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Construction in Spain - Key Trends and Opportunities to 2023

  • ID: 4787592
  • Report
  • June 2019
  • Region: Global, Spain
  • 53 pages
  • GlobalData
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Construction in Spain - Key Trends and Opportunities to 2023

Summary

Spain’s construction industry grew by 7.6% in real terms in 2018, this followed average annual growth of 3.1% during the preceding four years. Growth during the review period (2014-2018) was driven by positive developments in regional economic conditions and government investment in commercial and industrial infrastructure, as well as recovery in the residential construction sector.

Over the forecast period (2019-2023), the industry’s output will be supported by improvements in consumer and investor confidence. The government’s efforts to enhance regional connectivity through the development of the country’s transport infrastructure, coupled with efforts to boost the residential construction market, will support the industry’s growth over the forecast period. An increase in the number of new building permits issued is expected to support new construction activity over the forecast period. In addition, the government’s aim to expand renewable energy resources is expected to attract investments in energy infrastructure projects, which will in turn fuel growth in the industry.

The industry’s output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 2.62% over the forecast period.

Key Highlights
  • The author expects the residential construction market to account for 48.4% of the industry’s total value in 2023, supported by public and private sector investments in the construction of new residential buildings to meet the demand for housing. In March 2018, the government published the new State Housing Plan for the period of 2018-2021. Through this, the government aims to strengthen rental housing, urban rehabilitation and renovation in a bid to provide access to housing for the most vulnerable groups.
  • Forecast-period growth in the energy and utilities construction market will be driven by the government’s efforts to develop renewable energy infrastructure to reduce the country’s reliance on fossil fuels to generate power. In the first quarter of 2019, the government approved the draft bill of Integrated National Energy and Climate Plan 2021-2030, a ten-year strategy of energy and climate measures, under which the government aims to supply 74% of the country’s total electricity through renewable sources by 2030, and 100% by 2050.
  • The author expects the infrastructure construction market to record a forecast-period CAGR of 4.29% in nominal terms in 2023, supported by the government’s plans to develop and modernize the country’s transport infrastructure. In 2019, the country will invest EUR2.3 billion (US$2.7 billion) in the construction and maintenance of roads, EUR829 million (US$964.1 million) in ports and EUR689 million (US$801.3 million) in airport infrastructure.
  • Institutional construction market’s growth over the forecast-period will be supported by the public and private sector investment in research and development. In August 2018, an agreement was signed between Administrador de Infraestructuras Ferroviarias (ADIF), the state-owned rail infrastructure company and Virgin Hyperloop One, the US transportation technology company, to construct the 19,000m2 research center in the southern province of Malaga. The total investment in the project is anticipated to be EUR424.2 million (US$500 million), and is scheduled to be completed by 2020.
  • The total construction project pipeline in Spain and including all mega projects with a value above US$25 million - stands at EUR67.7 billion (US$79.8 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards late-stage projects, with 54.8% of the pipeline value being in projects in the pre-execution and execution stages as of June 2019.
The Construction in Spain - Key Trends and Opportunities to 2023 report provides detailed market analysis, information and insights into the Spanish construction industry, including -
  • The Spanish 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 Spanish 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 Spain. It provides -
  • Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in Spanish, 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 a 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 a critical and actionable insight.
  • Assess business risks, including cost, regulatory and competitive pressures.
  • Evaluate competitive risk and success factors.
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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. All Construction
5.1.1. Outlook
5.1.2. Project analytics
5.2. Commercial Construction
5.2.1. Outlook
5.2.2. Project analytics
5.3. Industrial Construction
5.3.1. Outlook
5.3.2. Project analytics
5.4. Infrastructure Construction
5.4.1. Outlook
5.4.2. Project analytics
5.5. Energy and Utilities Construction
5.5.1. Outlook
5.5.2. Project analytics
5.6. Institutional Construction
5.6.1. Outlook
5.6.2. Project analytics
5.7. Residential Construction
5.7.1. Outlook
5.7.2. Project analytics

6 Key Industry Participants
6.1. Contractors
6.2. Consultants

7 Appendix
7.1. What is this Report About?
7.2. Definitions

List of Tables
Table 1: Construction Outlook
Table 2: Spain, Key Economic Indicators
Table 3: Spain, Construction Output Value (nominal, EUR Million)
Table 4: Spain, Construction Output Value (nominal, US$ Million)
Table 5: Spain, Top Commercial Construction Projects by Value
Table 6: Spain, Top Industrial Construction Projects by Value
Table 7: Spain, Top Infrastructure Construction Projects by Value
Table 8: Spain, Top Energy and Utilities Construction Projects by Value
Table 9: Spain, Top Institutional Construction Projects by Value
Table 10: Spain, Top Residential and Mixed-Use Construction Projects by Value
Table 11: Spain, Key Contractors
Table 12: Spain, Key Consultants
Table 13: Construction Market Definitions
Table 14: Construction Risk Index Ratings and Scores

List of Figures
Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix
Figure 2: Spain, Construction Projects Pipeline by Sector (EUR Billion)
Figure 3: Spain, Gross Fixed Capital Formation (EUR Million)
Figure 4: Spain, Housing Price Index
Figure 5: Spain, Total Residential Building Permits Issued (Number)
Figure 6: Spain, Risk Profile
Figure 7: Spain, Risk Comparison
Figure 8: Spain, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate)
Figure 9: Spain, Construction Output Value, Growth Matrix
Figure 10: Spain, Construction Output Value, by Sector (EUR Million), 2014-2023
Figure 11: Spain, Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 12: Spain, Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 13: Spain, Commercial Construction Output by Project Type (EUR Million), 2014-2023
Figure 14: Spain, Commercial Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 15: Spain, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 16: Spain, Industrial Construction Output by Project Type (EUR Million), 2014-2023
Figure 17: Spain, Industrial Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 18: Spain, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 19: Spain, Infrastructure Construction Output by Project Type (EUR Million), 2014-2023
Figure 20: Spain, Infrastructure Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 21: Spain, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 22: Spain, Energy and Utilities Construction Output by Project Type (EUR Million), 2014-2023
Figure 23: Spain, Energy and Utilities Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 24: Spain, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 25: Spain, Institutional Construction Output by Project Type (EUR Million), 2014-2023
Figure 26: Spain, Institutional Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 27: Spain, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 28: Spain, Residential Construction Output by Project Type (EUR Million), 2014-2023
Figure 29: Spain, Residential Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 30: Spain, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 31: Spain, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 32: Spain, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)
Figure 33: Spain, Headquarters of Key Consultants (% of Total Project Pipeline)
Figure 34: Spain, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)

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