) by
-
Green building by housing type (multi-family, single)
-
Green building according to key cities (segmentation Level – 1, Level – 2, Level – 3)
-
Green building by price/income level (luxury, mid-range, affordable)
Commercial Building Construction Coverage in Japan: 10-Year Market Size and Forecast in Value and Volume (Area and Units) by
-
Office (further broken down into Class A, Class B and Class C)
-
Retail (further broken down into Class A, Class B and Class C)
-
Hospitality (further broken down into grade A, grade B and grade C)
-
Restaurant (further broken down by classes A, B and C)
-
Entertainment
-
Sports facility
-
Construction phase (new construction, reconstruction and maintenance)
Commercial green building coverage in Japan: 10-year market size and forecast in value and volume (area and units) by
-
Office green construction
-
Retail green construction
-
Green construction of catering facilities
-
Green restaurant construction
-
Fun green building construction
-
Green building sports facility
-
Other commercial green construction
Japan Industrial Green Building Coverage: 10-Year Market Size and Forecast in Value and Volume (Area and Units)
Construction Coverage of Institutional Buildings in Japan: 10-Year Market Size and Forecast in Value and Volume (Area and Units) by
-
Construction of health care
-
Educational construction
-
Public sector
-
Construction phase (new construction, reconstruction and maintenance)
Japanese Institutional Green Building Coverage: 10-Year Market Size and Forecast in Value and Volume (Area and Units) by
-
Health construction of green buildings
-
Educational green construction
Japan Infrastructure Construction Sectors: 10-Year Market Size and Forecast Value of
-
Marine and inland water infrastructure
-
Construction of communal systems (oil and gas infrastructure, communication infrastructure, electric power infrastructure, water supply and sewage infrastructure)
-
Transport infrastructure (highway, street and bridge construction, railway construction, airport construction and tunnel construction)
-
Construction phase (new construction, reconstruction and maintenance)
Green Infrastructure Construction in Japan: 10-Year Market Size and Value Forecast
For more information on this report, visit https://www.researchandmarkets.com/r/e135mn
[ad_2]
Source link
