As Korean economy continues to grow and maintain a tendency to rise, we can observe discernible trends in the Construction & Building technologies sector.
The construction industry accounts for about 5% of Korea's GDP equivalent to EUR 60 billion in 2015. The building market is dominated by construction of dwellings, and residential construction has significantly increased since 2012 due to various stimulus packages by the Korean government.
The residential building market offers only limited opportunities for European companies due to standardised design and construction of apartment complexes built by well-established and dominant local players. Market opportunities rather exists in niche segments where European companies can offer technological advantages or upmarket solutions. The market sector non-residential construction is still a dynamic one demonstrated by many construction of office-, hotel-, and retail-building as well as of warehouses and factories.
Smart grids and the green buildings provide business opportunities for European companies that can provide innovative benefits to the Korean market.
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