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Market Research Report

Construction in Spain - Key Trends and Opportunities to 2024

Published by GlobalData Product code 967518
Published Content info 48 Pages
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Construction in Spain - Key Trends and Opportunities to 2024
Published: December 22, 2020 Content info: 48 Pages
Description

The Spanish construction industry grew by 4.3% in real terms in 2019 - marginally up from a growth rate of 4.1% in 2018; this was supported by investments on residential and commercial construction projects. Prior to the outbreak of Coronavirus (COVID-19), the industry was expected to grow by 1.6% in 2020. However, construction activities were disrupted due to the stringent measures taken by the government to contain the spread of pandemic, notably strict lockdowns, and travel restrictions from other countries. According to Eurostat, the construction industry's value-add fell by 15.2% year on year (Y-o-Y) in the first three quarters of 2020. In the final quarter of the year, the industry will be further affected by the second wave of COVID-19 infections, which led to the reintroduction of some containment measures in the country from mid-October 2020. Overall, in 2020, investment in new construction projects will also be limited by the re-allocation of government resources to address the current crisis. As a result, GlobalData now expects construction output to contract by 12.9% in real terms this year.

Assuming there are no repeats of restrictions on construction activity in 2021, the industry is projected to rebound with a growth rate of 7.4% in 2021 and register an annual average growth rate of 1.7% between 2022-2024. This will be supported by the government's focus on reviving the economy, coupled with investments on infrastructure, residential and renewable energy projects. In October 2020, the government approved the 2021 draft budget, which involves a spending package worth EUR239.8 billion (US$264.1 billion) in 2021 - marking an increase of more than 10% compared to last year; the budget includes almost EUR9 billion (US$9.9 billion) in EU funds. Of the total 2021 budget, the government allocated EUR11.5 billion (US$12.7 billion) towards infrastructure spending.

Growth in the forecast period will also be driven by the government's focus on producing 70% of its electricity from renewable energy sources by 2030. The plan is expected to require an investment of EUR200 billion (US$220.3 billion) over the next decade, with 23.5% of the total investments coming from the public sector. In another positive development, the government has announced a plan to auction 19.4GW of renewable energy capacity by 2025.

Although it is recovering from the sharp contraction in 2020, the construction industry's output value will not return to 2019 levels by 2024, reflecting the wider impact of COVID-19 on the economy and investment.

This 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 (2015-2019) and forecast (2020-2024) valuations of the construction industry in Spain, 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 GlobalData'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 GlobalData's critical and actionable insight.
  • Assess business risks, including cost, regulatory and competitive pressures.
  • Evaluate competitive risk and success factors.
Table of Contents
Product Code: GDCN0591MR

Table of Contents

Table of Contents

1 Executive Summary

2 Construction Industry: At-a-glance

3 Context

  • 3.1 Economic Performance
  • 3.2 Political Environment and Policy
  • 3.3 Demographics
  • 3.4 COVID-19 Status

4 Construction Outlook

  • 4.1 All Construction
  • 4.2 Commercial Construction
  • 4.3 Industrial Construction
  • 4.4 Infrastructure Construction
  • 4.5 Energy and Utilities Construction
  • 4.6 Institutional Construction
  • 4.7 Residential Construction

5 Key Industry Participants

  • 5.1 Contractors
  • 5.2 Consultants

6 Construction Market Data

7 Appendix

  • 7.1 What is this Report About?
  • 7.2 Definitions
  • 7.3 GlobalData Construction

List of Tables

List of Tables

  • Table 1: Construction Industry Key Data
  • Table 2: Spain, Key Economic Indicators
  • Table 3: Spain, Commercial Construction Output by Project Type (real % change), 2015-2024
  • Table 4: Spain, Top Commercial Construction Projects by Value
  • Table 5: Spain, Industrial Construction Output by Project Type (real % change), 2015-2024
  • Table 6: Spain, Top Industrial Construction Projects by Value
  • Table 7: Spain, Infrastructure Construction Output by Project Type (real % change), 2015-2024
  • Table 8: Spain, Top Infrastructure Construction Projects by Value
  • Table 9: Spain, Energy and Utilities Construction Output by Project Type (real % change), 2015-2024
  • Table 10: Spain, Top Energy and Utilities Construction Projects by Value
  • Table 11: Spain, Institutional Construction Output by Project Type (real % change), 2015-2024
  • Table 12: Spain, Top Institutional Construction Projects by Value
  • Table 13: Spain, Residential Construction Output by Project Type (real % change), 2015-2024
  • Table 14: Spain, Top Residential Construction Projects by Value
  • Table 15: Spain, Key Contractors
  • Table 16: Spain, Key Consultants
  • Table 17: Spain, Construction Output Value (Real, US$ Million)
  • Table 18: Spain, Construction Output Value (Nominal, EUR Million)
  • Table 19: GlobalData Construction Market Definitions

List of Figures

List of Figures

  • Figure 1: Western Europe, Construction Output (real % change), 2020
  • Figure 2: Spain, Construction Projects Pipeline by Sector (US$ Billion)
  • Figure 3: Spain, COVID-19 Confirmed Cases
  • Figure 4: Spain, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate), 2015-2024
  • Figure 5: Spain, Construction Output Value, by Sector (Real, US$ Million), 2015-2024
  • Figure 6: Spain, Construction Value-Add (EUR Billion, 2015 Chain Linked Volume Prices)
  • Figure 7: Spain, Construction Production Index, 2015=100, % change y-o-y
  • Figure 8: Spain, Gross Fixed Capital Formation in construction sector, 2015 chain linked volume measures, % change y-o-y
  • Figure 9: Spain, Employment in the construction industry, in thousands
  • Figure 10: Spain, Construction Projects Momentum Index
  • Figure 11: Spain, Commercial Construction Output by Project Type (Real, US$ Million), 2015-2024
  • Figure 12: Spain, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
  • Figure 13: Spain, International tourist arrivals (in thousands)
  • Figure 14: Spain, Retail Turnover Index (2015=100), in constant prices
  • Figure 15: Spain, Employment in the hospitality sector, in thousands
  • Figure 16: Spain, Industrial Construction Output by Project Type (Real, US$ Million), 2015-2024
  • Figure 17: Spain, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
  • Figure 18: Spain, Manufacturing Value-Add (EUR Billion, 2015 Chain Linked Volume Prices)
  • Figure 19: Spain, Industrial production index, 2015=100
  • Figure 20: Spain, Exports of goods and services, in current prices, EUR billion
  • Figure 21: Spain, Vehicle production and exports
  • Figure 22: Spain, Infrastructure Construction Output by Project Type (Real, US$ Million), 2015-2024
  • Figure 23: Spain, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
  • Figure 24: Spain, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2015-2024
  • Figure 25: Spain, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
  • Figure 26: Spain, Institutional Construction Output by Project Type (Real, US$ Million), 2015-2024
  • Figure 27: Spain, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
  • Figure 28: Spain, Residential Construction Output by Project Type (Real, US$ Million), 2015-2024
  • Figure 29: Spain, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
  • Figure 30: Spain, Value-Add of real estate activities (EUR Billion, 2015 Chain Linked Volume Prices)
  • Figure 31: Spain, Gross Fixed Capital Formation on dwellings (EUR Billion, 2015 Chain Linked Volume Prices)
  • Figure 32: Spain, Housing Price Index (IPV), 2015=100
  • Figure 33: Spain, Housing sales, in thousands
  • Figure 34: Spain, Headquarters of Key Contractors (% of Total Project Pipeline)
  • Figure 35: Spain, Headquarters of Key Consultants (% of Total Project Pipeline)
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